Asia Pacific Steam Turbine Market Share, Size, Trends, Industry Analysis Report, By Design (Impulse, Reaction); By Capacity; By Technology; By End-Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Feb-2024
- Pages: 115
- Format: PDF
- Report ID: PM4212
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The asia pacific steam turbine market was valued at USD 11.88 Billion in 2023 and is expected to grow at a CAGR of 3.1% during the forecast period.
A steam turbine is a device that transforms the thermal energy contained in steam into mechanical work. It is a type of heat engine that operates on the principles of thermodynamics. Steam turbines are generally used in power plants to generate electricity.
The asia pacific region is expected to lead the steam turbine market during the forecast period. This is due to its large population and status as the primary global manufacturing hub. The region is poised to capitalize on the region's growing demand for electricity, prompting both the public and private sectors to invest heavily in power generation. The construction of numerous fossil and biomass power plants in countries such as Japan, Bangladesh, Thailand, South Korea, and Indonesia will drive the asia pacific steam turbine market's growth. The increasing population and rapid industrialization in the region are driving the demand for power. According to the India Brand Equity Foundation, India is estimated to possess the fifth-largest power generation capacity.
To Understand More About this Research: Request a Free Sample Report
The COVID-19 pandemic has significantly impacted on the asia pacific steam turbine market. The demand for steam turbines in the asia pacific has reduced due to the labor shortages, economic uncertainties, and disruptions in the supply chain. The starting phase of the pandemic has led to delay in project and cancellations. But later it witnessed an slower recovery as the government has implemented an stimulus measures and infrastructure projects get resumed. Despite these challenges, the Asia Pacific steam turbine market is anticipated to recover, owing to ongoing industrialization, energy infrastructure development, and a renewed emphasis on green energy initiatives in the post-pandemic era.
Growth Drivers
The robust expansion of industrial sector will drive the growth of the market in the asia pacific
The growth of the steam turbine market in the asia pacific is driven by the robust industrial sector growth. The region has witnessed a surge in energy demand in recent years owing to rapid urbanization, industrialization, and population growth. Steam turbines are essential in power generation, and their efficiency and versatility make them a popular choice in a variety of industries. Countries such as China, India, and Japan have led the way in this industrial expansion, with a strong emphasis on improving energy infrastructure.
The increasing use of steam turbines in industries such as power generation, manufacturing, and petrochemicals has driven market growth in the region. Furthermore, initiatives promoting sustainable and clean energy solutions have resulted in the deployment of advanced steam turbine technologies. As the Asia-Pacific region prioritizes economic development and energy security, the steam turbine market is anticipated to maintain its robust growth trajectory, offering plenty of opportunities for industry players and contributing significantly to the market.
Report Segmentation
The market is primarily segmented based on design, capacity, technology, end use, and country.
|
By Design |
By Capacity |
By Technology |
By End-Use |
By Country |
|
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Design Analysis
The impulse segment accounted for the largest market share in 2023
The impulse segment held the largest market share in the asia pacific steam turbine market. Food processing plants, chemical facilities, refineries, petrochemical plants, and pulp and paper mills are often driving the widespread use of impulse steam turbines. The popularity of these turbines is due to their small size, ease of maintenance, and low cost. These key characteristics make impulse steam turbines a desirable choice in a variety of industries. Also, rising environmental awareness about carbon footprints, as well as the implementation of stringent government mandates and policies, are anticipated to drive the growth of the asia pacific steam turbine market.
The reaction segment is witnessed for the fastest growth in the asia pacific steam turbine market. Reaction steam turbines are well-suited for power plants that require both base-load and peak-load electricity generation due to their efficiency and versatility. These turbines are widely used in power generation, particularly in countries with high electricity demand, such as China, India, and Japan. Reaction steam turbines can be integrated into cogeneration setups, utilizing waste heat for additional industrial processes or district heating, thus aligning with the asia pacific's sustainability goals.
By End Use Analysis
The power generation segment accounted for the largest market share in 2023
The power generation segment held the largest market share in the asia pacific steam turbine market. Because of the abundance of natural resources, such as coal and geothermal reservoirs, steam turbine-based power plants have become a popular choice for many Asian countries. These turbines convert thermal energy into mechanical power, which drives generators to generate electricity on a large scale. Technology advancements have also resulted in the adoption of supercritical and ultra-supercritical steam turbine systems, which improve efficiency while reducing environmental impacts.
