Asia-Pacific Steam Turbine Market Market Dynamics and Growth Analysis

Asia-Pacific Steam Turbine Market by Plant Type (Gas, Coal, Nuclear, Other Pant Types), by Capacity (Below 40 MW, Above 40 MW), by Geography (China, India, Japan, Australia, Rest of Asia-Pacific), by China, by India, by Japan, by Australia, by Rest of Asia Pacific Forecast 2026-2034

Jan 8 2026

Base Year: 2025

234 Pages

Key Insights

The Asia-Pacific steam turbine market, projected to reach $19.61 billion by 2025 with a CAGR of 3.2%, is poised for significant expansion. This growth is propelled by escalating energy demands, particularly in rapidly industrializing economies like China and India, supporting economic development and urbanization. The market is segmented by plant type (gas, coal, nuclear, other) and capacity (below and above 40 MW), reflecting the region's diverse energy infrastructure. While the shift to renewables presents a challenge, the continued reliance on conventional power plants ensures sustained demand. Leading players like General Electric, Siemens Energy, and Mitsubishi Power Asia Pacific are driving innovation in efficiency and emissions reduction. China's extensive power generation capacity expansion is a key contributor to regional growth, further influenced by government policies promoting energy security and industrial advancement.

The Asia-Pacific steam turbine market is shaped by technological advancements, regulatory environments, and economic dynamics. Investments in power plant upgrades and new constructions in industrializing nations will fuel market expansion. Despite the move towards renewables driven by environmental concerns, the essential role of steam turbines in baseload power generation secures their market relevance. The competitive arena features established global and regional manufacturers, fostering innovation in turbine design, efficiency, and maintenance. Future market trends will likely be influenced by the successful adoption of carbon capture technologies and the integration of steam turbines in hybrid power systems with renewable energy sources.

Asia-Pacific Steam Turbine Market Market Size and Forecast (2024-2030) — Asia-Pacific Steam Turbine Market Company Market Share

This comprehensive report offers in-depth analysis of the Asia-Pacific steam turbine market, providing critical insights for industry professionals, investors, and decision-makers. It details market dynamics, key players, and future trends, essential for navigating this evolving sector. The study period spans 2019-2033, with 2025 serving as the base year and the forecast period extending from 2025 to 2033.

Asia-Pacific Steam Turbine Market Market Structure & Innovation Trends

This section analyzes the competitive landscape, innovation drivers, and regulatory factors shaping the Asia-Pacific steam turbine market. The market is characterized by a moderate level of concentration, with key players such as General Electric, Shin Nippon Machinery Co Ltd, Dongfang Turbine Company Limited, Bharat Heavy Electricals Limited, Mitsubishi Power Asia Pacific Pte Ltd, Siemens Energy, and Shanghai Electric Group Company Ltd holding significant market share. However, the market also includes several other players, making it somewhat fragmented. The exact market share distribution among these players varies depending on the specific segment (plant type and capacity) and year. Further analysis reveals that M&A activity has been relatively modest in recent years, with deal values averaging around XX Million annually (2019-2024). Innovation is driven primarily by the need for greater efficiency, reduced emissions, and improved reliability. Stringent environmental regulations across the region are pushing adoption of cleaner technologies, while technological advancements in materials science and digitalization are improving performance and operational efficiency.

Asia-Pacific Steam Turbine Market Market Dynamics & Trends

The Asia-Pacific steam turbine market experienced a CAGR of XX% during the historical period (2019-2024) and is projected to grow at a CAGR of XX% during the forecast period (2025-2033). Several factors contribute to this growth, including increasing energy demand driven by rapid industrialization and urbanization across the region, particularly in countries like India, China, and Southeast Asia. Government initiatives focused on infrastructure development and power generation capacity expansion are also playing a significant role. Technological advancements such as the development of more efficient and environmentally friendly turbines are driving market penetration. However, the market faces challenges from the intermittent nature of renewable energy sources and fluctuating fossil fuel prices, which impact investment decisions and project timelines. The increasing focus on renewable energy, especially in developed economies within the region, may influence the overall market growth trajectory. Market penetration of high-efficiency turbines, while growing, remains relatively low (estimated at XX% in 2025), indicating significant potential for growth.

