PUBLISHER: Polaris Market Research | PRODUCT CODE: 1449244
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1449244
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
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.
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
Table of Contents
1.Introduction
- 1.1.Report Description
- 1.1.1.Objectives of the Study
- 1.1.2.Market Scope
- 1.1.3.Assumptions
- 1.2.Stakeholders
2.Executive Summary
- 2.1.Market Highlights
3.Research Methodology
- 3.1.Overview
- 3.1.1.Data Mining
- 3.2.Data Sources
- 3.2.1.Primary Sources
- 3.2.2.Secondary Sources
4.Asia Pacific Steam Turbine Market Insights
- 4.1.Asia Pacific Steam Turbine Market - Industry Snapshot
- 4.2.Asia Pacific Steam Turbine Market Dynamics
- 4.2.1.Drivers and Opportunities
- 4.2.1.1.The robust expansion of industrial sector will drive the growth of the market
- 4.2.1.2.Rising investment towards generating the capacity expansion will facilitate the growth of the market
- 4.2.2.Restraints and Challenges
- 4.2.2.1.Increasing demand for a renewable energy hindering the growth of the market
- 4.2.1.Drivers and Opportunities
- 4.3.Porter's Five Forces Analysis
- 4.3.1.Bargaining Power of Suppliers (Moderate)
- 4.3.2.Threats of New Entrants: (Low)
- 4.3.3.Bargaining Power of Buyers (Moderate)
- 4.3.4.Threat of Substitute (Moderate)
- 4.3.5.Rivalry among existing firms (High)
- 4.4.PESTLE Analysis
- 4.5.Asia Pacific Steam Turbine Industry trends
- 4.6.Value Chain Analysis
- 4.7.COVID-19 Impact Analysis
5.Asia Pacific Steam Turbine Market, by Design
- 5.1.Key Findings
- 5.2.Introduction
- 5.2.1.Asia Pacific Steam Turbine, by Design, 2019-2032 (USD Billion)
- 5.3.Impulse
- 5.3.1.Asia Pacific Steam Turbine Market, by Impulse, 2019-2032 (USD Billion)
- 5.4.Reaction
- 5.4.1.Asia Pacific Steam Turbine Market, by Reaction, 2019-2032 (USD Billion)
6.Asia Pacific Steam Turbine Market, by Capacity
- 6.1.Key Findings
- 6.2.Introduction
- 6.2.1.Asia Pacific Steam Turbine Market, by Capacity, 2019-2032 (USD Billion)
- 6.3.151 to 300 MW
- 6.3.1.Asia Pacific Steam Turbine Market, by 151 to 300 MW, 2019-2032 (USD Billion)
- 6.4.Upto 150 MW
- 6.4.1.Asia Pacific Steam Turbine Market, by Upto 150 MW, 2019-2032 (USD Billion)
- 6.5.More than 300 MW
- 6.5.1.Asia Pacific Steam Turbine Market, by More than 300 MW, 2019-2032 (USD Billion)
7.Asia Pacific Steam Turbine Market, by Technology
- 7.1.Key Findings
- 7.2.Introduction
- 7.2.1.Asia Pacific Steam Turbine Market, by Technology, 2019-2032 (USD Billion)
- 7.3.Combined Cycle
- 7.3.1.Asia Pacific Steam Turbine Market, by Combined Cycle, 2019-2032 (USD Billion)
- 7.4.Cogeneratio
- 7.4.1.Asia Pacific Steam Turbine Market, by Cogeneratio, 2019-2032 (USD Billion)
- 7.5.Steam Cycle
- 7.5.1.Asia Pacific Steam Turbine Market, by Steam Cycle, 2019-2032 (USD Billion)
8.Asia Pacific Steam Turbine Market, by End-Use
- 8.1.Key Findings
- 8.2.Introduction
- 8.2.1.Asia Pacific Steam Turbine Market, by End-Use, 2019-2032 (USD Billion)
- 8.3.Oil & Gas
- 8.3.1.Asia Pacific Steam Turbine Market, by Oil & Gas, 2019-2032 (USD Billion)
- 8.4.Power Generation
- 8.4.1.Asia Pacific Steam Turbine Market, by Power Generation, 2019-2032 (USD Billion)
- 8.5.Petrochemical
- 8.5.1.Asia Pacific Steam Turbine Market, by Petrochemical, 2019-2032 (USD Billion)
- 8.6.Others
- 8.6.1.Asia Pacific Steam Turbine Market, by Others, 2019-2032 (USD Billion)
