Steam Condensers for Thermal Power Plants - Market Size, Average Pricing and Key Regulations to 2020

Additional Information

Renewable Energy Generation to Change the Steam Condenser Market.

Oil, coal, gas, nuclear, biomass, and solar thermal power generation methods all use steam to create energy, but will the market for steam condensers be affected by the drive for renewable power generation, asks a new report by energy experts GlobalData.

The new report* studies the demand for these machines in the thermal power sector. This equipment finds use not only in power plants, but also in refineries, chemical processing plants and other industries.

Global electricity consumption has increased at a Compound Annual Growth Rate (CAGR) of 3.6% over the past 10 years, and is expected to continue growing due to increasing industrialization, urbanization, and growing population worldwide. Developed and developing countries are strengthening their electricity supplies in order to meet this growing demand, and thermal power is expected to remain a dominant source of electricity generation for the foreseeable future, which is expected to sustain the future global steam condenser market.

But as the share of alternative energy sources is set to increase, the decreasing share held by fossil fuels will impact the need for steam condensers used in thermal power plants, meaning that the steam condenser market may have to adapt to new popular methods of power generation.

Substantial increases in carbon emissions and environmental concerns have led to an increased focus on the reduction of emissions from the electricity sector. Many countries across the world are decommissioning coal-fired power plants, and various European Union (EU) directives, such as the Large Combustion Plant Directive (LCPD) and the Emission Trading Scheme (ETS) have made it uneconomical to continue with the operation of aging coal-fired power plants in EU countries.

Many countries now stipulate that a fixed percentage of electricity be generated from clean energy sources such as natural gas, hydro, and other renewable sources. In order to meet these targets, both developed and developing countries are investing in alternative fuels such as wind, solar, and hydropower.

Despite this, developments in generation technology may also lead to improvements for fossil fuel plants. Combined Cycle Gas Turbine (CCGT) can potentially increase the capacity and efficiency of gas and steam turbine plants, while the development of Clean Coal Technology (CCT) looks to help coal-fired power plants meet regulated emission standards following further development. The use of CCGT and CCT has therefore become popular, as it offers environmental and economic benefits, and this is expected to generate demand for steam condensers over the forecast period.

Global thermal installed capacity stood at 3,578 GW in 2011, and is expected to grow during 2012-2020 at a CAGR of 2.9%, to reach 4,692 GW, due to the growing demand for electricity from residential, commercial and industrial sectors. However, while thermal power sources accounted for 66.2% of total global installed capacity in 2011, this share is expected to gradually decline in the future, as renewable energy sources develop and take over more of the market.

In 2011, the global steam condenser market size for thermal power was valued at $1.9 billion, and during the forecast period it is expected to grow at a CAGR of 5.2% to reach $3.3 billion in 2020.

*Steam Condensers for Thermal Power Plants - Market Size, Average Pricing and Key Regulations to 2020

This report gives detailed information on the steam condenser market for thermal power plants, focusing both on global and key steam condenser markets. Drivers, restraints, revenue forecast and volume sales are covered for the global market. The seven countries covered include the US, Canada, the UK, China, India, Saudi Arabia and Australia.

This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.


Report Excerpt

Overview

A steam condenser is a heat exchanger that converts steam from its gaseous state into liquid form by operating at a pressure lower than that of the surrounding atmosphere. In basic terms, steam condensers convert steam back to water. Steam condensers are used in various industries, with key sectors including:

Power sector Refinerie
Marine
Chemical processing

In the power sector, steam is used to generate electricity. Oil, coal, gas, nuclear, biomass, and solar thermal power generation methods all use steam to create energy. A steam turbine is used for generating mechanical power in a rotary motion, and is powered by the extraction of thermal energy from pressurized steam, which is produced from water or other liquids. Steam power plants across the globe operate on the standard known as the Rankine Cycle. This cycle consists of four main components: boiler, turbine, steam condenser, and pump.

In a simple steam turbine based power plant, water enters a pump, where it is compressed at high pressure – step one in figure three – and then this compressed water passes through the boiler, as can be seen in step two. In the boiler, water is heated by burning fuel, and is converted into steam. This superheated, highly pressurized steam then enters the steam turbine, where it expands to rotate the turbine shaft, thereby generating electricity (step three). Steam from the turbine then enters the steam condenser, where it is condensed back into water (step four). This saturated water then enters the pump to restart the cycle. Steam condensers are also used in Integrated Gasification Combined Cycle (IGCC) and Combined Cycle Gas Turbine (CCGT) power plants that use steam turbines, to reuse the water in the cycle.