Dominant Regions & Segments in Asia-Pacific Steam Turbine Market

China and India are the dominant markets for steam turbines in the Asia-Pacific region.

Key Drivers in China: Robust economic growth, significant investments in power infrastructure, and government support for industrial development.
Key Drivers in India: Expanding industrial base, growing energy demand, and government policies focused on increasing electricity access.

The Coal-fired plant type segment currently holds the largest market share, followed by Gas-fired. However, the Nuclear segment is expected to witness significant growth driven by government policies promoting nuclear energy for its baseload stability. The Above 40 MW capacity segment dominates the market, benefiting from large-scale power projects.

Asia-Pacific Steam Turbine Market Product Innovations

Recent product innovations focus on enhancing efficiency, reducing emissions, and improving operational flexibility. Advanced materials, such as advanced alloys and composite materials, are being used to improve turbine blade durability and efficiency. Digitalization efforts, including the implementation of advanced sensors and data analytics, are optimizing turbine performance and predictive maintenance. These innovations are enhancing the overall market competitiveness, improving operational efficiency, and meeting stricter environmental regulations.

Report Scope & Segmentation Analysis

The report segments the Asia-Pacific steam turbine market based on Plant Type (Gas, Coal, Nuclear, Other Plant Types) and Capacity (Below 40 MW, Above 40 MW). Each segment is analyzed for market size, growth projections, and competitive dynamics. The Coal segment is currently the largest, though the Gas segment is experiencing faster growth. The Nuclear segment is showing potential for expansion, driven by long-term energy security plans. The Above 40 MW segment dominates due to large-scale power project developments.

Key Drivers of Asia-Pacific Steam Turbine Market Growth

The Asia-Pacific steam turbine market is driven by several key factors:

Increasing energy demand: Rapid industrialization and urbanization are boosting electricity consumption.
Government investments: Significant investments in power infrastructure are stimulating market growth.
Technological advancements: Improved efficiency and reduced emissions are enhancing competitiveness.

Challenges in the Asia-Pacific Steam Turbine Market Sector

The market faces challenges such as:

Stringent environmental regulations: Compliance with emission standards can increase costs.
Fluctuating fuel prices: Uncertainty in fossil fuel prices affects investment decisions.
Intense competition: The presence of several established players creates competitive pressure, affecting profitability.

Emerging Opportunities in Asia-Pacific Steam Turbine Market

Emerging opportunities include:

Growth in renewable energy integration: Steam turbines can play a role in stabilizing grids with intermittent renewable sources.
Advancements in digital technologies: Predictive maintenance and optimized operations improve efficiency.
Focus on smaller capacity turbines: Growing demand for distributed generation offers new opportunities.

Leading Players in the Asia-Pacific Steam Turbine Market Market

General Electric (https://www.ge.com/)
Shin Nippon Machinery Co Ltd
Dongfang Turbine Company Limited
Bharat Heavy Electricals Limited (https://www.bhel.com/)
Mitsubishi Power Asia Pacific Pte Ltd (https://www.global.mitsubishielectric.com/)
Siemens Energy (https://www.siemens-energy.com/global/en.html)
Shanghai Electric Group Company Ltd
Kawasaki Heavy Industries Ltd (https://global.khi.co.jp/en/)

Key Developments in Asia-Pacific Steam Turbine Market Industry

March 2022: GE Gas Power secured a contract to supply three 9HA.01 gas turbines for a power plant in Shenzhen, China.
July 2021: Bharat Heavy Electricals Limited (BHEL) secured a contract to supply 12 steam generators to NPCIL for its PHWRs.

Future Outlook for Asia-Pacific Steam Turbine Market Market

The Asia-Pacific steam turbine market is poised for continued growth, driven by increasing energy demand, supportive government policies, and technological innovations. Opportunities exist in expanding into emerging markets, developing efficient and environmentally friendly turbines, and leveraging digital technologies for improved operations and maintenance. The market is expected to witness significant consolidation and strategic partnerships as companies strive to enhance their market share and expand their product portfolio.

Asia-Pacific Steam Turbine Market Segmentation

1. Plant Type
- 1.1. Gas
- 1.2. Coal
- 1.3. Nuclear
- 1.4. Other Pant Types
2. Capacity
- 2.1. Below 40 MW
- 2.2. Above 40 MW
3. Geography
- 3.1. China
- 3.2. India
- 3.3. Japan
- 3.4. Australia
- 3.5. Rest of Asia-Pacific

Asia-Pacific Steam Turbine Market Segmentation By Geography

1. China
2. India
3. Japan
4. Australia
5. Rest of Asia Pacific

Asia-Pacific Steam Turbine Market Market Share by Region - Global Geographic Distribution — Asia-Pacific Steam Turbine Market Regional Market Share

Geographic Coverage of Asia-Pacific Steam Turbine Market

Higher Coverage

Lower Coverage

No Coverage

Asia-Pacific Steam Turbine Market REPORT HIGHLIGHTS

Aspects	Details
Study Period	2020-2034
Base Year	2025
Estimated Year	2026
Forecast Period	2026-2034
Historical Period	2020-2025
Growth Rate	CAGR of 3.2% from 2020-2034
Segmentation	By Plant Type Gas Coal Nuclear Other Pant Types By Capacity Below 40 MW Above 40 MW By Geography China India Japan Australia Rest of Asia-Pacific By Geography China India Japan Australia Rest of Asia Pacific

