Product Code: 57141
The market for steam turbine for power generation is expected to grow at a CAGR of approximately 1.5% during the forecast period of 2020 - 2025. The market is expected to be driven by upcoming natural gas combined cycle plants and thermal coal plants. However, there has been a general trend of reduction of prices in electricity generated by solar energy and in one of the first cases, in the world, in Bhadla Solar Park, India, where the cost of solar energy dropped below the average coal-powered thermal plant of the country.
* There is increasing adoption of natural gas plants in developed countries such as the United States and Russia, where the gas is locally produced. As the prices drop due to a continuous increase in the production of shale gas, there is a high chance that lower and middle-income countries will also follow in the footsteps of developed countries.
* A new type of thermal plant is under study, which uses thorium as the primary fuel. The progress in this field can lead to a renaissance in thermal power plants as thorium creates much less waste, is cheaper, and is more abundant than uranium. This, in turn, is expected to create a significant opportunity for the steam turbine manufacturers to tap into this new market.
* Asia Pacific is expected to dominate the market, with the majority of the demand coming from countries such as China and India.
Key Market Trends
Natural Gas Combined Cycle Plants to Witness a Significant Growth
- Natural gas plants do not directly use steam turbines, but combined cycle plant, which is the most efficient method of natural gas fired plant, use smaller megawatt turbines.
- An increase in the adoption of combined-cycle natural gas plants as a reliable source of energy is one of the prominent reason behind the increase in the demand for steam turbines.
- As renewable resources cannot provide energy around the clock, a component of natural gas-based plants in the energy mix can make way for a cleaner future.
- 38% and 23.2% of electricity in the world, in the year 2018, is generated by coal and gas respectfully.
- Many countries are looking forward to change their coal plants to gas plants, therefore, there is a possibility of smaller steam turbines to be used. This, in turn, is expected to boost the demand for steam turbines for power generation during the forecast period.
Asia-Pacific to Record the Highest Growth
- Asia- Pacific is already the largest market for steam turbines and is expected to create a significant demand for steam turbines in the coming years.
- As electricity demand increases per capita around the globe, planned thermal plants like Phulari Coal Powered Plant in Bangladesh and Patratu Super-Thermal Power Plant (Coal) in India are expected to maintain the growth in the steam turbine sector.
- China, already a significant user of steam turbines, is constructing the highest number of thermal power plants in the world. Ultra-supercritical coal plants like Fuyang Power Station and Huadian Laizhou Power Station are being built to match the electricity demand.
- Around 22 coal-powered plants are under construction in Japan,including power plants like Hitachinaka Kyodo power plant and Nakoso power plant which are expected provide more than 1000 MW of electricity.
- Many of the countries in the Asia-Pacific region cannot provide 24-hour electricity to its citizens, and the cheapest path to achieve the objective is to construct thermal plants and use steam turbines.
The steam turbine for power generation market is consolidated. Some of the key players in the market include Siemens AG, General Electric Company, Dongfang Turbine Company Limited, Bharat Heavy Electricals Limited and Mitsubishi Hitachi Power Systems Ltd.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Thermal Plant Count & Forecast 2018-2025
- 4.4 Electricity Generation and Consumption Forecast, till 2025
- 4.5 Recent Trends and Developments
- 4.6 Government Policies and Regulations
- 4.7 Market Dynamics
- 4.7.1 Drivers
- 4.7.2 Restraint
- 4.8 Supply Chain Analysis
- 4.9 Porter's Five Forces Analysis
- 4.9.1 Bargaining Power of Suppliers
- 4.9.2 Bargaining Power of Consumers
- 4.9.3 Threat of New Entrants
- 4.9.4 Threat of Substitutes Products and Services
- 4.9.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Plant Type
- 5.1.1 Gas
- 5.1.2 Coal
- 5.1.3 Nuclear
- 5.1.4 Others
- 5.2 Capacity
- 5.2.1 Below 40MW
- 5.2.2 Above 40MW
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Asia-Pacific
- 5.3.3 Europe
- 5.3.4 Middle-East and Africa
- 5.3.5 South America
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 Siemens AG
- 6.3.2 Mitsubishi Hitachi Power Systems Ltd
- 6.3.3 Bharat Heavy Electricals Limited
- 6.3.4 General Electric Company
- 6.3.5 Dongfang Turbine Company Limited
- 6.3.6 Toshiba Corporation
- 6.3.7 Doosan Heavy Industries & Construction Company Ltd.
- 6.3.8 Elliott Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS