Global Instrumentation and Control for Steam Turbine Retrofit Market Expected to Reach USD 659.0 Million by 2030

According to a recent market study published by Growth Market Reports, titled, “Global Instrumentation and Control for Steam Turbine Retrofit Market, By Instrumentation and Controls, By Function, By Application, By Power Range, By End-use Industry, and By Region: Size, Share, Trends and Opportunity Analysis, 2019-2030”, the market was valued at USD 450.3 Million in 2022 and is expected to expand at a growth rate of 4.2% by 2030.

Get Sample Report @ https://growthmarketreports.com/request-sample/5359

As per Growth Market Reports Research industry analyst Partha Paul, “The global Instrumentation and Control for Steam Turbine Retrofit market is anticipated to register significant growth during the forecast period, 2022-2030. Increasing demand for power globally is driving the market as retrofitting improves power generation plant efficiency. Increasing need for energy-efficient steam turbines is adding up to retrofit service revenues. Increasing emphasis on renewable energy is further creating opportunities for the market as steam turbines are frequently utilized in the renewable energy sector.

A steam turbine is often retrofitted with modern equipment and controls to increase safety, reliability, availability, and controllability. Old steam turbine hydraulic control systems also frequently leak oil, which poses a fire risk. Current API standards, including API 611 standard for general purpose steam turbines, API 612 standard for special purpose applications, and API 670 standard for machinery protection systems, are expected to be met by retrofitting the turbine controls. The steam turbine is retrofitted to address a number of control problems.

The practice of replacing existing steam turbine equipment with new turbine designs has been a common way of extending the life and improving the performance of steam turbine power plants. This is referred to as a steam turbine retrofit—the installation of a new design to operate in an existing plant. The benefits include increases in power output, improved availability, and an increased service interval.

Primary and secondary research methodology is used for keen observation and study about the Instrumentation and Control for Steam Turbine Retrofit market. Primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects.

Interviews are conducted with stakeholders across industry verticals on regular intervals in line with the ongoing studies and to be updated with the latest market trends & developments. Validation of the estimated market size and current and future trends are done from the key opinion leaders (KOLs). These KOLs are the CXO level people from key companies in the industry and possess the experience of around 10-20 years in the industry. The secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs.

Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases are analyzed for macro & micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 pandemic has highlighted economic disparities in the global demand in the crisis of global interdependence and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. Strict measures are required for monitoring the pandemic, which affected businesses and caused unanticipated short and long-term effects. Consequently, pandemics are problems for individual market and an enhancement of existing dynamics and limitations.

In the long-term, COVID-19 serves as an opportunity for manufacturers to reconsider their commitment to the supply chain in regions prone to outbreaks and to reconfigure themselves regionally. In the present scenario, COVID-19 is hampering the production process of several manufacturing industries and businesses. Moreover, trade barriers are further reducing the demand-supply of various products and services. However, reduction in outdoor activities and social distancing has created lucrative opportunities for the market.

Key Takeaways from the Study:

• Key market players include ABB, C.C. JENSEN A/S, CCC LLC., Doosan Corporation, Emerson Electric Co., General Electric, MAN Energy Solutions, MITSUBISHI HEAVY INDUSTRIES, LTD, MSHS, Rockwell Automation, Siemens Energy, Turbine Controls Ltd., TOSHIBA CORPORATION.
• On the basis of Instrumentation and Controls, the sensors segment held a Major market share in 2022. The demand for sensors in steam turbines is driven by several factors, such as the need for real-time monitoring and control of turbine performance. It is possible to detect potential issues early and take corrective action before they lead to equipment failure by using sensors to measure various parameters such as pressure, speed, vibration, and temperature.
• In terms of Function, the temperature control segment is expected to grow at a significant rate in the forecast period. The steam temperature on the utility boiler is regulated to improve operating efficiency as well as to prevent unnecessary material and thermal stress in thick-walled components of the boiler and turbine. The temperature control offers effectiveness, safety, and low maintenance & repair costs in steam turbines, which boost the segment.
• On the basis of Application, the power segment holds a Substantial market share in 2022. The International Energy Agency (IEA) reported in its annual report on the electricity sector that the global demand for electricity increased by 6% or 1,500 terawatt hours (TWh) in 2021, the largest percentage gain since the recovery from a global financial crisis in 2010 and the largest total increase on record. This is expected to increase the demand for this segment.
• In terms of Power Range, the >1200 MW segment is projected to expand at a significant rate during the forecast period, due to the increasing adoption of renewable energy, such as wind and solar. Steam turbines are frequently used as a backup power source. Retrofitting control and instrumentation of >1200 steam turbines involve the integration of steam turbines with the renewable energy system, improving their reliability and flexibility.
• On the basis of End-Use Industry, the power generation segment is expected to hold a major market share during the forecast period. Steam turbine retrofit eliminates oil whip vibrations. Additionally, steam turbine modifications are expected to make the power plant competitive in terms of production and life cycle costs. Increasing adoption of natural gas combined-cycle power plants as a reliable energy source is one of the main reasons behind the growth of the power generation sector. Combined-cycle power plants use both steam and gas turbines together to produce up to 50% more electricity from the same fuel than traditional single-cycle power plants. Waste heat from the gas turbine is sent to a nearby steam turbine where additional power is generated.
• On the basis of region, the Global Instrumentation and Control for Steam Turbine Retrofit market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America is rising at a rapid pace, owing to the increasing number of steam turbine power generation plants in the region. Many steam turbines in North America are a part of aging infrastructure, which leads to reliability issues and increasing maintenance costs. Retrofitting with modern control and instrumentation systems improves reliability, reduces maintenance requirements, and increases the lifespan of the plant, which is driving the market in the region. Steam turbines are widely used for Combined heat and power (CHP) applications in the US, as steam turbines use separate heat sources and do not convert fuel into to electric energy. The energy is transferred from boilers to turbines through high-pressure steam that powers turbines and generators. Furthermore, around 80% of electricity generated in North America is through steam turbines.

Report Scope

Target Audience

• Supply-side: Steam turbine manufacturers and retrofit contractors
• Demand Side: Industrial sectors
• Regulatory Side: Concerned government authorities and other regulatory bodies