9.Asia Pacific Steam Turbine Market, by Countries
- 9.1.Key findings
- 9.2.Introduction
- 9.2.1.Asia Pacific Steam Turbine Market Assessment, By Countries, 2018-2030 (USD Billion)
- 9.2.2.Asia Pacific Steam Turbine Market - China
- 9.2.2.1.China: Asia Pacific Steam Turbine Market, by Application, 2018-2030 (USD Billion)
- 9.2.2.2.China: Asia Pacific Steam Turbine Market, by Technology, 2018-2030 (USD Billion)
- 9.2.2.3.China: Asia Pacific Steam Turbine Market, by End-Use, 2018-2030 (USD Billion)
- 9.2.3.Asia Pacific Steam Turbine Market - India
- 9.2.3.1.India.: Asia Pacific Steam Turbine Market, by Application, 2018-2030 (USD Billion)
- 9.2.3.2.India.: Asia Pacific Steam Turbine Market, by Technology, 2018-2030 (USD Billion)
- 9.2.3.3.India.: Asia Pacific Steam Turbine Market, by End-Use, 2018-2030 (USD Billion)
- 9.2.4.Asia Pacific Steam Turbine Market - Malaysia
- 9.2.4.1.Malaysia: Asia Pacific Steam Turbine Market, by Application, 2018-2030 (USD Billion)
- 9.2.4.2.Malaysia: Asia Pacific Steam Turbine Market, by Technology, 2018-2030 (USD Billion)
- 9.2.4.3.Malaysia: Asia Pacific Steam Turbine Market, by End-Use, 2018-2030 (USD Billion)
- 9.2.5.Asia Pacific Steam Turbine Market - Japan
- 9.2.5.1.Japan: Asia Pacific Steam Turbine Market, by Application, 2018-2030 (USD Billion)
- 9.2.5.2.JapanK: Asia Pacific Steam Turbine Market, by Technology, 2018-2030 (USD Billion)
- 9.2.5.3.Japan: Asia Pacific Steam Turbine Market, by End-Use, 2018-2030 (USD Billion)
- 9.2.6.Asia Pacific Steam Turbine Market - Indonesia
- 9.2.6.1.Indonesia: Asia Pacific Steam Turbine Market, by Application, 2018-2030 (USD Billion)
- 9.2.6.2.Indonesia: Asia Pacific Steam Turbine Market, by Technology, 2018-2030 (USD Billion)
- 9.2.6.3.Indonesia: Asia Pacific Steam Turbine Market, by End-Use, 2018-2030 (USD Billion)
- 9.2.7.Asia Pacific Steam Turbine Market - South Korea
- 9.2.7.1.South Korea: Asia Pacific Steam Turbine Market, by Application, 2018-2030 (USD Billion)
- 9.2.7.2.South Korea: Asia Pacific Steam Turbine Market, by Technology, 2018-2030 (USD Billion)
- 9.2.7.3.South Korea: Asia Pacific Steam Turbine Market, by End-Use, 2018-2030 (USD Billion)
- 9.2.8.Asia Pacific Steam Turbine Market - Australia
- 9.2.8.1.Australia: Asia Pacific Steam Turbine Market, by Application, 2018-2030 (USD Billion)
- 9.2.8.2.Australia: Asia Pacific Steam Turbine Market, by Technology, 2018-2030 (USD Billion)
- 9.2.8.3.Australia: Asia Pacific Steam Turbine Market, by End-Use, 2018-2030 (USD Billion)
- 9.2.9.Asia Pacific Steam Turbine Market - Rest of Asia Pacific
- 9.2.9.1.Rest of Asia Pacific: Asia Pacific Steam Turbine Market, by Application, 2018-2030 (USD Billion)
- 9.2.9.2.Rest of Asia Pacific: Asia Pacific Steam Turbine Market, by Technology, 2018-2030 (USD Billion)
- 9.2.9.3.Rest of Asia Pacific: Asia Pacific Steam Turbine Market, by End-Use, 2018-2030 (USD Billion)
10.Competitive Landscape
- 10.1.Expansion and Acquisition Analysis
- 10.1.1.Expansion
- 10.1.2.Acquisitions
- 10.2.Partnerships/Collaborations/Agreements/Exhibitions
11.Company Profiles
- 11.1.Ansaldo Energia
- 11.1.1.Company Overview
- 11.1.2.Financial Performance
- 11.1.3.Design Benchmarking
- 11.1.4.Recent Development
- 11.2.Arani Power Systems
- 11.2.1.Company Overview
- 11.2.2.Financial Performance
- 11.2.3.Design Benchmarking
- 11.2.4.Recent Development
- 11.3.Bharat Heavy Electricals Ltd.
