Increasing Demand For Power Worldwide Is Anticipated To Offer Robust Growth For The OTSG Market
Once Through Steam Generators (OTSG) are employed by electricity power plants and a host of other commercial or industrial centres to improve the heat from a gas turbine exhaust stream. The steam generated from OTSG can be used for a variety of purposes. For instance, it can serve a steam turbine generator to attain electricity or it can be used for greenhouses, and as a source to process heat in an industrial plant. The global OTSG market is anticipated to grow at a CAGR of around 5% during the forecast period 2019-2026. The upsurge in demand for power is boosting up the additional capacity of renewable energy which has hence resulted in growing adoption of Once Through Steam Generator globally. As per International Energy Agency, the electricity consumption is estimated to be around 40% rise from 2016 to 2040. Thus, the electricity demand across the globe is also anticipated to rise till 2040. China is projected to account for the highest electricity demand by 2040 as the electricity demand in 2016 remained at 5,320 TWh (Terawatt-hour) which would further rise to 9,230 TWh by 2040. In addition, as per the U.S. Department of Energy, the demand for electricity in the United States is anticipated to grow by around 40% by 2030. The increase in power demand is expected to encourage the government of United States to switch to renewable and cleaner power sources and thereby, boost the global OTSG market growth. For a combined cycle power generation, OTSG offers easier installation, lower shipping cost, dry run capability, less ongoing maintenance and reduced fiscal plant needs benefits. The rapid increase in world population and industrialization is expected to exponentially increase the demand for power and thereby, encourage the governments globally to readily adopt renewable energy sources for power generation and thus, boost the global OTSG market growth.
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Initiatives to cut Carbon Footprint: Reinforce the market growth
The increase in demand for clean energy production and global warming are driving the market in numerous developing and developed economies, generating novel opportunities for the growth of OTSG market. On 12 December 2015, “Paris agreement” was signed by 175 countries which aimed to reduce the global CO2 emission by 28% by the end of 2025. Their electricity generation holds a significant percent of the total CO2 emission. Thus, various regulations and standards have been presented by government authorities to efficiently manage the electricity system thereby reducing the carbon footprint. For instance, according to the Carbon Brief Organization, the global carbon dioxide emission increased by approximately 1.5% in 2016-2017. Following are some of the country initiatives intended towards efficient management of energy. For instance, Energy Independence and Security Act of 2007, originally named Clean Energy Act of 2007 looked forward to imparting energy efficiency along the grid network by deployment of latest smart technologies across the U.S. In addition, the energy efficiency directive has established a set of binding rules for countries of European Union to use energy more efficiently at all stages of the energy chain (production to consumption). The directive also aims to achieve 20% energy efficiency by 2020.