SINGAPORE, April 22, 2013 /PRNewswire/ -- Rising electricity demand due to a burgeoning population, the abundance of coal, and high costs of oil and gas make a strong case for the setting up of more coal-fired power plants with steam turbines in Asia-Pacific. The popularity of coal as a fossil fuel is compelling power plant owners to make technological improvements to the production process in order to reduce the environmental impact of coal emissions.
New analysis from Frost & Sullivan (http://www.energy.frost.com), Asia-Pacific Steam Turbines Market, finds that market earned revenues of $4,151.2 million in 2011 and estimates this to reach $5,995.7 million in 2016. The number of units ordered in 2011 was 11,310.9 MW. Most of the turbines ordered used sub-critical (approximately 330 MW, 660 MW) or super-critical (approximately 800 MW) boiler type. The order capacity of steam turbines is expected to show an upward trend during the forecast period.
"Although there are several favorable government policies and incentives for alternate source of power generation in Asia-Pacific, renewable energy projects are limited due to the lack of significant investments and high initial costs," said Frost & Sullivan Energy & Power Research Analyst Subha Krishnan. "Therefore, countries in this region tend to opt for fossil-fuel based power generation, creating considerable demand for steam turbines."
Coal-fired power plants are restrained by a lack of clarity in government policies as well as tax rates on carbon emissions. Carbon tax schemes have stringent penalties for the top 500 polluters. As a result, the construction of several power plants that use coal have been delayed or deferred. This affects the demand for steam turbines in the region.
To resolve the issue of carbon dioxide emissions, countries in Asia-Pacific are developing clean coal technologies. Carbon capture and storage or sequestration (CCS) is identified as the only technology that enables large-scale fossil fuel power plants to remain operational.
"The development of technologies that help produce cleaner coal will play a vital role in market growth," noted Krishnan. "Such technology upgrade would facilitate plant life extension, drive new investments and eventually, boost the adoption of steam turbines."
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SOURCE Frost & Sullivan