Power Engineering: Steam Condensers Renewable Energy: A Game–Changer for the Steam Condenser Market?
A new player acts as a driving force on the steam condenser market: A new study by Global data comes to the conclusion that the boom of renewable energies might well become the game changer for steam condensers in power generation.
A new report by the market analysts of Global Data examines the demand for steam condensers in the thermal power sector, ranging from oil to coal, gas, nuclear, biomass, and solar thermal power generation. Steam condensers are also used in refineries, chemical processing plants and other industries.
Nevertheless, the demand for these machines is mainly driven by the growing global demand for energy: 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 growing demand, and thermal power is expected to remain a dominant source of electricity generation for the foreseeable future, sustaining the steam condenser market.
Thermal Power Plants Decommissioned for Environmetal Issues
However, 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, Global Data estimates – A change that may challenge the steam condenser market to evolve in the future.