Surface Condenser Market Size, Share & Trends Growth [2031]

Report Description

Market Outlook:

The Global Surface Condenser Market size was valued at USD 3,254.4 Million in 2022 and is anticipated to reach USD 5,119.0 Million by 2031, expanding at a CAGR of 5.3% during the forecast period.

A surface condenser or steam condenser is a water-cooled shell and tube heat exchanger used to condensate the exhaust steam from the steam turbine in thermal power stations. The steam is generated from gaseous to liquid state at a pressure level below atmospheric pressure. The condensate can be re-used in the boiler: In surface condenser even, impure water can be used for cooling purpose whereas in jet condensers cooling water must be pure. Although the capital cost and the space required is more in surface condensers; however, it is preferred due to its low running cost and high thermal efficiency of plant. Surface condensers can be classified into varies types depending upon the position of condensate extraction pump, flow of condensate, and arrangement of tubes.

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Macro-economic Factors

Rising Industrialization

The industrial sector plays a key role in fostering socioeconomic resilience. Industrialization is driven by factors such as government policy, labor-saving inventions, entrepreneurial ambitions, and rising demand for goods and services. Industrialization has a significant impact on the mass production of goods and services across the globe. Thus, industrialization contributes to economic growth by enhancing productivity, innovations, and exports throughout the globe. This has surged the production of energy in in power generation industry. The rising demand from the energy contributes to the growth of the surface condensers used in power generation. Thus, industrialization impacts the energy sector and fuels the market.

Inflation

Inflation refers to the rate of increasing prices over a certain period of time and decreasing purchasing power for consumers and businesses. Inflation plays an important role in almost every industry and has a significant role in the surface condenser market. It affects the price of material cost, vessel production cost, debt, and overall operations of the product and market. Thus, inflation affects the price and significantly the global market growth. In 2022, the global inflation rate increased by around 8%. Inflation impacts the price of surface condenser, which in turn, impacts the end-use sectors. Unevenly rising prices of material used in production inevitably reduce the purchasing power of some end-use industries with low capital expenditure. Thus, the analysis of the inflation rate is an important factor in the study of the market.

Economic Growth

Economic growth refers to an increase in the level of economic activity in a country or region over time. Typically, it is quantified by a gain in gross domestic product (GDP). Economic expansion is a crucial macroeconomic aspect that has a substantial impact on the surface condenser market. This is attributed to the growing economy often resulting in the expansion and investment of firms in new projects, which increases the demand for fast and efficient equipment, thereby increasing the demand for surface condensers market. According to the Asian Development Bank, the gross domestic product (GDP) of India is expected to reach 6.4% in fiscal year (FY) 2023 ending on March 31, 2024, and rise to 6.7% in FY2024, driven by private investment and private consumption on the back of government policies to improve logistics, transport infrastructure, and the business ecosystem.

Market Dynamics

Market Driver – Demand of rise in energy usage

The global demand for energy is constantly rising with increasing population and urbanization. As it exerts pressure on existing power generation capacities and necessitates the construction of new power plants. Surface condensers play crucial role in power generation process by converting exhaust steam back into water, which in turn, increases the efficiency of power plant and ultimately the amount of electricity generated. The wide use of surface condensers across power generation units, propels the market.

Market Driver – Environmental & Government Regulations

Water usage and thermal discharge are driving modernization at old power generation plants. Many regions have regulation limiting water withdrawal and promoting efficient water usage. As it directly mandates the use of surface condensers over alternative cooling technologies with high water consumption. Additionally, discharging heated water back into ecosystem negatively impacts aquatic ecosystem. Regulations often set thermal discharge limits, fueling the surface condenser market.

Market Restraint - Dependency on water as a cooling medium

One of the major restraints of the surface condenser market is the dependency on water as a cooling medium, as water availability is a major concern in many parts of the world. The large volume of water used by surface condenser raises concern of water consumption and potential discharge of heated water back into bodies of water, impacting ecosystems. Stringent regulations on water usage and thermal discharge in certain regions can lead to the permit and operational hurdles for surface condenser-based plants, which impede the market.

Market Opportunity:

Surface condensers are dominant technology for power plant steam condensation due to their efficiency and performance. The surface condensers market holds promising opportunities for growth driven by increasing power demand, technological advancements, sustainable concerns, and regional developments.

