Asia Pacific Steam Turbine Market Size – By Design, By Exhaust, By End Use, By Capacity, By Technology, Analysis, Share, Growth Forecast, 2025 – 2034

Asia Pacific Steam Turbine Market Size

Asia Pacific Steam Turbine Market was valued at USD 18.8 billion in 2024 and is estimated to grow at a CAGR of 3.1% from 2025 to 2034. The robust expansion of industrial infrastructure along with growing initiatives to bridge the demand-supply gap will escalate the industry landscape. Increased investments by public & private sectors in establishing supercritical and ultra-supercritical thermal plants coupled with the adoption of geothermal energy will significantly boost the business outlook.
 

A steam turbine is a device that converts thermal energy from high-pressure steam into mechanical energy, which can be used to power machinery or generate electricity. It features a rotor assembly equipped with multiple blades connected to a shaft. These turbines are widely utilized in power plants and industrial operations requiring substantial mechanical energy. Growing investments in large-scale thermal power projects, coupled with supportive regulations focused on reducing carbon emissions will drive the growth of the industry.
 

Asia Pacific Steam Turbine Market Trends

The growing deployment of these units in combined cycle power plants to enhance efficiency and reliability will foster the steam turbine market. These systems are increasingly being utilized to replace decommissioned coal plants and to generate power at large industrial centers. Strengthened emission regulations aimed at reducing greenhouse gas (GHG) emissions, coupled with declining natural gas prices have created a favorable outlook for this technology. Additionally, the rising need for reliable and efficient power generation in industrial and utility sectors will accelerate technological adoption.
 

Asia Pacific Steam Turbine Market Analysis

The impulse steam turbine market will exceed USD 3 billion by 2034. Large-scale industries including food processing, chemicals, refineries, petrochemicals, and pulp & paper are set to drive the adoption of these turbines. Their compact design, ease of maintenance, and cost-effectiveness are key features that make them a preferred choice across various sectors. Rising environmental concerns regarding carbon footprints, coupled with stringent government mandates and policies will further support the industry scenario.
 

The > 100 MW steam turbine market size will witness at a CAGR of over 2.5% through 2034. These units are primarily utilized in large power plants, including combined cycle and thermal facilities. The growing adoption of ultra-supercritical and supercritical technologies in power generation, along with the conversion of existing power plants into combined cycle systems, will drive the uptake of these turbines. Growing efforts to enhance generation plant load factors (PLF) in line with stringent emission reduction regulations will drive the demand for cogeneration systems.
 

China steam turbine market is set to reach over USD 12 billion by 2034. The rising adoption of geothermal energy sources and substantial additions to the thermal capacity will strengthen the industry outlook. The expanding use of cogeneration technology aligned with the robust growth of the industrial sector will foster product deployment. Additionally, the transition from retired coal-fired power plants to combined cycle technology will further propel the industry scenario.
 

The increasing demand for onsite power generation along with a favorable outlook for steam-intensive industries will stimulate the India steam turbine market. Rising investments in industrialization within developing economies, along with government initiatives to support infrastructure development will strengthen industry expansion. The shift from conventional thermal power plants to cogeneration and combined cycle systems will further enhance the business dynamics. Additionally, government initiatives and policies aimed at promoting renewable energy adoption and reducing carbon emissions will accelerate the product deployment.
 

Asia Pacific Steam Turbine Market Share

The manufacturers in the market adopt several key strategies to remain competitive and meet evolving market demands. A primary focus is on technological innovation, where companies invest in research and development to enhance turbine efficiency, reliability, and environmental sustainability. Integration of advanced materials and digital monitoring systems allows for better performance and predictive maintenance. Strategic partnerships and collaborations with energy providers and industrial clients are also common, enabling the customization of solutions tailored to specific energy and operational needs.
 

Asia Pacific Steam Turbine Market Companies

Major players operating in the Asia Pacific steam turbine industry are:

• Bharat Heavy Electricals
• CTMI - Steam Turbines
• Dongfang Turbine
• Doosan Skoda Power
• Elliott Group
• Fuji Electric
• General Electric
• Hangzhou Steam Turbine Power Group
• Howden Group
• Kawasaki Heavy Industries
• MAN Energy Solutions
• Mitsui E&S
• Mitsubishi Heavy Industries
• Shin Nippon Machinery
• Siemens Energy
• Toshiba Corporation
• Triveni Turbine
• Turbotech Precision Engineering
   

Asia Pacific Steam Turbine Industry News

• In August 2024, Mitsubishi Heavy Industries has secured a contract to supply an M701F gas turbine combined with a steam turbine for a 500 MW combined cycle (GTCC) power plant in Malaysia. The agreement was finalized with Sinohydro Corporation Limited, the EPCC contractor overseeing the project. In addition to providing the main turbines and will supply auxiliary equipment and send technical advisors to assist with the installation and commissioning of the plant. The gas turbine is engineered to co-fire fuel with up to 30% hydrogen, positioning the facility as the most advanced power generation plant.
   
• In October 2023, Kawasaki Heavy Industries has secured an order for an 8 MW class steam turbine generator set from Hanwha Impact Corporation of South Korea for its Ulsan Plant. This new turbine will replace an older unit delivered by Kawasaki in 1987 and will be produced at the company’s Kobe Works. It will also oversee the installation and provide commissioning support at the plant. The upgraded steam turbine generator set will enhance the plant’s efficiency by optimizing power and heat generation, leading to energy savings and a reduction in CO2 emissions.
   

This Asia Pacific steam turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (MW) & revenue (USD Million) from 2021 to 2034, for the following segments:

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Market, By Design

• Reaction
• Impulse

Market, By Exhaust

• Condensing
• Non-Condensing

Market, By Fuel

• Fossil Fuel
• Biomass
• Geothermal

Market, By End Use

• Industrial
  • Refinery
  • Chemical Plant
  • Sugar Plant
  • Pulp & Paper
  • Others 
• Utility

Market, By Capacity

• ≤ 3 MW
• >3 MW - 100 MW
• >100 MW

Market, By Technology

• Steam Cycle
• Combined Cycle
• Cogeneration

The above information has been provided for the following countries:

• China
• Japan
• South Korea
• India
• Australia
• Indonesia
• Malaysia
• Thailand