Steam Turbine That Support Renewable Energy Generation To Gain Importance In The Future
A steam turbine is a device that extracts thermal energy from pressurized steam and uses to rotate output shafts. The apparatus of the steam turbine has drastically evolved since its invention in 1884 by Charles Parsons.
Increasing investments toward large scale thermal power plants and stringent regulatory norms imposed by governments to reduce the harmful impact on the environment has fueled the market growth of the steam turbine. According to Allied Market Research, the global steam turbine market is expected to reach $30.2 billion by 2027, registering a CAGR of 2.8% from 2020 to 2027. The reduction in fossil-based energy generation and the ever-increasing demand for energy are the major reasons behind the growth of the steam turbine industry.
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The demand for steam turbines from ships and submarines has increased more than ever. Nuclear-powered ships use a nuclear reactor to create steam to run turbines as the use of diesel power is impractical or causes a problem during the voyage. Apart from the marine industry, more and more companies have been opting for nuclear-powered power plants to fulfill their energy demand. The major key player in the steam turbine market, Siemens Energy has announced to stop bidding for coal-fired power tenders. The company has been manufacturing steam turbines and now opting to accompany its clients on the path of energy transformation and offering them the required technologies.
The demand for renewable energy generation has gained traction across North America and Asia-Pacific. Similar to Siemens Energy, various market players have been directly involved to find a solution to climate change. For instance, GE Steam Power has addressed its concerns regarding climate change and how countries that supply fossil fuels, nuclear energy would play an instrumental role as a source of energy in the future. Moreover, it is observed that the steam turbine demand is less likely to get affected regardless of the type of fuel used to convert water into steam.