Asia Pacific Steam Turbine Market USD 15.56 Bn By 2032, CAGR 3.1%

Asia Pacific Steam Turbine Market Size Worth USD 15.56 Billion By 2032 | CAGR: 3.1%


The Asia Pacific Steam Turbine market size is expected to reach USD 15.56 Billion by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The steam turbine consists of a rotor assembly with numerous blades connected to a shaft. Steam turbines are widely used in power plants and other industrial settings that require significant mechanical energy. The industry is expected to thrive as a result of increased investments in large-scale thermal power ventures that align with favorable regulations aimed at reducing carbon emissions.

Lockdown measures implemented by different regional governments have caused significant disruptions in the supply chain, leading to a substantial setback in dispatches and order bookings for many global manufacturers. For instance, Bharat Heavy Electricals Ltd (BHEL) faced a loss of INR 150 crore in its steam turbine unit in India due to the impact of the COVID-19 lockdown.

China's natural gas electricity production increased to 247.0 terawatt-hours in 2020, up from 232.5 terawatt-hours in 2019. This upward trend is anticipated to continue, reflecting the country's commitment to increasing sustainable electricity generation through renewable sources. The move away from coal-fired power plants, which contribute significantly to carbon emissions, is consistent with China's long-term goal of promoting environmentally friendly energy practices.

The widespread adoption of solar energy in key regions, such as China and India, could hinder the growth of the steam turbine market in the asia pacific over the forecast period. In 2020, China has witnessed a rise in its installed solar photovoltaic (PV) capacity, reaching approximately 254.355 gigawatts (GW), compared to 2019's 204.996 GW, as reported by the International Renewable Energy Agency (IRENA). This substantial growth is attributed to extensive deployments of solar PV installations, primarily in the utility sector.

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Governments and key players in the asia pacific region have been investing in infrastructure projects, including power generation, which has increased demand for steam turbines. The focus on sustainable and renewable energy sources has also influenced the market, with a shift toward more efficient and environmentally friendly steam turbine technologies. The integration of advanced technologies, such as digitalization and smart grid solutions, has been a notable trend in the Asia-Pacific steam turbine market. This has improved the overall efficiency, reliability, and performance of steam turbines, aligning with the global push to modernize energy infrastructure.

Asia Pacific Steam Turbine Market Report Highlights

  • In 2023, the impulse turbines segment accounted for the largest revenue share in the asia pacific steam turbine market. Impulse turbines are the preferred choice in many turbine installations; owing to their unique design, impulse turbines can efficiently convert the kinetic energy of fast-flowing water into mechanical energy, which is later converted into electricity.
  • The power generation segment held the largest revenue share in the asia pacific steam turbine market. The Asia-Pacific region has already emerged as the leading market for steam turbines, with a significant increase in demand expected in the forecast period. Thermal power generation is crucial in the region, accounting for more than half of total electricity generation.
  • The ongoing integration of advanced materials, digital controls, and improved engineering practices has contributed to the continued growth and competitiveness of steam turbines in Japan, positioning them as a key component in the country's pursuit of sustainable and reliable energy solutions. Japan has been forefront in the development and application of steam turbine technology, with a focus on improving energy efficiency and lowering environmental impact. The country's dedication to technological innovation and research has resulted in the continuous refinement of steam turbine designs, making it more versatile and efficient.
  • The key market players 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.

Polaris Market Research has segmented the Asia Pacific Steam Turbine market report based on Design, Capacity, Technology, End-Use, and country:

Asia Pacific Steam Turbine, Design Outlook (Revenue - USD Billion, 2019 - 2032)

  • Impulse
  • Reaction

Asia Pacific Steam Turbine, Capacity Outlook (Revenue - USD Billion, 2019 - 2032)

  • 151 to 300 MW
  • Upto 150 MW
  • More than 300 MW

Asia Pacific Steam Turbine, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • Combined Cycle
  • Cogeneration
  • Steam Cycle

Asia Pacific Steam Turbine, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

  • Oil & Gas
  • Power Generation
  • Petrochemical
  • Others

Asia Pacific Steam Turbine, Country Outlook (Revenue - USD Billion, 2019 - 2032)

  • China
  • India
  • Malaysia
  • Japan
  • Indonesia
  • South Korea
  • Australia
  • Rest of Asia Pacific

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.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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