Market Size of Asia-Pacific Steam Turbine Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.25 % |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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APAC Steam Turbine Market Analysis
The Asia-Pacific steam turbine market is expected to register a CAGR of more than 1.25% during 2022-2027. The outbreak of COVID-19 in Q1 of 2020 negatively impacted the market's growth. Lockdown restrictions imposed by various governments in the region have disrupted the supply chain, and most global manufacturers suffered a massive setback in dispatches and order bookings. For instance, in India, Bharat Heavy Electricals Ltd (BHEL) steam turbine unit suffered an INR 150 crore loss due to the COVID-19 lockdown. Factors such as upcoming natural gas combined cycle plants and thermal coal plants are expected to drive the market. However, there has been a general trend of reducing prices of electricity generated by solar energy, which may hamper the growth of the market.
- Natural gas plants are likely to dominate the market during the forecast period due to an increase in the usage of natural gas for power generation across the region, significantly in India and China.
- A new thermal plant is under study, which uses thorium as the primary fuel. The progress in this field can lead to a renaissance in thermal power plants as thorium creates much less waste, is cheaper, and is more abundant than uranium. This, in turn, is expected to make a significant opportunity for steam turbine manufacturers to tap into this new market.
- An increase in the adoption of power generation through solar energy is expected to restrain the growth of the market.
