HS Code:
Stationary steam turbines of the condensing type (HS Code: 840681) are large-scale industrial machines used primarily for power generation. These turbines convert steam energy into mechanical energy, which is then transformed into electrical energy. They are characterized by their condensing mechanism, where steam is condensed back into water after passing through the turbine, allowing for greater efficiency. This category is critical in thermal power plants, including coal, nuclear, and combined-cycle gas plants. Global trade in this category involves high-value transactions due to the complex engineering and significant capital investment required for production and installation.
Total Trade Volume
USD 2.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 600 million
24% of total trade of total trade
Increasing
USD 500 million
20% of total trade of total trade
Stable
USD 400 million
16% of total trade of total trade
Increasing
USD 300 million
12% of total trade of total trade
Increasing
USD 200 million
8% of total trade of total trade
Stable
Average Rate
5.2%
Highest Rate
12% (imposed 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 diversifying as they are increasingly used in hybrid systems with renewable energy sources, though overall demand may face competition from alternative technologies.
2021-2023
Technological advancements in efficiency
Newer models with higher efficiency and lower emissions are driving replacement demand in aging power plants, particularly in developed markets.
2020-2022
Rising demand in Asia-Pacific
Rapid industrialization and energy needs in countries like India and Indonesia are boosting imports of steam turbines for new power plant projects.
2019-2023
The European Union's Green Deal policies are pushing for reduced reliance on fossil fuel-based power generation, influencing demand for traditional steam turbines while encouraging innovation in low-emission technologies.
January 2023
Potential decline in demand in EU markets, offset by innovation opportunities for manufacturers.
A recent bilateral agreement has reduced tariffs on energy equipment, including steam turbines, facilitating increased exports from the US to China.
March 2022
Positive for US exporters, with a projected 10% increase in trade volume to China over the next two years.
Japan announced a major public-private partnership to develop next-generation steam turbines with over 50% efficiency, aiming to maintain its competitive edge in the global market.
October 2022
Strengthens Japan's position as a leading exporter and could set new industry standards for efficiency.