Steam Turbine Market | to be driven by the ever-increasing efforts of prominent industry contenders, global valuation to exceed USD 24 billion by 2024

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The growing importance of clean energy policies mandated by various regional governments has been propelling steam turbine market considerably. These turbines are specifically used to convert thermal energy received from the power plant to electric energy. Considering the rising significance of energy efficiency, steam turbine industryplayers have been working to bring to the market, varied product ranges to be used across the large number of thermal and nuclear power plants that are being constructed on a global basis.

In addition, the companies have been ensuring that the products are incorporated with enhanced performance and design. The surging involvement of energy companies to fulfill the increasing energy demand owing to the rapid urbanization and industrialization across the globe is poised to push steam turbine market trends over the years ahead.

Lately, countries such as Japan are continuously striving to rely completely on renewable energy sources for reducing the impact of GHG emitting energy generation facilities on the environment. For instance, recently, the Government of Japan revealed its plan to develop biomass-based renewable energy thermal power plant. In order to develop this plant, the Japanese government has signed a long-term agreement with Toshiba ESS owing to the prominent requirement of high technology assisted steam turbine equipment. In fact, the Japanese government and Toshiba have also been working on many other projects related to fuel conversion for improving the efficiency of old thermal power plants. The dedication of regional governments toward the development of low-carbon emitting and environment-friendly power plants is thus poised to propel steam turbine industry trends.

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In addition to regional governments, several energy companies have also been coming together to construct sustainable power plants for accomplishing their energy needs. Merely a few days ago, Siemens and STEAG GuD Herne GmbH signed an agreement to construct a combined cycle power plant. This plant will produce nearly 600 MW electricity and a steam output of 400 MW, that would help upsurge the efficiency of the plant. The increasing popularity of distributed energy systems has thus been having a positive influence on the steam turbine market size.

Taking into account the growing demand for steam turbines, prominent companies have been aiming to increase the reliability and performance of the technologies deployed in these products. Validating the aforementioned fact, in May 2018, GE has decided to expand its capabilities with the launch of a new power services business unit. The development of new facility centers has been proving to be quite beneficial for the energy companies to modernize thermal barriers, cooling systems, and combustion components integrated in the steam turbine. In addition, they can also decrease the backlog of orders received from various countries. The competitiveness in the steam turbine market is likely to grow over the years ahead with the surging investment in the development of power plants.

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Speaking along similar lines, in 2017, the Czech Republic based turbine manufacturer and supplier, Doosan Škoda Power won another energy project in Jordan. Doosan is known for its excellent services especially related to steam turbines. Through this new contract, the Czech Republican company plans to deliver a new steam turbine with a 70 MW generator that has been installed at the Samra combined cycle gas-fired power plant located in the Hashemite Kingdom of Jordan.

Indeed, with rapid industrialization, it is rather discernible that the shifting focus of the industries toward enhancing power production capabilities will fuel the product demand over the years ahead. The surging use of steam turbines in the commercial applications pertaining to its higher efficiency will significantly generate lucrative business opportunities for turbine manufacturers. As renewable energy grids are gaining more popularity on account of their energy efficiency, steam turbine market will surpass a revenue collection of USD 24 billion by the end of 2024.