Steam Turbine Upgrade and Modernization Market Forecast 2030

20.12.2021 | Author: aarti | Posted in Uncategorized

Steam Turbine Upgrade and Modernization Market: Overview

A steam turbine is a mechanical device that derives thermal energy from pressurized steam and transforms it into mechanical work. A steam turbine comprises a boiler, turbine, condenser, feed pump, and a variety of auxiliary devices. The steam turbine is a rotary heat engine, and it is extensively utilized to drive an electrical generator.
Industrial steam turbines can have a service life of 30 or more years and play a vital role in several end-use industries such as oil & gas industry and power generation
Rise in industrial development and automation is likely to change the operating parameters, process, and general requirements of steam turbine
Upgrade and modernization of a steam turbine would help operators preserve resources and maintain a high level of efficiency and reliability
In case of gas turbines, properly planned modernization and upgrades would help the industry reduce downtime and keep production losses to a minimum
Comprehensive analysis of the turbine and the condition of the entire system is carried out. Current and future requirements determine if the systems, components, and parts need to be adapted or changed.

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Key Drivers of Global Steam Turbine Upgrade and Modernization Market

Increase in electricity consumption, rise in thermal power capacity additions, and surge in combined-cycle and co-generation operations are major drivers of the steam turbines upgrade and modernization market. Furthermore, the upgrade and modernization of steam turbine increases reliability, online diagnose and problem solving, plant performance, and reduces downtime, which in turn is anticipated to boost the market.
Regulatory policy restrictions on fossil-fuel-fired power plants and slowdown in the construction of new nuclear power plants are major factors restraining the steam turbines upgrade and modernization market
Demand for nuclear energy-based electricity generation is increasing across the world, which is estimated to offer significant opportunities to the market

Key Developments

In 2018, Siemens Gas and Power GmbH & Co. KG, modernized the rotor of a BBC steam turbine in the paper industry. The primary aim of the modernization was to restore the technical performance of the turbine during an upcoming complete overhaul, while strictly limiting downtime. After upgrade, the steam turbine was operating at its original very high level of efficiency, with an improvement of 7% to 10 % in efficiency.

Asia Pacific to Hold a Major Share of Global Steam Turbine Upgrade and Modernization Market

Based on region, the global steam turbine upgrade and modernization market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific dominated the global steam turbine upgrade and modernization market in 2019. The Steam Turbine Upgrade and Modernization Market in Asia Pacific is likely to expand significantly during the forecast period, due to an increase in the demand for electricity in the region. Power companies in China, Japan, and India have significantly reduced their investment in plants and equipment, with major focus on upgrade and modernization of current assets.
North America and Europe held a considerable share of the global steam turbine upgrade and modernization market in 2019. The U.S. witnesses extensive oil & gas exploration activities, which is anticipated to boost the demand for steam turbine upgrade and modernization in the region from 2020 to 2030. Europe is shifting focus from traditional energy sources toward cleaner and renewable energy sources.
Middle East & Africa and Latin America were moderately attractive regions of the global steam turbine upgrade and modernization market in 2019. Increase in demand for electricity and power, especially in the oil & gas sector, is anticipated to boost the demand for steam turbine upgrade and modernization in these regions in the near future.

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Key Players Operating in Global Steam Turbine Upgrade and Modernization Market:

Global Steam Turbine Upgrade and Modernization Market: Research Scope

Global Steam Turbine Upgrade and Modernization Market, by Application

Global Steam Turbine Upgrade and Modernization Market, by Steam Turbine Type

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