Asia Pacific Steam Turbine Market Growth, Size, Trends, Demand, Revenue and Future Outlook: SPER Market Research

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Published: Aug 2024	Report ID: POAE2475	Pages: 1 - 155	Formats^*:
Category : Power & Energy

Asia Pacific Steam Turbine Market Introduction and Overview

According to SPER Market Research, the Asia Pacific Steam Turbine Market is estimated to reach USD 16.52 billion by 2033 with a CAGR 3.35%.

The report includes an in-depth analysis of the Asia Pacific Steam Turbine Market, including market size and trends, product mix, distribution channels, and supplier analysis. A steam turbine is a device that converts steam's thermal energy into mechanical energy, which can then be utilised to produce electricity or perform other mechanical tasks. It is a rotary engine that uses steam to transfer energy into rotating motion. Steam is created by heating water to its boiling point. This can be performed with a variety of heat sources, including fossil fuels (coal, natural gas, and oil), nuclear processes, and renewable energy sources (solar and geothermal). The generated steam is sent into a steam turbine, where it passes through a sequence of stationary and moving blades. As high-pressure steam passes over the blades, it expands, dropping pressure while increasing velocity.

In February 2023, GE introduced its latest H-Class steam turbine, which is designed for more efficiency and reliability than its predecessors. The H-Class turbine is expected to be used for a wide range of power production applications, including fossil fuel, nuclear, and renewable energy sources.

Siemens Energy delivered a steam turbine, two generators, one gas turbine, and related auxiliaries to power plants in Guangdong, Hong Kong, and Macao, Southern China, in March 2022. The company struck another agreement with Shenzhen Energy Group and Guangdong Energy Group to engage and update power plants, which will increase demand for steam turbines in the region. In addition, the company's current coal-fired power plant will be converted into a high-efficiency gas-fired facility, reducing carbon emissions by up to 60%.

Market Opportunities and Challenges

Opportunities: The increasing number of natural gas combined cycle plants and thermal coal power plants are likely to create considerable growth prospects. This is affected by rising electricity demand in emerging economies, as well as increased demand for compact steam turbines in the petrochemical and oil & gas industries. These two industries are the principal end users of steam turbines, and their expansion will create significant income potential for industry participants. Growing awareness of the benefits of steam turbines is expected to generate considerable growth prospects. The fundamental advantage of a steam turbine over a gas turbine is its capacity to generate power. Steam turbines typically employ a boiler to generate steam, allowing them to use a wide range of fuels, including natural gas, coal, and biomass such as sugar cane bagasse or rice hulls. This also allows them to be connected with a generating plant to make a complete CHP system, or connected Heat and Power system, which is the most energy-efficient type of power generation system available.

Challenges: High Initial Investment - Steam turbine installations require large capital investments, including equipment, infrastructure, and installation. The significant initial expenditure necessary for steam turbine projects can be a hurdle, especially for small-scale power generation projects or those in areas with restricted access to funding. The capital-intensive nature of steam turbine installations may limit market expansion. Furthermore, Regulatory and policy constraints on fossil-fuel-fired power plants are expected to limit the growth of the steam turbine market over the forecast period.

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Market Competitive Landscape

The Asian-Pacific steam turbine market is consolidated. 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, and Toshiba Corporation.

Scope of the report:

Report Metric	Details
Market size available for years	2020-2033
Base year considered	2023
Forecast period	2024-2033
Segments covered	By Design, By Capacity, By Technology, By End-Use
Regions covered	China, Japan, India, South Korea, Australia, Indonesia, Others
Companies Covered	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.

COVID-19 Impact on Asia Pacific Steam Turbine Market

The Asia-Pacific steam turbine market has been greatly impacted by the COVID-19 pandemic. Because of supply chain interruptions, labour shortages, and economic uncertainty, there is less demand for steam turbines in the Asia-Pacific region. The pandemic's early stages have caused project delays and cancellations. Later on, though, as the government put stimulus plans into place and infrastructure projects got back underway, there was a sluggish recovery. Despite these obstacles, it is projected that the Asia Pacific steam turbine market would rebound because of continued industrialisation, the expansion of energy infrastructure, and the post-pandemic emphasis on green energy projects.