On the other side steam turbines are widely utilized in petrochemical operations at various stages, particularly in power generation units and mechanical drive applications. These turbines convert high-pressure steam generated during the refining and chemical manufacturing processes into mechanical energy, which is then used to power generators for electricity generation or various pumps and compressors required for the production and transportation of petrochemical products.
Country Insights
China dominated the Asia Pacific market in terms of revenue share in 2023
In China, The increased use of geothermal energy, as well as significant increases in thermal capacity, are driving the growth of the market in asia pacific. The growing industrial sector in China is supporting this expansion, particularly with the increasing use of cogeneration technology.
The growing number of manufacturing facilities, particularly in sectors such as food and beverage, pulp and paper, and metal, is anticipated to drive the market. This is anticipated to increase the deployment of related products. Additionally, the market is anticipated to expand as old coal-fired power plants are replaced with combined cycle technology.
Key Market Players & Competitive Insights
The Asia Pacific Steam Turbine market is highly competitive, with several prominent players vying for market share. Leading manufacturers such as Ansaldo Energia, Arani Power Systems, Bharat Heavy Electricals Ltd., Dongfang Electric Company, Doosan Skoda Power, Fuji Electric Co. Ltd., General Electric (GE) Co., AIstom SA, Kawasaki Heavy Industries, Man Diesel & Turbo SE, Mitsubishi Hitachi Power Systems, Nanjing Turbine & Electric Machinery, Siemens AG, Toshiba Corporation, Trillium Flow Technologies.
Some of the major players operating in the Asia Pacific market include:
- Ansaldo Energia
- Arani Power Systems
- Bharat Heavy Electricals Ltd.
- Dongfang Electric Company
- Doosan Skoda Power
- Fuji Electric Co. Ltd
- General Electric (GE) Co.
- AIstom SA
- Kawasaki Heavy Industries
- Man Diesel & Turbo SE
- Mitsubishi Hitachi Power Systems
- Nanjing Turbine & Electric Machinery
- Siemens AG
- Toshiba Corporation
- Trillium Flow Technologies
Recent Developments
- In February 2023, GE has launched its latest H-Class steam turbine, engineered for enhanced efficiency and reliability compared to its predecessors. Anticipated applications for the H-Class turbine encompass a diverse range of power generation, spanning fossil fuel, nuclear, and renewable energy sources.
- In September 2020, GE & BHEL partnered to produce 700 MW nuclear steam turbines by the technology transfer agreements.
Asia Pacific Steam Turbine Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 12.22 Billion |
|
Revenue Forecast in 2032 |
USD 15.56 Billion |
|
CAGR |
3.1% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD Billion, and CAGR from 2024 to 2032 |
|
Segments Covered |
By Design, By Capacity, By Technology, By End-Use, By Country |
|
Country scope |
Japan, China, India, South Korea, Australia, New Zealand, Rest of Asia Pacific |
|
Customization |
Report customization as per your requirements concerning countries, regions, and segmentation. |
Explore the market dynamics of the 2024 Asia Pacific Steam Turbine Market share, size, and revenue growth rate, meticulously examined in the insightful reports crafted by Polaris Market Rersearch Industry Reports. The analysis of Asia Pacific Steam Turbine Market extends to a comprehensive market forecast up to 2032, coupled with a retrospective examination. Avail yourself of a complimentary PDF download to sample this in-depth industry analysis.
Browse Our More Top Selling Reports:
Shuttlecock Market Size & Share
Carbon Credit Market Size & Share
Software Consulting Market Size & Share
FAQ's
The Asia Pacific Steam Turbine Market report covering key segments are on design, capacity, technology, end use, and country.
The Asia Pacific Steam Turbine market size is expected to reach USD 15.56 Billion by 2032
The asia pacific steam turbine market is expected to grow at a CAGR of 3.1% during the forecast period.
The robust expansion of industrial sector will drive the growth of the market are the key driving factors in Asia Pacific Steam Turbine Market
Ansaldo Energia, Arani Power Systems, Bharat Heavy Electricals Ltd., Dongfang Electric Company are the top market players in the market.
© 2024 Polaris Market Research and Consulting. All rights reserved
