HS Code:
The 'Powered by Steam Turbine' category, typically classified under HS Code 8406, encompasses steam turbines and related machinery used for power generation and industrial applications. These turbines convert thermal energy from steam into mechanical energy, often used in electricity generation plants, marine propulsion, and other heavy industries. This category includes both the turbines themselves and their components, such as rotors and blades, and covers a range of capacities suited for different industrial needs.
Total Trade Volume
USD 5.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 1.3 billion
25% of total trade of total trade
Increasing
USD 1.1 billion
21% of total trade of total trade
Stable
USD 900 million
17% of total trade of total trade
Increasing
USD 750 million
14% of total trade of total trade
Increasing
USD 500 million
10% of total trade of total trade
Stable
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Shift towards renewable energy integration
Demand for steam turbines is evolving with combined cycle power plants integrating with renewable sources like solar thermal, driving innovation in turbine efficiency.
2021-2023
Increasing industrial demand in Asia-Pacific
Rapid industrialization in countries like India and Vietnam is boosting demand for steam turbines in power and manufacturing sectors.
2020-2022
Technological advancements in turbine efficiency
New designs and materials are reducing energy loss and increasing the lifespan of steam turbines, making them more competitive against alternative technologies.
2019-2023
The European Union's Green Deal has introduced stricter emission standards, prompting manufacturers to innovate low-emission steam turbine technologies.
January 2023
Increased R&D costs but potential for long-term market growth in sustainable energy solutions.
A new phase of trade negotiations has reduced tariffs on industrial machinery, including steam turbines, fostering greater market access between the two countries.
March 2022
Boost in bilateral trade volume expected, with US exporters gaining a competitive edge in China.
Japan announced a USD 500 million investment in developing high-efficiency steam turbines to support its energy transition goals.
September 2022
Strengthens Japan's position as a global leader in steam turbine technology and export.