Asia Pacific Steam Turbine Market Size

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.

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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.