Steam Turbines Gain Popularity in Asia-Pacific
LONDON, UK- The rising population and rapid industrialization of Asia-Pacific is intensifying electricity demand in the region, and the development of clean coal technologies is contributing further to the growing popularity of steam turbines, according to a new report by energy intelligence company GlobalData.
The new report shows that thermal energy has long been the region’s most commonly used source of energy for electricity generation, though the region’s move towards alternative energy sources, while relatively slow due to economic reasons, may threaten future demand for steam turbines.
Revenue from the steam turbines market in the Asia-Pacific region began increasing in 2000, starting a trend which continued until 2007. In 2000, the revenue from this market was around $1.8 billion, which increased to $5.5 billion in 2007. Then, the financial crisis led to a fall in investments in steam turbines in 2008 and 2009. However, with the revival of the economy in 2010, revenues shot up to an estimated $9.1 billion in 2011. The steam turbine market will continue to thrive in the coming years, due to the increasing demand for electricity and the dominance of thermal sources in the electricity generation market.
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The Chinese national companies leading the Asia-Pacific steam turbine market are benefitting most from the popularity of steam. The Shanghai Electric Group, which has been leading the Asia-Pacific steam turbine market for the last few years, holds a share of around 39% of the regional market, more than any other manufacturers in the business. Its nearest rival, Dongfang Electric Company, has an 18% share of the market. Other key players include Harbin Turbine, Bharat Heavy Electricals, Nanjing Turbine & Electric Machinery, Mitsubishi Heavy Industries and Kawasaki Heavy Industries.
The installed capacity for thermal energy in the Asia-Pacific region stood at 669 gigawatts (GW) in 2000. The installed capacity for 2011 is estimated at 1372.5 GW, representing a CAGR of 6.8% over the period 2000–2011. The installed capacity is expected to follow the same trend during 2012–2020, resulting in a total installed capacity of 1969.3 GW.