Key Target Audience:

Power Generation Companies
Industrial Plants and Manufacturers
Utility Companies
Government and Regulatory Bodies
Engineering and Construction Firms
Renewable Energy Companies
Technology Providers
Investors and Financial Institutions
Educational and Research Institutions
Maintenance and Service Providers

Our in-depth analysis of the Asia Pacific Steam Turbine Market includes the following segments:

By Design:	Impulse Reaction
By Capacity:	151 to 300 MW Upto 150 MW More than 300 MW
By Technology:	Combined Cycle Cogeneration Steam Cycle
By End-Use:	Oil & Gas Power Generation Petrochemical Others

Key Topics Covered in the Report:

Asia Pacific Steam Turbine Market Size (FY’2024-FY’2033)
Overview of Asia Pacific Steam Turbine Market
Segmentation of Asia Pacific Steam Turbine Market By Design (Impulse, Reaction)
Segmentation of Asia Pacific Steam Turbine Market By Capacity (151 to 300 MW, Upto 150 MW, More than 300 MW)
Segmentation of Asia Pacific Steam Turbine Market By Technology (Combined Cycle, Cogeneration, Steam Cycle)
Segmentation of Asia Pacific Steam Turbine Market By End-Use (Oil & Gas, Power Generation, Petrochemical, Others)
Statistical Snap of Asia Pacific Steam Turbine Market
Expansion Analysis of Asia Pacific Steam Turbine Market
Problems and Obstacles in Asia Pacific Steam Turbine Market
Competitive Landscape in the Asia Pacific Steam Turbine Market
Impact of COVID-19 and Demonetization on Asia Pacific Steam Turbine Market
Details on Current Investment in Asia Pacific Steam Turbine Market
Competitive Analysis of Asia Pacific Steam Turbine Market
Prominent Players in the Asia Pacific Steam Turbine Market
SWOT Analysis of Asia Pacific Steam Turbine Market
Asia Pacific Steam Turbine Market Future Outlook and Projections (FY’2024-FY’2033)
Recommendations from Analyst

1. Introduction

1.1. Scope of the report
1.2. Market segment analysis

2. Research Methodology

2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation

3. Executive Summary

4. Market Dynamics

4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Asia Pacific Steam Turbine Market

5. Market variable and outlook

5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis

6. Competitive Landscape

6.1. Asia Pacific Steam Turbine Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Asia Pacific Steam Turbine Market

7. Asia Pacific Steam Turbine Market, By Design (USD Million) 2020-2033

7.1. Asia Pacific Steam Turbine Market Size, Share and Forecast, By Design, 2020-2026
7.2. Asia Pacific Steam Turbine Market Size, Share and Forecast, By Design, 2027-2033
7.3. Impulse
7.4. Reaction

8. Asia Pacific Steam Turbine Market, By Capacity (USD Million) 2020-2033

8.1. Asia Pacific Steam Turbine Market Size, Share and Forecast, By Capacity, 2020-2026
8.2. Asia Pacific Steam Turbine Market Size, Share and Forecast, By Capacity, 2027-2033
8.3. 151 to 300 MW
8.4. Upto 150 MW
8.5. More than 300 MW

9. Asia Pacific Steam Turbine Market, By Technology (USD Million) 2020-2033

9.1. Asia Pacific Steam Turbine Market Size, Share and Forecast, By Technology, 2020-2026
9.2. Asia Pacific Steam Turbine Market Size, Share and Forecast, By Technology, 2027-2033
9.3. Combined Cycle
9.4. Cogeneration
9.5. Steam Cycle