1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
- 2.1. Introduction
3. Market Dynamics
- 3.1. Introduction
- - 3.2. Market Drivers
  - - 3.2.1. 4.; Increasing Population Growth and Infrastructure Development
- - 3.3. Market Restrains
  - - 3.3.1. 4.; High Operational and Maintenance Costs
- - 3.4. Market Trends
  - - 3.4.1. Natural Gas Plants are Likely to Dominate the Market
4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
5. Asia-Pacific Steam Turbine Market Analysis, Insights and Forecast, 2020-2032
- 5.1. Market Analysis, Insights and Forecast - by Plant Type
  - 5.1.1. Gas
  - 5.1.2. Coal
  - 5.1.3. Nuclear
  - 5.1.4. Other Pant Types
- 5.2. Market Analysis, Insights and Forecast - by Capacity
  - 5.2.1. Below 40 MW
  - 5.2.2. Above 40 MW
- 5.3. Market Analysis, Insights and Forecast - by Geography
  - 5.3.1. China
  - 5.3.2. India
  - 5.3.3. Japan
  - 5.3.4. Australia
  - 5.3.5. Rest of Asia-Pacific
- 5.4. Market Analysis, Insights and Forecast - by Region
  - 5.4.1. China
  - 5.4.2. India
  - 5.4.3. Japan
  - 5.4.4. Australia
  - 5.4.5. Rest of Asia Pacific
6. China Asia-Pacific Steam Turbine Market Analysis, Insights and Forecast, 2020-2032
- 6.1. Market Analysis, Insights and Forecast - by Plant Type
  - 6.1.1. Gas
  - 6.1.2. Coal
  - 6.1.3. Nuclear
  - 6.1.4. Other Pant Types
- 6.2. Market Analysis, Insights and Forecast - by Capacity
  - 6.2.1. Below 40 MW
  - 6.2.2. Above 40 MW
- 6.3. Market Analysis, Insights and Forecast - by Geography
  - 6.3.1. China
  - 6.3.2. India
  - 6.3.3. Japan
  - 6.3.4. Australia
  - 6.3.5. Rest of Asia-Pacific
7. India Asia-Pacific Steam Turbine Market Analysis, Insights and Forecast, 2020-2032
- 7.1. Market Analysis, Insights and Forecast - by Plant Type
  - 7.1.1. Gas
  - 7.1.2. Coal
  - 7.1.3. Nuclear
  - 7.1.4. Other Pant Types
- 7.2. Market Analysis, Insights and Forecast - by Capacity
  - 7.2.1. Below 40 MW
  - 7.2.2. Above 40 MW
- 7.3. Market Analysis, Insights and Forecast - by Geography
  - 7.3.1. China
  - 7.3.2. India
  - 7.3.3. Japan
  - 7.3.4. Australia
  - 7.3.5. Rest of Asia-Pacific
8. Japan Asia-Pacific Steam Turbine Market Analysis, Insights and Forecast, 2020-2032
- 8.1. Market Analysis, Insights and Forecast - by Plant Type
  - 8.1.1. Gas
  - 8.1.2. Coal
  - 8.1.3. Nuclear
  - 8.1.4. Other Pant Types
- 8.2. Market Analysis, Insights and Forecast - by Capacity
  - 8.2.1. Below 40 MW
  - 8.2.2. Above 40 MW
- 8.3. Market Analysis, Insights and Forecast - by Geography
  - 8.3.1. China
  - 8.3.2. India
  - 8.3.3. Japan
  - 8.3.4. Australia
  - 8.3.5. Rest of Asia-Pacific
9. Australia Asia-Pacific Steam Turbine Market Analysis, Insights and Forecast, 2020-2032
- 9.1. Market Analysis, Insights and Forecast - by Plant Type
  - 9.1.1. Gas
  - 9.1.2. Coal
  - 9.1.3. Nuclear
  - 9.1.4. Other Pant Types
- 9.2. Market Analysis, Insights and Forecast - by Capacity
  - 9.2.1. Below 40 MW
  - 9.2.2. Above 40 MW
- 9.3. Market Analysis, Insights and Forecast - by Geography
  - 9.3.1. China
  - 9.3.2. India
  - 9.3.3. Japan
  - 9.3.4. Australia
  - 9.3.5. Rest of Asia-Pacific
10. Rest of Asia Pacific Asia-Pacific Steam Turbine Market Analysis, Insights and Forecast, 2020-2032
- 10.1. Market Analysis, Insights and Forecast - by Plant Type
  - 10.1.1. Gas
  - 10.1.2. Coal
  - 10.1.3. Nuclear
  - 10.1.4. Other Pant Types
- 10.2. Market Analysis, Insights and Forecast - by Capacity
  - 10.2.1. Below 40 MW
  - 10.2.2. Above 40 MW
- 10.3. Market Analysis, Insights and Forecast - by Geography
  - 10.3.1. China
  - 10.3.2. India
  - 10.3.3. Japan
  - 10.3.4. Australia
  - 10.3.5. Rest of Asia-Pacific
11. Competitive Analysis
- 11.1. Market Share Analysis 2025
- - 11.2. Company Profiles
  - - 11.2.1 General Electric
      11.2.1.1. Overview
      11.2.1.2. Products
      11.2.1.3. SWOT Analysis
      11.2.1.4. Recent Developments
      11.2.1.5. Financials (Based on Availability)
    - 11.2.2 Shin Nippon Machinery Co Ltd
      11.2.2.1. Overview
      11.2.2.2. Products
      11.2.2.3. SWOT Analysis
      11.2.2.4. Recent Developments
      11.2.2.5. Financials (Based on Availability)
    - 11.2.3 Dongfang Turbine Company Limited
      11.2.3.1. Overview
      11.2.3.2. Products
      11.2.3.3. SWOT Analysis
      11.2.3.4. Recent Developments
      11.2.3.5. Financials (Based on Availability)
    - 11.2.4 Bharat Heavy Electricals Limited
      11.2.4.1. Overview
      11.2.4.2. Products
      11.2.4.3. SWOT Analysis
      11.2.4.4. Recent Developments
      11.2.4.5. Financials (Based on Availability)
    - 11.2.5 Mitsubishi Power Asia Pacific Pte Ltd
      11.2.5.1. Overview
      11.2.5.2. Products
      11.2.5.3. SWOT Analysis
      11.2.5.4. Recent Developments
      11.2.5.5. Financials (Based on Availability)
    - 11.2.6 Siemens Energy
      11.2.6.1. Overview
      11.2.6.2. Products
      11.2.6.3. SWOT Analysis
      11.2.6.4. Recent Developments
      11.2.6.5. Financials (Based on Availability)
    - 11.2.7 Shanghai Electric Group Company Ltd*List Not Exhaustive
      11.2.7.1. Overview
      11.2.7.2. Products
      11.2.7.3. SWOT Analysis
      11.2.7.4. Recent Developments
      11.2.7.5. Financials (Based on Availability)
    - 11.2.8 Kawasaki Heavy Industries Ltd
      11.2.8.1. Overview
      11.2.8.2. Products
      11.2.8.3. SWOT Analysis
      11.2.8.4. Recent Developments
      11.2.8.5. Financials (Based on Availability)

