logo

Asia-Pacific Steam Turbine Market Size (2024 - 2029)

The Asia-Pacific steam turbine market is anticipated to experience modest growth, influenced by the expansion of natural gas combined cycle and thermal coal plants. The market's development has been challenged by disruptions from the COVID-19 pandemic, which affected supply chains and order bookings. Despite these challenges, the increasing use of natural gas for power generation, particularly in India and China, is expected to drive market expansion. Additionally, advancements in thermal plants using thorium as fuel present new opportunities for steam turbine manufacturers. However, the rising adoption of solar energy for power generation may pose a constraint on the market's growth trajectory.

Home Market Analysis Energy & Power Research Power Equipment Research Turbines Research Steam Turbine Research Asia-Pacific Steam Turbine Market Market Size

Market Size of Asia-Pacific Steam Turbine Industry

Asia Pacific Steam Turbine Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 1.25 %
Market Concentration Low

Major Players

rd-img

*Disclaimer: Major Players sorted in no particular order

APAC Steam Turbine Market Analysis

The Asia-Pacific steam turbine market is expected to register a CAGR of more than 1.25% during 2022-2027. The outbreak of COVID-19 in Q1 of 2020 negatively impacted the market's growth. Lockdown restrictions imposed by various governments in the region have disrupted the supply chain, and most global manufacturers suffered a massive setback in dispatches and order bookings. For instance, in India, Bharat Heavy Electricals Ltd (BHEL) steam turbine unit suffered an INR 150 crore loss due to the COVID-19 lockdown. Factors such as upcoming natural gas combined cycle plants and thermal coal plants are expected to drive the market. However, there has been a general trend of reducing prices of electricity generated by solar energy, which may hamper the growth of the market.

  • Natural gas plants are likely to dominate the market during the forecast period due to an increase in the usage of natural gas for power generation across the region, significantly in India and China.
  • A new thermal plant is under study, which uses thorium as the primary fuel. The progress in this field can lead to a renaissance in thermal power plants as thorium creates much less waste, is cheaper, and is more abundant than uranium. This, in turn, is expected to make a significant opportunity for steam turbine manufacturers to tap into this new market.
  • An increase in the adoption of power generation through solar energy is expected to restrain the growth of the market.

APAC Steam Turbine Industry Segmentation

The Asia-Pacific steam turbine market report includes:

Plant Type
Gas
Coal
Nuclear
Other Pant Types
Capacity
Below 40 MW
Above 40 MW
Geography
China
India
Japan
Australia
Rest of Asia-Pacific
Need A Different Region Or Segment?
Customize Now

Asia-Pacific Steam Turbine Market Size Summary

The Asia-Pacific steam turbine market is poised for moderate growth, driven by the increasing adoption of natural gas combined cycle plants and thermal coal plants. Despite the initial setbacks caused by the COVID-19 pandemic, which disrupted supply chains and led to significant losses for manufacturers like Bharat Heavy Electricals Ltd in India, the market is expected to recover. The shift towards natural gas for power generation, particularly in India and China, is anticipated to dominate the market landscape. The development of new thermal plants utilizing thorium as a primary fuel presents a potential opportunity for steam turbine manufacturers, as thorium offers advantages over uranium in terms of waste production, cost, and abundance. However, the growing trend of solar energy adoption in the region poses a challenge to market expansion, as solar energy continues to reduce the cost of electricity generation.

The market is characterized by a consolidation of key players, including Siemens Energy, General Electric Company, Dongfang Turbine Company Limited, Bharat Heavy Electricals Limited, and Mitsubishi Power Asia Pacific Pte. Ltd. These companies are actively involved in significant projects, such as General Electric's supply contract for gas turbines in Shenzhen, China, and Bharat Heavy Electricals Limited's contract for steam generators in India. The increasing deployment of natural gas and combined cycle power plants in countries like China and India is expected to drive the demand for steam turbines. However, the rise in solar energy capacity, supported by foreign investment and research and development initiatives, is likely to restrain the market's growth during the forecast period.

Explore More

Asia-Pacific Steam Turbine Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Plant Type

      1. 2.1.1 Gas

      2. 2.1.2 Coal

      3. 2.1.3 Nuclear

      4. 2.1.4 Other Pant Types

    2. 2.2 Capacity

      1. 2.2.1 Below 40 MW

      2. 2.2.2 Above 40 MW

    3. 2.3 Geography

      1. 2.3.1 China

      2. 2.3.2 India

      3. 2.3.3 Japan

      4. 2.3.4 Australia

      5. 2.3.5 Rest of Asia-Pacific

Asia-Pacific Steam Turbine Market Size FAQs

The Asia-Pacific Steam Turbine Market is projected to register a CAGR of greater than 1.25% during the forecast period (2024-2029)

General Electric, Mitsubishi Power Asia Pacific Pte. Ltd, Siemens Energy, Dongfang Turbine Co., Ltd. and Bharat Heavy Electricals Limited are the major companies operating in the Asia-Pacific Steam Turbine Market.

Asia-Pacific Steam Turbine Report Snapshots

Asia-Pacific Steam Turbine Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)