Steam Condenser for Thermal Power Plant Market Trends [2031]
Steam Condenser for Thermal Power Plant Market Trends [2031]
Segments - Steam Condenser for Thermal Power Plant Market by Material (Surface Condenser, Hybrid Condenser, and Jet Condenser), End-user (Power Plants, Chemicals, Refinery, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :EP-5960
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Report Description
Steam Condenser for Thermal Power Plant Market Outlook 2031
The global steam condenser for thermal power plant market size was valued at USD 17.2 million in 2022 and is likely to reach USD 23.5 million by 2031, expanding at a CAGR of 4.7% during 2022 – 2031. The growth of the market is attributed to the increasing demand for efficient and compact condenser solutions across various sectors.
Rapid development of power and electricity projects to cater to growing electricity requirements is contributing to the increasing demand for steam condensers which is further boosting the market. Steam condensers are a vital component in these projects they enhance efficiency by converting steam back into water for reuse.
- According to the report published by the International Energy Agency, across various sectors, technologies, and regions the global energy investment for new plants is set to rise by around 8% in 2022. It is estimated to reach a total of USD 2.4 trillion.
Steam condenser is an important component in a thermal power plant which is used to enhance the overall efficiency of the power generation process. It is designed to convert the exhaust steam coming from steam turbines back into water. This conversion process is important because it allows the water to be recycled and reused in the power plant's steam cycle. Additionally, these steam condensers maintain a vacuum to remove the heat from steam which further accelerates the condensation process.
The COVID-19 pandemic hampered the market. The pandemic disrupted global supply chains and impacted the construction and maintenance of thermal power plants. Delays in project timelines, workforce limitations, and supply chain interruptions resulted in causing projects to be postponed or canceled. Moreover, the economic downturn in various regions has led to reduced energy demand which further affected the growth of steam condensers for the thermal power plants market.
Artificial Intelligence (AI) Impact on Steam Condenser for Thermal Power Plant Market
Emergence of artificial intelligence is expected to propel the market. AI is being employed to enhance the operational efficiency and maintenance of thermal power plants, including the performance of steam condensers. This technology makes easy to identify potential costly breakdowns before they occur improving reliability and reducing downtime.
Moreover, AI also analyzes vast amounts of data to forecast future energy consumption to improve grid management and efficiency of the steam condensers and other equipment.
Steam Condenser for Thermal Power Plant Market Dynamics
Major Drivers
Growing energy demand is expected to drive the market during the forecast period. The rising global population and rapid expansion of industrial sectors require a high amount of electric energy. Power plants are aiming to meet the escalating need for a stable and reliable power supply which contributes to boosting the utilization of steam condenser solutions for efficient electricity generation.
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As per the report published by the U.S. Energy Information Administration on October 11, 2023, global electricity generation is projected to increase from 30% to 76% between 2022 and 2050.
Existing Restraints
High maintenance costs of advanced steam condenser technology are expected to hinder the market. These costs encompass regular inspections, cleaning, and maintenance activities, which are essential to keep the condensers operating efficiently. Furthermore, these all factors affect the future investments in new steam condensers or modernization projects which further hampers the market growth.
Emerging Opportunities
Continuous development of advanced condenser technologies is expected to create immense opportunities for the players competing in the market. Manufacturers are focusing on integrating new materials, designs, and coatings that enhance the efficiency of steam condensers. These advancements improve the overall performance of power plants and contribute to sustainability by conserving resources and reducing emissions.
Moreover, the shifts toward cleaner sources further create demand for steam turbines and condenser solutions for geothermal energy and biomass power plants.
Scope of the Steam Condenser for Thermal Power Plant Market Report
The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Steam Condenser for Thermal Power Plant Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Material (Surface Condenser, Hybrid Condenser, and Jet Condenser) and End-user (Power Plants, Chemicals, Refinery, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Alstom SA; Bharat Heavy Electricals Limited; Doosan Corporation; General Electric; Hangzhou Steam Turbine Co., Ltd.; MITSUBISHI HEAVY INDUSTRIES, LTD; Shanghai Electric; Siemens; SPX TECHNOLOGIES; and Toshiba Corporation |
Steam Condenser for Thermal Power Plant Market Segment Insights
Material Analysis
Based on material, the steam condenser for thermal power plant market is divided into surface condenser, hybrid condenser, and jet condenser. The surface condenser segment is projected to register a considerable CAGR during the forecast period due to their efficiency in converting steam into water while recovering a large amount of heat in the process.
This heat recovery is important for power plants looking to maximize energy efficiency and reduce heat waste. Moreover, the growing demand for efficient water conservation solutions further contributes to fueling the segment's growth.
End-user Analysis
On the basis of end-user, the market is classified as power plants, chemicals, refinery, and others. The power plants segment is anticipated to register robust growth during the forecast period owing to the excessive utilization of steam and turbines by plants to produce energy and electricity.
Plants based on fossil fuels and nuclear energy rely on condensers to convert steam into water, enabling the efficient generation of electricity. Moreover, the continuous need for the construction of new power plants and the modernization of existing facilities boosts the condenser for the thermal power plant market.
Regional Outlook
In terms of region, the global steam condenser for thermal power plant market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market due to the presence of a large number of power plants. Steam condensers are utilized in these plants to enhance energy efficiency.
Furthermore, this region continually invests in research and development leading to the adoption of advanced steam condenser technologies which further boosts market growth.
The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years due to rapid industrialization leading to a surge in energy demand. Power-generating plants in this region are maximizing electricity production by utilizing advanced and efficient steam condenser systems. Moreover, the growing infrastructure development, including the construction of new nuclear power generation plants and equipment further fuels the demand for steam condenser solutions.
