Asia Pacific Steam Turbine Market Growth, Size, Trends, Demand, Revenue and Future Outlook
Asia Pacific Steam Turbine Market Size- By Design, By Capacity, By Technology, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| 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.
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:
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| By Capacity: |
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| By Technology: |
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| By End-Use: |
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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 report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Asia Pacific Steam Turbine Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Asia Pacific Steam Turbine Market Manufacturing Base Distribution, Sales Area, Product Type6.2. 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, 2020-20267.2. Asia Pacific Steam Turbine Market Size, Share and Forecast, By Design, 2027-20337.3. Impulse7.4. 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, 2020-20268.2. Asia Pacific Steam Turbine Market Size, Share and Forecast, By Capacity, 2027-20338.3. 151 to 300 MW8.4. Upto 150 MW8.5. 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, 2020-20269.2. Asia Pacific Steam Turbine Market Size, Share and Forecast, By Technology, 2027-20339.3. Combined Cycle9.4. Cogeneration9.5. 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, 2020-202610.2. Asia Pacific Steam Turbine Market Size, Share and Forecast, By End-Use, 2027-203310.3. Oil & Gas10.4. Power Generation10.5. Petrochemical10.6. 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. China12.4. Japan12.5. India12.6. South Korea12.7. Australia12.8. Indonesia12.9. Others
13. Company Profile
13.1. Ansaldo Energia13.1.1. Company details13.1.2. Financial outlook13.1.3. Product summary13.1.4. Recent developments13.2. Arani Power Systems13.2.1. Company details13.2.2. Financial outlook13.2.3. Product summary13.2.4. Recent developments13.3. Bharat Heavy Electricals Ltd13.3.1. Company details13.3.2. Financial outlook13.3.3. Product summary13.3.4. Recent developments13.4. Dongfang Electric Company13.4.1. Company details13.4.2. Financial outlook13.4.3. Product summary13.4.4. Recent developments13.5. Doosan Skoda Power13.5.1. Company details13.5.2. Financial outlook13.5.3. Product summary13.5.4. Recent developments13.6. Fuji Electric Co Ltd13.6.1. Company details13.6.2. Financial outlook13.6.3. Product summary13.6.4. Recent developments13.7. General Electric (GE) Co13.7.1. Company details13.7.2. Financial outlook13.7.3. Product summary13.7.4. Recent developments13.8. AIstom SA13.8.1. Company details13.8.2. Financial outlook13.8.3. Product summary13.8.4. Recent developments13.9. Kawasaki Heavy Industries13.9.1. Company details13.9.2. Financial outlook13.9.3. Product summary13.9.4. Recent developments13.10. Man Diesel & Turbo SE13.10.1. Company details13.10.2. Financial outlook13.10.3. Product summary13.10.4. Recent developments13.11. Mitsubishi Hitachi Power Systems13.11.1. Company details13.11.2. Financial outlook13.11.3. Product summary13.11.4. Recent developments13.12. Nanjing Turbine & Electric Machinery13.12.1. Company details13.12.2. Financial outlook13.12.3. Product summary13.12.4. Recent developments13.13. Siemens AG13.13.1. Company details13.13.2. Financial outlook13.13.3. Product summary13.13.4. Recent developments13.14. Toshiba Corporation13.14.1. Company details13.14.2. Financial outlook13.14.3. Product summary13.14.4. Recent developments13.15. 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.
Frequently Asked Questions About This Report
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.
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.
Asia Pacific Steam Turbine Market CAGR of 3.35% during the forecast period.
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Asia Pacific Steam Turbine Market size is USD 16.52 billion from 2024 to 2033.
Asia Pacific Steam Turbine Market is covered By Design, By Capacity, By Technology, By End-Use
The Asia Pacific is anticipated to have the highest Market share in the Asia Pacific Steam Turbine Market.
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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.
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