A steam turbine is a type of power generation device that uses high-pressure steam to rotate a series of blades mounted on a rotor, which subsequently powers a generator to generate electricity. A steam turbine operates on the basic principle of converting thermal energy stored in the form of steam into mechanical energy by rotating the turbine's blades utilising the steam. Power plants employ steam turbines to generate electricity from a variety of fuel sources, including coal, natural gas, nuclear, and biomass. Steam turbines are also used in a variety of industrial applications, including the manufacture of chemicals and paper. Steam turbines are also employed for marine propulsion.
Asia Pacific Steam Turbine Market Driving Factors and Challenges
Drivers: The substantial expansion of the industrial sector will fuel the growth of the market in Asia-Pacific. The steam turbine market in Asia Pacific is expanding due to strong industrial sector growth. The region's energy demand has increased in recent years as a result of rising urbanisation, industrialisation, and population growth. Steam turbines are crucial in power generation, and their efficiency and versatility make them a popular choice across a wide range of sectors. China, India, and Japan have led the way in this industrial boom, focussing heavily on developing energy infrastructure.
The rising use of steam turbines in industries such as power generation, manufacturing, and petrochemicals has fuelled market growth in the region. Furthermore, activities encouraging sustainable and clean energy solutions have led to the implementation of sophisticated steam turbine technologies. As the Asia-Pacific region prioritises economic development and energy security, the steam turbine market is expected to continue its rapid rise, providing several opportunities for industry participants and considerably contributing to the market.
Challenges:
Limitations and Guidelines Concerning Climate Issues - There are worries about the negative effects of carbon emissions on the climate because existing plants have been retired and new construction has been delayed in favour of other, more expensive options due to policies at the regional and federal levels, such as limiting the amount of emissions allowed from these plants. The laws and rules governing power facilities that burn fossil fuels will also provide a major barrier to the market's growth. Steam electric power stations discharge numerous contaminants and a large volume of effluent into American lakes. Among the pollutants are arsenic, lead, mercury, selenium, chromium, and cadmium, all of which are toxic and bioaccumulative.
Impact of COVID-19 on Asia Pacific Steam Turbine Market
The COVID-19 pandemic had a minor influence on the steam turbines market due to lockdowns and a reduction in capital expenditures for power production improvements and expansions. However, government attempts to revive major industries, manufacturing facilities, and infrastructure projects are projected to fuel market growth. The necessity for clean power generation, along with severe pollution rules and unpredictable power supply, will drive the adoption of steam turbines.
Asia Pacific Steam Turbine Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; 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.
Asia Pacific Steam Turbine Market Segmentation:
By Design: Based on the Design, Asia Pacific Steam Turbine Market is segmented as; Impulse, Reaction.
By Capacity: Based on the Capacity, Asia Pacific Steam Turbine Market is segmented as; 151 to 300 MW, Upto 150 MW, More than 300 MW.
By Technology: Based on the Technology, Asia Pacific Steam Turbine Market is segmented as; Combined Cycle, Cogeneration, Steam Cycle.
By End-Use: Based on the End-Use, Asia Pacific Steam Turbine Market is segmented as; Oil & Gas, Power Generation, Petrochemical, Others.
By Region: This research includes data for China, Japan, India, South Korea, Australia, Indonesia, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.