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According to the report published by the World Nuclear Association on April 2023, reported that there are approximately 140 nuclear power reactors currently in operation in Asia. Additionally, there are approximately 35-40 reactors currently under construction and plans to build an additional 55-60 reactors are in place. Moreover, China is expected to experience the greatest growth in nuclear generation.
Segments
The global steam condenser for thermal power plant market has been segmented on the basis of
Material
- Surface Condenser
- Hybrid Condenser
- Jet Condenser
End-user
- Power Plants
- Chemicals
- Refinery
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Alstom SA
- Bharat Heavy Electricals Limited
- Doosan Corporation
- General Electric
- Hangzhou Steam Turbine Co., Ltd.
- MITSUBISHI HEAVY INDUSTRIES, LTD
- Shanghai Electric
- Siemens
- SPX TECHNOLOGIES
- Toshiba Corporation
Competitive Landscape
Key players competing in the global steam condenser for thermal power plant market are Alstom SA; Bharat Heavy Electricals Limited; Doosan Corporation; General Electric; Hangzhou Steam Turbine Co., Ltd.; MITSUBISHI HEAVY INDUSTRIES, LTD; Shanghai Electric; Siemens; SPX TECHNOLOGIES; and Toshiba Corporation
These enterprises are expanding their market share by implementing various strategies, such as forming strategic partnerships, pursuing mergers and acquisitions, streamlining production costs, introducing innovative product lines, and integrating cutting-edge technologies.
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On April 15, 2020, Mitsubishi Power Americas, Inc, a leading provider of energy production equipment, announced the launch of a new steam turbine platform called the J-Series. This platform is designed to offer improved efficiency and reliability, along with a modular structure that enables easy customization and installation.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Steam Condenser for Thermal Power Plant Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Steam Condenser for Thermal Power Plant Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Steam Condenser for Thermal Power Plant Market - Supply Chain
4.5. Global Steam Condenser for Thermal Power Plant Market Forecast
4.5.1. Steam Condenser for Thermal Power Plant Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Steam Condenser for Thermal Power Plant Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Steam Condenser for Thermal Power Plant Market Absolute $ Opportunity
5. Global Steam Condenser for Thermal Power Plant Market Analysis and Forecast by End Users
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by End Users
5.2.2. Y-o-Y Growth Projections by End Users
5.3. Steam Condenser for Thermal Power Plant Market Size and Volume Forecast by End Users
5.3.1. Power Plants
5.3.2. Chemicals
5.3.3. Refinery
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by End Users
5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Steam Condenser for Thermal Power Plant Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Steam Condenser for Thermal Power Plant Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Steam Condenser for Thermal Power Plant Demand Share Forecast, 2019-2026
7. North America Steam Condenser for Thermal Power Plant Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Steam Condenser for Thermal Power Plant Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Steam Condenser for Thermal Power Plant Market Size and Volume Forecast by End Users
7.4.1. Power Plants
7.4.2. Chemicals
7.4.3. Refinery
7.4.4. Others
7.5. Basis Point Share (BPS) Analysis by End Users
7.6. Y-o-Y Growth Projections by End Users
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Steam Condenser for Thermal Power Plant Demand Share Forecast, 2019-2026
8. Latin America Steam Condenser for Thermal Power Plant Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Steam Condenser for Thermal Power Plant Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Steam Condenser for Thermal Power Plant Market Size and Volume Forecast by End Users
8.4.1. Power Plants
8.4.2. Chemicals
8.4.3. Refinery
8.4.4. Others
8.5. Basis Point Share (BPS) Analysis by End Users
8.6. Y-o-Y Growth Projections by End Users
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Steam Condenser for Thermal Power Plant Demand Share Forecast, 2019-2026
9. Europe Steam Condenser for Thermal Power Plant Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Steam Condenser for Thermal Power Plant Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Steam Condenser for Thermal Power Plant Market Size and Volume Forecast by End Users
9.4.1. Power Plants
9.4.2. Chemicals
9.4.3. Refinery
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by End Users
9.6. Y-o-Y Growth Projections by End Users
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Steam Condenser for Thermal Power Plant Demand Share Forecast, 2019-2026
10. Asia Pacific Steam Condenser for Thermal Power Plant Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Steam Condenser for Thermal Power Plant Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Steam Condenser for Thermal Power Plant Market Size and Volume Forecast by End Users
10.4.1. Power Plants
10.4.2. Chemicals
10.4.3. Refinery
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by End Users
10.6. Y-o-Y Growth Projections by End Users
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Steam Condenser for Thermal Power Plant Demand Share Forecast, 2019-2026
11. Middle East & Africa Steam Condenser for Thermal Power Plant Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Steam Condenser for Thermal Power Plant Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Steam Condenser for Thermal Power Plant Market Size and Volume Forecast by End Users
11.4.1. Power Plants
11.4.2. Chemicals
11.4.3. Refinery
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by End Users
11.6. Y-o-Y Growth Projections by End Users
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Steam Condenser for Thermal Power Plant Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Steam Condenser for Thermal Power Plant Market: Market Share Analysis
12.2. Steam Condenser for Thermal Power Plant Distributors and Customers
12.3. Steam Condenser for Thermal Power Plant Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Alstom SA
12.4.2. Bharat Heavy Electricals Limited
12.4.3. Doosan Corporation
12.4.4. General Electric
12.4.5. Hangzhou Steam Turbine Co., Ltd.
12.4.6. MITSUBISHI HEAVY INDUSTRIES, LTD
12.4.7. Shanghai Electric
12.4.8. Siemens
12.4.9. SPX TECHNOLOGIES
12.4.10. Toshiba Corporation
Methodology
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