The global steam turbine market demand is expected to reach 72,471.3 MW by 2027, expanding at a CAGR of 1.18% from 2020 to 2027, according to a new report by Grand View Research, Inc. Dominating share of fossil-fuel based power generation sources in the majority of the countries has been the major driver for the market. Furthermore, research & development for clean coal technologies will boost the market growth in the forecast period.
Availability of coal in huge proportion in some regions and low cost of power generation through coal-fired power plants are among the major reasons that some of the countries around the world prefer coal-based power plants over other sources of power generation in order to fulfil growing power demand in their respective countries.
Steam turbines are also used in combined heat and power systems, primarily used in industrial applications. Combined heat and power installation offer flexible output with greater efficiency and it can also operate on clean and green fuel, such as natural gas. Statutory support towards combined heat and power installations is projected to stand in for small level and medium level steam turbines capacity demand over the upcoming years.
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The rise in environmental concerns regarding an increase in carbon emissions has compelled most of the countries around the world to reduce their carbon footprint. Furthermore, some of the major countries, such as France, Canada, and Germany, have plans to phase out coal based power generation plants in the forecast period, which will hinder the market growth in the forecast period.
The U.S. emerged as one of the major markets for the steam turbines in 2019 owing to a rise in the deployment of combined cycle gas based power generation plants in the country. In 2019, fossil-fuel based power generation sources accounted for a dominating share of 62.7% in the U.S. power sector, of which natural gas accounted for a share of 38.4% and coal accounted for a share of 23.5%.
The rise in awareness regarding energy efficiency in the U.S. has compelled industries across the country to opt for energy-efficient systems and practices. For instance, there has been an increase in waste heat recovery power generation projects in the U.S., which primarily utilize steam turbines for power generation. These factors are expected to enhance the growth of the market in the U.S. in the forecast period.
Grand View Research, Inc.
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