10. Asia Pacific Steam Turbine Market, By End-Use (USD Million) 2020-2033

10.1. Asia Pacific Steam Turbine Market Size, Share and Forecast, By End-Use, 2020-2026
10.2. Asia Pacific Steam Turbine Market Size, Share and Forecast, By End-Use, 2027-2033
10.3. Oil & Gas
10.4. Power Generation
10.5. Petrochemical
10.6. Others

11. Asia Pacific Steam Turbine Market Forecast, 2020-2033 (USD Million)

11.1. Asia Pacific Steam Turbine Market Size and Market Share

12. Asia Pacific Steam Turbine Market, By Region, 2020-2033 (USD Million)

12.1. Asia Pacific Steam Turbine Market Size and Market Share By Region (2020-2026)
12.2. Asia Pacific Steam Turbine Market Size and Market Share By Region (2027-2033)
12.3. China
12.4. Japan
12.5. India
12.6. South Korea
12.7. Australia
12.8. Indonesia
12.9. Others

13. Company Profile

13.1. Ansaldo Energia
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Arani Power Systems
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. Bharat Heavy Electricals Ltd
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. Dongfang Electric Company
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Doosan Skoda Power
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. Fuji Electric Co Ltd
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. General Electric (GE) Co
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. AIstom SA
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Kawasaki Heavy Industries
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. Man Diesel & Turbo SE
13.10.1. Company details
13.10.2. Financial outlook
13.10.3. Product summary
13.10.4. Recent developments
13.11. Mitsubishi Hitachi Power Systems
13.11.1. Company details
13.11.2. Financial outlook
13.11.3. Product summary
13.11.4. Recent developments
13.12. Nanjing Turbine & Electric Machinery
13.12.1. Company details
13.12.2. Financial outlook
13.12.3. Product summary
13.12.4. Recent developments
13.13. Siemens AG
13.13.1. Company details
13.13.2. Financial outlook
13.13.3. Product summary
13.13.4. Recent developments
13.14. Toshiba Corporation
13.14.1. Company details
13.14.2. Financial outlook
13.14.3. Product summary
13.14.4. Recent developments
13.15. Others

14. Conclusion

15. List of Abbreviations

16. Reference Links

SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

SPER-Methodology-1

SPER-Methodology-2

SPER-Methodology-3

Frequently Asked Questions About This Report

How big is the Asia Pacific Steam Turbine Market?

Asia Pacific Steam Turbine Market is projected to reach USD 16.52 billion by 2033, growing at a CAGR of 3.35% during the forecast period.

What is the growth rate of the Asia Pacific Steam Turbine Market?

Asia Pacific Steam Turbine Market grew in Market size from 2024. The Market is expected to reach USD 16.52 billion by 2033, at a CAGR of 3.35% during the forecast period.

What is the anticipated CAGR of the Asia Pacific Steam Turbine Market?

Asia Pacific Steam Turbine Market CAGR of 3.35% during the forecast period.

How can I get a sample report on the Asia Pacific Steam Turbine Market?

You can get the sample pages by clicking the link - Click Here

What is the Market size of the Asia Pacific Steam Turbine Market?

Asia Pacific Steam Turbine Market size is USD 16.52 billion from 2024 to 2033.

Which segment is expected to Asia Pacific Steam Turbine Market?

Asia Pacific Steam Turbine Market is covered By Design, By Capacity, By Technology, By End-Use

Which region is expected to have the highest Market share in the Asia Pacific Steam Turbine Market?

The Asia Pacific is anticipated to have the highest Market share in the Asia Pacific Steam Turbine Market.

What is the conclusion of the Asia Pacific Steam Turbine Market?

The high cost of advanced diabetes drugs and the financial burden of treating diabetes remain major obstacles to market growth, despite the fact that numerous drugs have been approved for the condition and that governments and industry players are launching numerous initiatives.

Who are the key players in Asia Pacific Steam Turbine Market?

The key players in the Market include Companies Covered 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.