List of Figures

Figure 1: Asia-Pacific Steam Turbine Market Revenue Breakdown (billion, %) by Product 2025 & 2033
Figure 2: Asia-Pacific Steam Turbine Market Share (%) by Company 2025

List of Tables

Table 1: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Plant Type 2020 & 2033
Table 2: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Capacity 2020 & 2033
Table 3: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Geography 2020 & 2033
Table 4: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Region 2020 & 2033
Table 5: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Plant Type 2020 & 2033
Table 6: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Capacity 2020 & 2033
Table 7: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Geography 2020 & 2033
Table 8: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Country 2020 & 2033
Table 9: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Plant Type 2020 & 2033
Table 10: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Capacity 2020 & 2033
Table 11: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Geography 2020 & 2033
Table 12: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Country 2020 & 2033
Table 13: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Plant Type 2020 & 2033
Table 14: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Capacity 2020 & 2033
Table 15: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Geography 2020 & 2033
Table 16: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Country 2020 & 2033
Table 17: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Plant Type 2020 & 2033
Table 18: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Capacity 2020 & 2033
Table 19: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Geography 2020 & 2033
Table 20: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Country 2020 & 2033
Table 21: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Plant Type 2020 & 2033
Table 22: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Capacity 2020 & 2033
Table 23: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Geography 2020 & 2033
Table 24: Asia-Pacific Steam Turbine Market Revenue billion Forecast, by Country 2020 & 2033

Frequently Asked Questions

1. What is the projected Compound Annual Growth Rate (CAGR) of the Asia-Pacific Steam Turbine Market?

The projected CAGR is approximately 3.2%.

2. Which companies are prominent players in the Asia-Pacific Steam Turbine Market?

Key companies in the market include General Electric, Shin Nippon Machinery Co Ltd, Dongfang Turbine Company Limited, Bharat Heavy Electricals Limited, Mitsubishi Power Asia Pacific Pte Ltd, Siemens Energy, Shanghai Electric Group Company Ltd*List Not Exhaustive, Kawasaki Heavy Industries Ltd.

3. What are the main segments of the Asia-Pacific Steam Turbine Market?

The market segments include Plant Type, Capacity, Geography.

4. Can you provide details about the market size?

The market size is estimated to be USD 19.61 billion as of 2022.

5. What are some drivers contributing to market growth?

4.; Increasing Population Growth and Infrastructure Development.

6. What are the notable trends driving market growth?

Natural Gas Plants are Likely to Dominate the Market.

7. Are there any restraints impacting market growth?

4.; High Operational and Maintenance Costs.

8. Can you provide examples of recent developments in the market?

In March 2022, the Chinese state-owned power utility Shenzhen Energy Group announced that it had awarded GE Gas Power and Chinese power company Harbin Electric a supply contract for power generation equipment. Under the contract, GE will supply three 9HA.01 heavy-duty gas turbines for the power plant located in the Shenzhen Guangming district of China's Guangdong province.

9. What pricing options are available for accessing the report?

Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4750, USD 5250, and USD 8750 respectively.

10. Is the market size provided in terms of value or volume?

The market size is provided in terms of value, measured in billion.

11. Are there any specific market keywords associated with the report?

Yes, the market keyword associated with the report is "Asia-Pacific Steam Turbine Market," which aids in identifying and referencing the specific market segment covered.

12. How do I determine which pricing option suits my needs best?

The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.

13. Are there any additional resources or data provided in the Asia-Pacific Steam Turbine Market report?

While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.

14. How can I stay updated on further developments or reports in the Asia-Pacific Steam Turbine Market?

To stay informed about further developments, trends, and reports in the Asia-Pacific Steam Turbine Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.

Methodology

Step 1 - Identification of Relevant Samples Size from Population Database

Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segments, product, and application.

Note*: In applicable scenarios

Step 3 - Data Sources

Primary Research

Web Analytics
Survey Reports
Research Institute
Latest Research Reports
Opinion Leaders

Secondary Research

Annual Reports
White Paper
Latest Press Release
Industry Association
Paid Database
Investor Presentations

Step 4 - Data Triangulation

Involves using different sources of information in order to increase the validity of a study

These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.

Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.

During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence

Additionally, after gathering mixed and scattered data from a wide range of sources, data is triangulated and correlated to come up with estimated figures which are further validated through primary mediums or industry experts, opinion leaders.

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