Asia-Pacific: Steam Turbine Market 2024

Steam Turbine Market Size in Asia-Pacific

In 2021, after nine years of growth, there was decline in the Asia-Pacific steam turbine market, when its value decreased by -3.6% to $X. Overall, consumption, however, enjoyed a significant expansion. The level of consumption peaked at $X in 2020, and then declined slightly in the following year.

Steam Turbine Production in Asia-Pacific

In value terms, steam turbine production fell slightly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate significant growth. The growth pace was the most rapid in 2014 when the production volume increased by 537%. Over the period under review, production hit record highs at $X in 2020, and then dropped modestly in the following year.

Steam Turbine Exports

Exports in Asia-Pacific

In 2021, shipments abroad of steam turbines and other vapor turbines increased by 6.8% to X units, rising for the second consecutive year after two years of decline. In general, exports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of 27% against the previous year. Over the period under review, the exports reached the maximum at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, steam turbine exports rose sharply to $X in 2021. Over the period under review, exports, however, showed a abrupt setback. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Japan dominates exports structure, amounting to X units, which was approx. 90% of total exports in 2021. It was distantly followed by India (X units), generating a 4.8% share of total exports. Thailand (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to steam turbine exports from Japan stood at -6.2%. At the same time, Thailand (+1.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +1.4% from 2012-2021. India experienced a relatively flat trend pattern. While the share of Japan (+2.2 p.p.), India (+2.1 p.p.) and Thailand (+1.9 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) remains the largest steam turbine supplier in Asia-Pacific, comprising 53% of total exports. The second position in the ranking was held by India ($X), with a 13% share of total exports.

In Japan, steam turbine exports declined by an average annual rate of -7.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: India (+10.0% per year) and Thailand (+2.8% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per unit in 2021, increasing by 3.2% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the export price increased by 49% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was India ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+10.2%), while the other leaders experienced mixed trends in the export price figures.

Steam Turbine Imports

Imports in Asia-Pacific

In 2021, purchases abroad of steam turbines and other vapor turbines decreased by -52.6% to X units, falling for the second year in a row after two years of growth. Overall, imports recorded a slight setback. The growth pace was the most rapid in 2018 when imports increased by 116%. The volume of import peaked at X units in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, steam turbine imports declined sharply to $X in 2021. Over the period under review, imports showed a pronounced decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 14% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Indonesia dominates imports structure, reaching X units, which was near 77% of total imports in 2021. Vietnam (X units), Bangladesh (X units), South Korea (X units), China (X units) and Thailand (X units) held a little share of total imports.

Indonesia experienced a relatively flat trend pattern with regard to volume of imports of steam turbines and other vapor turbines. At the same time, Bangladesh (+29.8%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +29.8% from 2012-2021. By contrast, China (-4.0%), South Korea (-7.8%), Vietnam (-9.5%) and Thailand (-9.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Indonesia and Bangladesh increased by +6.2 and +3.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported steam turbines and other vapor turbines in Asia-Pacific, comprising 24% of total imports. The second position in the ranking was taken by Bangladesh ($X), with a 9.7% share of total imports. It was followed by Thailand, with an 8.7% share.

From 2012 to 2021, the average annual growth rate of value in Indonesia amounted to -2.8%. In the other countries, the average annual rates were as follows: Bangladesh (+20.0% per year) and Thailand (-4.2% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per unit in 2021, jumping by 72% against the previous year. Over the period under review, the import price, however, saw a perceptible curtailment. The level of import peaked at $X per unit in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Thailand ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+5.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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