How has the market in steam turbine solutions been impacted by the COVID-19 pandemic?
The threat due to COVID-19 impacted our business in 2020 through lockdowns, travel restrictions, etc. However, many developing and developed nations have introduced vaccination programmes and moved towards a ‘business-as-usual’ scenario in the first quarter of 2021. The threat of another wave subsequently emerged due to the new COVID-19 variants. However, the teams have adapted to the hybrid working model and successfully closed numerous enquiries & won orders on a completely virtual basis. The steam turbine market has improved and is in the upward growth trend compared to 2021.
The steam turbine market size is expected to be worth around US $36.2 billion by 2030. How will you use this estimate to your company’s advantage to develop cost-efficient models to meet its global requirements?
The company is scaling up for the future with investments in facilities along with enhancing our human capital as we pursue more geography with a broader portfolio of products and aftermarket services. We also continue to pursue newer segments, such as API compliant steam turbines, and enhance our product models to meet customer requirements.
How is climate change enhancing innovation in your technology & services?
Climate change concerns are calling for improvement in steam cycle efficiency. We are regularly upgrading our turbines for higher pressure, temperature steam cycles. Also, advanced blade path is being used to improve the internal efficiency of energy conversion. Additionally, we are working on alternative energy products to meet environment challenges. Also, we offer retrofit solutions for aging turbines to improve plant performance.
You say that converting waste heat into energy could be the next big thing. What are the steam turbine manufacturing companies & government doing on this front?
Residual waste is a source of input from the disposal of Municipal Solid Waste (MSW) and is treated with various Waste-to-Energy (WtE) technologies for electricity generation. Rapidly increasing industrial waste, along with stringent EU-wide waste legislations, have been the key drivers for the growth of WtE technology in Europe. The Asia-Pacific market is also expanding rapidly, owing to significant increase in waste generation by two big developing nations – China and India – leading to a higher investment thrust by government organisations in India. The ‘Make in India’ programme is aimed at bringing global recognition to Indian manufacturing sector. Furthermore, the government’s focus on Aatmanirbhar Bharat envisions manufacturing to be a more important part of the global economy – the policies are being directed towards making India more efficient, competitive, resilient, self-sustaining and self-generating.
What is the next step for your company?
Moving forward, we will be entering into the drive turbines segment and will be catering to the needs and requirements of customers worldwide.