• Sustainable and environmental focus: By addressing water dependency, offering cost effective solutions, and adapting to evolving regulations, manufacturers and operators tend to focus on advance water treatment and recycling, desalination technologies, and hybrid cooling systems. By employing efficient water treatment and recycling technologies can significantly reduce freshwater consumption and discharge volumes. Moreover, utilizing desalination plants to convert freshwater for condenser cooling can offer a solution in water scarce regions.

• New and refurbishment of power plants: The global electricity demand is expected to rise, in rapidly developing economies such as Asia and Africa. Which generates to need for new power plants across various generating sources, including fossil fuel, nuclear and renewable integrated plants. Moreover, the shift toward cleaner energy (renewable) sources such as solar and wind are gaining traction, hybrid power plants combining them with thermal generation are being deployed for stability and grid integration. These hybrid plants require surface condenser creating additional market potential. Furthermore, many existing power plants, mainly in developed countries, require modernization and upgrades. This includes replacing outdated and inefficient surface condensers with new and efficient models.

Scope of the Report  

The report on the global surface condenser market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Segmental Outlook

Based on product, the surface condenser market is divided into down-flow surface condenser, central-flow surface condenser, regenerative surface condenser, and evaporative surface condenser.

The evaporative surface condenser segment is expected to expand at a CAGR of 4.9% during the forecast period. Evaporative surface condensers utilize water evaporation to cool and condense the vapor. These condensers cater to various industries such as power generation, chemical processing, and refrigeration, ensuring efficient and reliable heat transfer in different applications, which boost the segment.

The central-flow surface condenser segment is expected to expand exponentially during the forecast period. Central flow condensers are widely used for power plants and provide high thermal efficiency, as the air is pumped away from the center of the condenser. The condensate moves radially toward the center of tube nest. Some of the exhaust steams while moving toward the center meets the undercooled condensate and pre-heats it thus, reducing undercooling, which makes them ideal for converting the steam from its gaseous to its liquid state.

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On the basis of mounting type, the surface condenser market is bifurcated into vertical and horizontal. The horizontal surface condenser segment is expected to expand at a CAGR of 5.0% during the forecast period. The thickness of the tube in horizontal surface condenser is lesser than that of the vertical; therefore, the horizontal position the effective heat transfer coefficient is comparatively higher than vertical surface condensers. Hence, the tubes are placed in horizontal position for fast condensation, which increase the use of horizontal surface condensers.

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In terms of type of water box, the surface condenser market is classified as divided water box and non-divided water box. The divided water box segment held significant share of the market in 2022 and its share is expected to grow exponentially during the forecast period. A divided water box has partitions in the inlet and outlet water boxes at the opposite ends of the condenser. This allows half the condenser to operate while the other half is being cleaned or repaired. Valves in the division plates permit backwashing by reversing water flow for cleaning purposes. These divided water box surface condensers are ideal for large-scale end-use industries.

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Based on inlet type, the surface condenser market is segmented into single inlet and multiple inlet.

The multiple inlet is expected to grow at CAGR of 4.3% during the forecast period. Multi-inlet design provides better mixing and distribution of steam, leading to high heat transfer efficiency and higher power output than the single inlet design. Moreover, multiple inlets promote a stable flow and reduce thermal stresses within the condenser, enhancing reliability, which in turn fuels the segment.

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In terms of end-use, the surface condenser market is categorized as power generation, chemical, water management, oil & gas, and others.

The power generation segment is expected to expand at a significant CAGR during the forecast period. Surface condensers are widely used in power generation such as thermal power plants. The need to minimize water usage within power plants favors the deployment of steam condensers, due to their ability to condense exhaust steam for reuse in the boiler. The pursuit for efficiency improvements in thermal power plants propels the segment.

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Regional Outlook

On the basis of region, the global surface condenser market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific accounted for a large market share in 2022. The market in China and India, is witnessing significant growth due to rapid industrialization and expanding power sector. Governments in Asia Pacific are actively investing in infrastructure development, including the establishment of power plants, thereby fueling the market. The demand for surface condensers in the region is expected to continue to rise during the forecast period, due to the growing need for electricity and ongoing industrial expansion.

Europe is expected to expand at CAGR of 4.3% during the forecasted period due to the implementation of stringent energy efficiency regulations. Numerous power plants across the region contribute significantly to the rising demand, predominantly driven by countries such as Germany, France, and the UK. These countries are investing heavily in their power sectors, consequently driving the demand for surface condensers. Moreover, the focus on renewable energy in Europe is expected to further increase the demand for advanced surface condenser systems.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Surface Condenser Market

• Historical, Current and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Surface Condenser Market Performance