Asia-Pacific Steam Turbine Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
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.
Key HighlightsThe Asia-Pacific steam turbine market is consolidated. Some of the key players in the market include Siemens Energy, General Electric Company, Dongfang Turbine Company Limited, Bharat Heavy Electricals Limited, and Mitsubishi Power Asia Pacific Pte. Ltd.
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