Asia Pacific Steam Turbine Market size and share is currently valued at USD 11.88 Billion in 2023 and is anticipated to generate an estimated revenue of USD 15.56 Billion by 2032 according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 3.1% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Market Overview:
The Asia Pacific steam turbine market is a vital segment of the power generation and industrial machinery industry, driven by the region’s rapidly expanding energy infrastructure and growing industrial activities. Steam turbines are widely used in thermal power plants, cogeneration systems, and various industrial processes to convert thermal energy into mechanical energy, which is then used to generate electricity or drive machinery. The market encompasses a wide range of turbines, including industrial and utility-grade units, tailored to meet the needs of different sectors. With the growing focus on energy efficiency and sustainability, steam turbines remain a critical technology for power generation and industrial applications across the Asia Pacific region.
Key Trends in the Market:
- Integration with Renewable Energy Systems:
Steam turbines are increasingly being integrated with renewable energy projects, such as biomass and concentrated solar power (CSP), to provide a reliable and sustainable source of electricity. - Shift Toward High-Efficiency Turbines:
The market is witnessing a trend toward the adoption of high-efficiency and advanced turbines to reduce fuel consumption and operational costs while minimizing environmental impact. - Adoption of Digital Solutions:
The incorporation of digital technologies, such as IoT and AI, is enabling real-time monitoring and predictive maintenance of steam turbines, enhancing operational efficiency and reliability. - Growth of Small-Scale and Industrial Turbines:
There is a growing demand for small-scale and industrial steam turbines for decentralized power generation and process industries, particularly in emerging economies. - Expansion in Emerging Markets:
Countries like Vietnam, Indonesia, and Bangladesh are emerging as significant markets for steam turbines due to their growing energy needs and investments in infrastructure development.
𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
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
- GE Launches H-Class Steam Turbine – February 2023
In February 2023, GE introduced its latest H-Class steam turbine, designed to deliver superior efficiency and reliability compared to previous models. This advanced turbine is versatile, with applications spanning a wide range of power generation systems, including fossil fuel, nuclear, and renewable energy sources. - GE and BHEL Collaboration for Nuclear Steam Turbines – September 2020
In September 2020, GE partnered with BHEL (Bharat Heavy Electricals Limited) under a technology transfer agreement to manufacture 700 MW nuclear steam turbines. This collaboration underscores the focus on advancing nuclear energy infrastructure and supporting energy needs in India.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
The Asia Pacific Steam Turbine Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
Asia Pacific Steam Turbine Market, Design Outlook (Revenue – USD Million, 2019-2032)
- Impulse
- Reaction
Asia Pacific Steam Turbine Market, Capacity Outlook (Revenue – USD Million, 2019-2032)
- 151 to 300 MW
- Upto 150 MW
- More than 300 MW
Asia Pacific Steam Turbine Market, Technology Outlook (Revenue – USD Million, 2019-2032)
- Combined Cycle
- Cogeneration
- Steam Cycle
Asia Pacific Steam Turbine Market, End-Use Outlook (Revenue – USD Million, 2019-2032)
- Oil & Gas
- Power Generation
- Petrochemical
- Others
The Asia Pacific steam turbine market is positioned for steady growth as the region continues to invest in energy infrastructure and industrial development. With advancements in technology and the growing emphasis on energy efficiency, steam turbines are expected to remain a key component of the power generation landscape in the region.