Asia Pacific Steam Turbine Market Size - By Design (Reaction, Impulse), By Exhaust (Condensing, Non-condensing), By Fuel (Fossil Fuel, Biomass, Geothermal), By End Use (Industrial, Utility), Capacity, Technology & Forecast, 2023 – 2032

Asia Pacific Steam Turbine Market Size

Asia Pacific Steam Turbine Market size was valued at USD 14.3 billion in 2022 and is estimated to grow at 5.8% CAGR from 2023 to 2032. A steam turbine is a machine that transforms thermal energy from high-pressure steam into mechanical energy that can be utilized for powering machinery or generating electricity. The steam turbine consists of a rotor assembly that is fitted with multiple blades and is connected to a shaft. Steam turbines are commonly used in power plants and other industrial applications where large amounts of mechanical energy are required. Increasing investments in large-scale thermal power projects in line with favorable regulations aimed at reducing carbon emissions will foster the industry landscape.
 

The global market size for steam turbine is expected to cross USD billion by 2032. Robust expansion of industrial infrastructure coupled with growing initiatives to mitigate the demand supply gap will complement the market scenario. Increasing spending from the public and private players to install supercritical and ultra-supercritical thermal plants and the utilization of geothermal energy will positively sway the business outlook. A paradigm shift toward combined cycle and cogeneration technology systems across the industrial activities will influence the industry size. Growing demand for reliable electricity supply in line with rising industrialization growth will fuel the business growth.
 

COVID– 19 Impact

The steam turbines market experienced a slight impact from the COVID-19 pandemic due to lockdowns and a decrease in capital expenditures for power generation upgrades and expansions. However, government efforts to restart operations in major industries, manufacturing facilities, and infrastructure projects are expected to drive market growth. The need for clean power generation, coupled with strict emission regulations and unreliable power supplies, will also contribute to the adoption of steam turbines.
 

Asia Pacific Steam Turbine Market Analysis

Large-scale industries including food processing plants, chemical, refineries, petrochemical, and pulp & paper commonly will drive the adoption of impulse steam turbines. A compact size, easy maintenance, and low cost are some of the key features, which make its adoption preferable across industries. Increasing environmental concern pertaining to carbon footprint along with strict government mandates and policies will complement the Asia Pacific steam turbine market size.
 

Steam turbine with a capacity of over 100 MW are predominantly deployed across large power plants including combined cycle & thermal plants. The increasing utilization of ultra-supercritical and supercritical technology in power generation, in association with the transformation of existing power plants into combined cycle systems will favor the Asia Pacific steam turbines market adoption.
 

Geothermal power plants and medium scale industrial facilities are some of the key application areas for > 3 MW - 100 MW steam turbines. A positive outlook toward captive power generation has created a favorable business scenario for the product adoption. Increasing efforts to improve the generation PLF along with stringent emission reduction norms will boost the demand for cogeneration systems. Moreover, the increasing demand for electricity in emerging economies owing to rapid industrialization and improvement in the standard of living will augment the positive business scenario.
 

The Asia Pacific steam turbine market from condensing exhaust segment is expected to witness significant growth in the coming years, on account of increasing adoption of combined cycle power plants and efforts to improve energy efficiency. The rising demand for renewable energy sources including wind and solar power is projected to further boost the business growth of the condensing exhaust market. The technology offers key benefits including its ability to extract maximum energy from steam and high reliability will favor the business scenario. Stringent government norms toward limiting carbon emissions along with increasing applicability across large industrial facilities will propel the industry potential.
 

Biomass steam turbine market is anticipated to upsurge through 2032, owing to increasing adoption of renewable energy sources and the rising demand for electricity. Biomass-based power generation is a sustainable and eco-friendly alternative to traditional fossil fuel-based power generation, thereby propelling the demand for biomass steam turbines. In addition, government initiatives and policies to promote the use of renewable energy sources and reduce carbon emissions will further drive market growth. Growing deployment of captive power generation and combined heat & power systems in line with robust investments toward development of sustainable technologies may further inhibit business growth.
 

The Asia Pacific steam turbine market from combined cycle technology segment accounted for USD 900 million revenue in 2022 and is set to excel at a CAGR of 5.6% between 2023 and 2032. Increasing deployment of steam turbines across combined cycle power plants for enhancing the plant efficiency and reliability will energize industry growth. Continuous research and development activities to improve the efficiency and performance of steam turbines will further propel industry growth. These systems are increasingly being deployed to replace retiring coal plants and large industrial centers to generate power. The strengthening of emission norms to limit GHG emissions and declining natural gas prices has created a positive business outlook for this technology. Furthermore, the increasing demand for reliable and efficient power generation in industrial and utility sectors will accelerate the demand for combined cycle technology units.
 

Industrial steam turbine segment will expand at 5.2% CAGR till 2032. Steam turbine across the industrial applications is required for the generation of electricity and to process steam at manufacturing facilities. The growing demand for onsite power generation along with a positive outlook toward steam intensive industries will further enhance business growth. Wide scales utilization across sugar plants, refineries, pulp & paper plants, cement plants, and chemical plants will stimulate the business dynamics. Moreover, the rising investments in industrialization across developing economies coupled with government initiatives for infrastructure development will further complement industry growth. Paradigm shift to replace conventional thermal power plants with cogeneration and combined cycle systems will contribute the market penetration across the region.
 

China steam turbine market size is estimated to exceed USD 15 billion by 2032, attributed to increasing adoption of geothermal energy and significant thermal capacity additions. The growing utilization of cogeneration technology in line the flourishing industrial sector will further complement the market growth. Increasing manufacturing facilities coupled with their rising adoption in industries including as food & beverage, pulp & paper, and metal will escalate the product deployment. Furthermore, the replacement of retired coal-fired power plants with combined cycle technology will drive market growth.
 

Asia Pacific Steam Turbine Market Share

The Asia Pacific steam turbine market includes some of the most prominent companies operating in this field including

• Triveni Turbine
• Turbotech precision engineering
• CTMI - Steam Turbines
• MITSUI E&S
• Shin Nippon Machinery
• Howden Group
• Fuji Electric
• Doosan Škoda Power
• Hangzhou Steam Turbine Power Group
• DONGFANG TURBINE
• Elliott Group
• MAN Energy Solutions
• Kawasaki Heavy Industries
• Bharat Heavy Electricals Limited (BHEL)
• Mitsubishi Heavy Industries
• General Electric
• Toshiba corporation
• Siemens Energy
   

Asia Pacific Steam Turbine Industry News

• In March 2022, Siemens Energy delivered a steam turbine, two generators, one gas turbine, and related auxiliaries for power plants in Guangdong-Hong Kong-Macao in Southern China. The company signed another deal with Shenzhen Energy Group and Guangdong Energy Group to engage & upgrade power plants, increasing the demand for steam turbines in the region. In addition, the company’s existing coal-fired power plant will be converted into a high-efficiency gas-fired plant, enabling the reduction of carbon emissions by up to 60%.
   
• In March 2022, General Electric was awarded a contract to deliver 2 GW of electricity in Guangdong, China. Harbin Electric and GE Gas Power, a subsidiary of General Electric, announced to deliver steam turbines and three GE 9HA.01 heavy-duty gas turbines to the Shenzhen Energy Group for its power generation units at the Guangming power plant. The first phase will start by the end of 2023. In addition, Harbin Electric’s joint venture with General Electric will provide generators for this project.
   

This Asia Pacific steam turbine market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD” from 2019 to 2032 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
• 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