A steam turbine is a type of power generation system that uses high-pressure steam to rotate a series of blades positioned on a rotor, which then power a generator to produce energy. A steam turbine works on the basic principle of turning thermal energy stored in the form of steam into mechanical energy by rotating the turbine's blades while using the steam. Power plants use steam turbines to create electricity from a range of fuel sources, such as coal, natural gas, nuclear, and biomass. Steam turbines are also utilised in a wide range of industrial applications, including the production of chemicals and paper. Steam turbines are also used for marine propulsion.
According to SPER market research, ‘Asia Pacific Steam Turbine Market Size- By Design, By Capacity, By Technology, By End-Use - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Asia Pacific Steam Turbine Market is predicted to reach USD 16.52 billion by 2033 with a CAGR of 3.35%.
Drivers: Asia Pacific's steam turbine market is growing as a result of the region's robust industrial sector growth. The region's growing urbanisation, industrialisation, and population expansion have all contributed to an increase in energy demand in recent years. Steam turbines are essential to the production of electricity, and a variety of industries favour them due to their effectiveness and adaptability. Leading the way in this industrial boom are China, India, and Japan, with a major emphasis on building out their energy infrastructure.
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Challenges: Large capital expenditures are needed for steam turbine installations, including for infrastructure, equipment, and installation. The substantial upfront cost associated with steam turbine projects can be a barrier, particularly for small-scale power generation projects or those located in places where finance is scarce. Market expansion may be constrained by the capital-intensive nature of steam turbine installations. Additionally, during the course of the forecast period, regulatory and policy restrictions on fossil fuel-fired power plants are anticipated to curtail the expansion of the steam turbine market.
The COVID-19 epidemic has had a severe influence on the Asia Pacific Steam Turbine Market. The market for steam turbines in Asia Pacific has decreased due to labour shortages, economic concerns, and supply chain interruptions. The commencement of the epidemic has resulted in project delays and cancellations. However, it later saw a sluggish recovery as the government undertook stimulus measures and infrastructure projects were resumed. Despite these problems, the Asia Pacific steam turbine market is expected to rebound due to continued industrialisation, energy infrastructure expansion, and a renewed emphasis on green energy efforts in the post-pandemic era.
China dominated the Asia Pacific market due to increased usage of geothermal energy and large increases in thermal capacity, which are driving market expansion in Asia Pacific. China's expanding industrial sector is helping to drive this growth, particularly with the increased usage of cogeneration technologies.
Furthermore, the market's major players include are:
Ansaldo Energia
Arani Power Systems
Bharat Heavy Electricals Ltd
Dongfang Electric Company
Doosan Skoda Power
Fuji Electric Co. Ltd
Asia Pacific Steam Turbine Market Segmentation:
By Design: Based on the Design, Asia Pacific Steam Turbine Market is segmented as; Impulse, Reaction.
By Capacity: Based on the Capacity, Asia Pacific Steam Turbine Market is segmented as; 151 to 300 MW, Upto 150 MW, More than 300 MW.
By Technology: Based on the Technology, Asia Pacific Steam Turbine Market is segmented as; Combined Cycle, Cogeneration, Steam Cycle.
By End-Use: Based on the End-Use, Asia Pacific Steam Turbine Market is segmented as; Oil & Gas, Power Generation, Petrochemical, Others.
By Region: This research includes data for China, Japan, India, South Korea, Australia, Indonesia, Others.
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