- 11.3.1.Company Overview
- 11.3.2.Financial Performance
- 11.3.3.Design Benchmarking
- 11.3.4.Recent Development
- 11.4.Dongfang Electric Company
- 11.4.1.Company Overview
- 11.4.2.Financial Performance
- 11.4.3.Design Benchmarking
- 11.4.4.Recent Development
- 11.5.Doosan Skoda Power
- 11.5.1.Company Overview
- 11.5.2.Financial Performance
- 11.5.3.Design Benchmarking
- 11.5.4.Recent Development
- 11.6.Fuji Electric Co. Ltd
- 11.6.1.Company Overview
- 11.6.2.Financial Performance
- 11.6.3.Design Benchmarking
- 11.6.4.Recent Development
- 11.7.General Electric (GE) Co
- 11.7.1.Company Overview
- 11.7.2.Financial Performance
- 11.7.3.Design Benchmarking
- 11.7.4.Recent Development
- 11.8.AIstom SA
- 11.8.1.Company Overview
- 11.8.2.Financial Performance
- 11.8.3.Design Benchmarking
- 11.8.4.Recent Development
- 11.9.Kawasaki Heavy Industries
- 11.9.1.Company Overview
- 11.9.2.Financial Performance
- 11.9.3.Design Benchmarking
- 11.9.4.Recent Development
- 11.10.Man Diesel & Turbo SE
- 11.10.1.Company Overview
- 11.10.2.Financial Performance
- 11.10.3.Design Benchmarking
- 11.10.4.Recent Development
- 11.11.Mitsubishi Hitachi Power Systems
- 11.11.1.Company Overview
- 11.11.2.Financial Performance
- 11.11.3.Design Benchmarking
- 11.11.4.Recent Development
- 11.12.Nanjing Turbine & Electric Machinery
- 11.12.1.Company Overview
- 11.12.2.Financial Performance
- 11.12.3.Design Benchmarking
- 11.12.4.Recent Development
- 11.13.Siemens AG
- 11.13.1.Company Overview
- 11.13.2.Financial Performance
- 11.13.3.Design Benchmarking
- 11.13.4.Recent Development
- 11.14.Toshiba Corporation
- 11.14.1.Company Overview
- 11.14.2.Financial Performance
- 11.14.3.Design Benchmarking
- 11.14.4.Recent Development
- 11.15.Trillium Flow Technologies
- 11.15.1.Company Overview
- 11.15.2.Financial Performance
- 11.15.3.Design Benchmarking
- 11.15.4.Recent Development
List of Tables
- Table 1 Asia Pacific Steam Turbine Market, by Design, 2019-2032 (USD Billion)
- Table 2 Asia Pacific Steam Turbine Market, by End-Use, 2019-2032 (USD Billion)
- Table 3 Asia Pacific Steam Turbine Market, by Capacity, 2019-2032 (USD Billion)
- Table 4 Asia Pacific Steam Turbine Market, by Technology, 2019-2032 (USD Billion)
List of Figures
- Figure 1 Asia Pacific Steam Turbine Market, 2019-2032 (USD Billion)
- Figure 2 Integrated Ecosystem
- Figure 3 Research Methodology: Top-Down & Bottom-Up Approach
- Figure 4 Market by Countries
- Figure 5 Porter's Five Forces
- Figure 6 Market by Capacity
- Figure 7 Asia Pacific Steam Turbine Market, by Capacity, 2021 & 2030 (USD Billion)
- Figure 8 Market by Design
- Figure 9 Asia Pacific Steam Turbine Market, by Design, 2021 & 2030 (USD Billion)
- Figure 10 Market by Technology
- Figure 11 Asia Pacific Steam Turbine Market, by Technology, 2021 & 2030 (USD Billion)
- Figure 11 Market by End-Use
- Figure 12 Asia Pacific Steam Turbine Market, by End-Use, 2021 & 2030 (USD Billion)
- Figure 13 Asia Pacific Steam Turbine Market Assessment, By Countries, 2019-2032 (USD Billion)
- Figure 14 Strategic Analysis - Asia Pacific Steam Turbine Market
