The rise in power demand is propelling the growth of the steam turbine market in the APAC region!

The steam turbine is a mechanical device that is powered by pressurized steam. This steam spins the blade of the steam turbine continuously where most of the steam potential energy is converted into kinetic energy which is then used to run the generator and produce electricity, they run the electricity generator at an incredibly high speed ranging from 1800-3600 RPM, which is 100-200 times faster than either wind or water turbines which are necessary for electricity generation and hence find its application in many different industries.

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APAC is generating significant demand for steam turbines, due to the rising power demand and increasing regional industrial activities. Moreover, the increasing demand from renewable energy-based independent power producers and many end-user industries such as Pulp & Paper, Chemicals, Cement, Sugar, and Oil & Gas is further expected to grow the market share of Steam turbines in the region. Furthermore, many major players are investing in this industry. For instance, in June 2022, In Jun 2022, GE Steam Power inked USD 165 mn pact to supply 3 nuclear steam turbines to BHEL. In total, it will represent 8.4GW of CO2-free electricity for the country, enough to power more than 14 million homes.

APAC Steam Turbine Market Revenue (2020-2030)- USD Mn

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Based on steam turbine type, the market is bifurcated into Impulse turbine and Reaction turbine. Among these, impulse turbine holds a significant market share. This is due to the fact that these turbines run at higher speeds, are small in size, have low maintenance costs, manufacturing their blades is easier, and the cost of acquisition is less.

Based on fuel type, the market is segmented into fossil fuel, GTCC, nuclear, and thermal renewables. The GTCC (gas turbine combined cycle) is expected to grow at a significant CAGR during the forecasted period. The market is mainly driven due to the fact that it offers large output with high cycle efficiency, low emission level, and low capital expenditure requirement as well as maintenance cost. For instance, according to U.S Energy Information Administration (EIA), in 2021, the combined cycle power plants supplied about 33% of U.S. net electricity generation which is the amount of gross generation minus the electrical energy consumed at the generating station for station service or auxiliaries.

Global Steam Turbine Market Segmentation

Market Insight, by Steam Turbine Type

• Impulse Turbine
• Reaction Turbine

Market Insights, by Fuel Type

• Fossil Fuel
• GTCC
• Nuclear
• Thermal Renewables

Market Insights, by Power Rating

• <30 MW
• 30-100 MW
• 100-200 MW
• >200 MW

Market Insights, by End-Use Industry

• Independent Power Producers
• Sugar & Distilleries
• Cement Industry
• Steel Industry
• Oil_Gas & Chemical Industry
• Others

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • India
  • South Korea
  • Rest of APAC
• Rest of the World

Top Company Profiles

• General Electric
• Triveni Turbines
• WEG
• Harbin Electric Corporation co.,Ltd
• Siemens
• MITSUBISHI HEAVY INDUSTRIES, LTD
• Toshiba America Energy Systems Corporation
• IHI Corporation
• Alstom
• Bharat Heavy Electricals Limited