Despite this, new technological developments have 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.
Renewable Energies Taker Over More of the Energy Market
The global installed thermal power generating capacity stood at 3,578 GW in 2011, and is expected to reach 4,692 GW by 2020 due to 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.
The global steam condenser market size for thermal power was valued at US $1.9 billion in 2011, and is expected to grow at a CAGR of 5.2% to reach US $ 3.3 billion in 2020.
According to the 60th annual BP Statistical Review of World Energy, China became the world’s largest energy consumer in 2010 overtaking the USA during a year which saw the rebound in the global economy drive consumption higher and at a rate not seen since the aftermath of the 1973 oil price shocks. Read more in China Overtakes USA as Top Consumer as World Energy Demand grows Strongly.