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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF sample of this report
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
- 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.
Expanding operations in future? To get the perfect launch ask for a custom report
Key Players Operating in Global Steam Turbine Upgrade and Modernization Market:
- Siemens Gas and Power GmbH & Co. KG
- Doosan Heavy Industries & Construction
Global Steam Turbine Upgrade and Modernization Market: Research Scope
Global Steam Turbine Upgrade and Modernization Market, by Application
- Power Generation
- Oil & Gas
Global Steam Turbine Upgrade and Modernization Market, by Steam Turbine Type
- Steam Cycle
- Combined Cycle
Global Steam Turbine Upgrade and Modernization Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.