The Asia Pacific Steam turbine Market has been estimated at USD XX billion in 2015 and is projected to reach USD XX billion by 2020, at a CAGR of XX% during the forecast period from 2015 to 2020. A steam turbine is a device which converts the thermal energy of steam into mechanical energy by utilizing it to spin the blades of a rotor. High-temperature, high-pressure steam passes through a nozzle or fixed blades and spurts out and expands, or has its direction altered into a high-speed jet that is directed against rotor blades which spin the shaft to which they are attached, creating rotational energy.
Steam turbines that are the prime movers driving the generators at power plants and
large ships, while smaller steam turbines are used to drive pumps and fans at petrochemical plants. The Major application of Steam turbine can be categorized into five segments, namely, Power Generation, Oil & gas industry, Petrochemicals. Food processing and Pulp and Paper. Most important usage of steam turbines is in the field of power generation. And accounts for more than XX% share of global Steam turbine market in 2015.
This market is driven by a number of factors, such as the large number of ongoing projects and innovations in the Power generation sector along with the growing demand for Industrial products. Especially the growth in emerging economies in Asia-pacific with India and China being the key drivers. However, this market faces certain drawbacks, such as Increasing environmental concerns and thus the Regulatory and policy restrictions on fossil-fuel fired power plants along with increasing renewable energies. These factors may act as a roadblock to the growth of the market.
This market can be broadly segmented into 1-120 MW, 121-350 MW, 351-750 MW and above 750MW, based on its power plant’s installed capacity. In this report, the market is also segmented based on its Exhaust type which is condensing and non- condensing. This technology has classifications based on different types of its operation such as Steam cycle, Combined Cycle and Cogeneration. Market study indicates that the Steam Cycle segment accounts for the largest share in this market. This is due to its high efficiency and low operating costs.
The market has also been geographically segmented into India, China, Japan, Australia and Indonesia, with Japan occupying the largest consumer base in the region. China and India follow the list in the same order. Asia-Pacific is currently the largest market for steam turbines. The emerging economies in Asia-Pacific have made this region an area of immense potential and opportunities. However, the price sensitivity in this region has considerably hindered the growth of this market.
The market has more relevance today since trends show that world’s energy consumption is increasing, indicating a market opportunity for steam turbines. The major companies dominating this market for its products, services, and continuous product developments are Bharat Heavy Electricals Limited, Dongfang Electric Corporation Ltd., GE ALSTOM Power, GE, Hangzhou Steam Turbine Co., Ltd, Hitachi, Kawasaki Heavy Industries, Ltd., Mitsubishi Heavy Industries, Ltd., Shanghai Electric Group Company Ltd, Shin Nippon Machinery Co., Ltd, Siemens and others.
The current trends in mergers and acquisitions indicate that the smaller companies are getting acquired by the bigger ones for more innovations by utilizing their core competencies. For example General Electric’s acquisition of Alstom Power. The technology offers a huge potential of change in the developing world