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The steam turbine market size is projected to reach US$ 17.79 billion in 2024 and is expected to reach US$ 21.64 billion by 2031. The steam turbine market is estimated to register a CAGR of 2.75% from 2025–2031.
Steam Turbine Market AnalysisThe?????? worldwide steam turbine industry expansion is influenced by increasing power requirements owing to industrialization and urbanization, as well as commitments made for carbon neutrality and decarbonization targets. These changes are due to government policies aimed at cutting carbon emissions and strict environmental regulations, which push an accelerated pace of investment for thermal power modernization of coal, gas, biomass, and nuclear plants. Different high-efficiency steam turbines, such as supercritical and ultra-supercritical, are produced to improve thermal performance.
Steam Turbine Market OverviewSteam?????? turbines are essential technologies used in thermal, nuclear, and combined heat and power (CHP) plants globally. They convert the thermal energy into mechanical power, which is then used for the generation of reliable electricity. The turbines can operate at high efficiency, can be turned on and off as needed (operational flexibility), and can be used in power plants fueled by coal, gas, biomass, or even nuclear heat (carbon-free).
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Steam Turbine Market: Strategic Insights
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Steam Turbine Market Drivers and OpportunitiesCustomize Research To Suit Your Requirement
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Market Drivers:
- Rising?????? Demand for Reliable Power Supply: The global demand for electricity is increasing significantly from the industrial, commercial, and residential sectors, thus driving the demand for steam turbines.
- Supportive Policies and Decarbonization Initiatives: Policies implemented by governments to reduce emissions, improve efficiency, and modernize aging thermal and nuclear fleets of power plants attract investments in advanced steam turbine technologies and retrofit projects.
- Technological Advancements in High-Efficiency Turbines: The improvement of supercritical and ultra-supercritical designs, the enhancement of the quality of the materials used, and the introduction of digital controls are the ongoing innovations leading to higher efficiency and flexibility, thus integrating steam turbines deeply in modern power systems.
Market Opportunities:
- Expansion of Combined Heat and Power (CHP) Applications: The use of CHP in industrial plants and district heating networks is increasing, creating a demand for steam turbines that can provide both electricity and heat at the same time while increasing the overall energy utilization.
- Growth in Emerging Economies and New Power Infrastructure: Urbanization and industrialization happening rapidly in Asia, Africa, and Latin America are the major factors leading to new investments in coal, gas, biomass, and nuclear power stations.
- Integration with Renewable and Hybrid Energy Systems: The requirement for a flexible capacity that stabilizes the grid, with variable renewable generation, allows the use of steam turbines in hybrid plants, including biomass co-firing, solar thermal, and waste-to-energy ??????projects.
The steam turbine market is divided into different segments to give a clearer view of how it works, its growth potential, and the latest trends. Below is the standard segmentation approach used in industry reports:
By Type:
- Impulse Turbine: The main market of Impulse turbines is heavily shares as it can take high-pressure steam, has a very fast response time, and is very suitable for industrial processes, e.g., petrochemicals and small power generation modules.
- Reaction Turbine: Reaction turbines are ideal solutions for big power plants, enabling efficient multi-stage steam expansion and smooth operation over a wide range of loads.
By Voltage Range:
- Fossil Fuel
- Thermal Renewables
- Others
By End User:
- Power Generation
- Oil and Gas
- Others
By Capacity:
- Less than 10 MW
- 10 MW to 100 MW
- 100 MW to 300 MW
- Above 300 MW
By Geography:
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Market Report Scope
Steam Turbine Market Share Analysis by GeographyAsia Pacific dominates global steam turbine demand, underpinned by rapid industrialization, urbanization, and strong electricity consumption in China, India, and Southeast Asia. The region’s large pipeline of coal, gas, nuclear, and cogeneration projects, combined with the modernization of aging thermal plants, sustains high installation rates for utility-scale units.
Below is a summary of market share and trends by region:
1. North America
- Market Share: A market that has reached maturity and has a steady demand for replacements, this is made possible by the large number of coal, gas, and nuclear plants that have been installed, the high reliability requirements of the grid, and the investments in life extension and modernization projects. ?
- Key Drivers:
- Refurbishment and uprating of aging steam turbine fleets in the US and Canada.
- Shift to gas-fired combined-cycle plants and nuclear life-extension to provide low?carbon baseload power.
- Trends: The focus is on digital turbine monitoring, efficiency upgrades, and the flexible operation that can be used to complement the increased capacity of wind and solar generation. ?
2. Europe
- Market Share: A major share of the world demand, caused by the implementation of decarbonization policies, nuclear, and biomass projects, as well as CHP-based district heating networks in Central and Eastern Europe. ?
- Key Drivers:
- Wide adoption of cogeneration and waste?to?energy plants.
- Trends: The main focus is on using high-efficiency turbines, biomass and waste co?firing, and repowering of existing sites with more flexible steam ??????cycles.
3. MEA
- Market Share: The region is an emerging market, and a gradual increase in demand is visible.
- Key Drivers:
- Investment in large gas?fired and desalination-linked power plants.
- Electrification and grid expansion.
- Trends: Local combined-cycle gas plants are supported by high-efficiency steam turbines, and there is also interest in solar thermal with storage, as well as a gradual move toward cleaner fuels.
4. Asia Pacific
- Market Share: The first biggest regional market is spread across China, India, Japan, and Southeast Asia, which have been adding substantial capacities of coal, gas, and industrial cogeneration.
- Key Drivers:
- Rapid industrialization, urbanization, and growth in electricity consumption volume.
- Upcoming pipeline of thermal, nuclear, and CHP projects.
- Trends: Strong uptake of supercritical and ultra?supercritical technologies, expansion of industrial CHP, and increasing integration with renewables in hybrid plants. ?
5. South America
- Market Share: It has been holding a moderate share, with demand being mostly concentrated in Brazil, Argentina, and Chile. Thermal power is the source of energy used to complement hydro resources.
- Key Drivers:
- The need for backup capacity is to solve hydropower variability and droughts.
- Cogeneration in industries such as sugar, pulp, paper, and mining through the use of biomass and waste is one of the major drivers.
- Trends: The growth of biomass-fired CHP, the modernization of existing coal and gas plants, and selective investments in flexible steam turbines to support renewable ??????integration.
High Market Density and Competition
Competition is strong due to the presence of established players such as GE Vernova Inc., Siemens Energy AG, Chart Industries Inc., and Baker Hughes Co. Regional and niche providers, such as Trillium Flow Technologies, Triveni Turbine Ltd, and Turtle Turbines (P) Ltd., also add to the competitive landscape across different regions.
This high level of competition urges companies to stand out by offering:
- High Efficiency and Flexible Steam Turbines
- Value-added lifecycle services
- Strong technical support
- Competitive project delivery models
Opportunities and Strategic Moves
- Turbine OEMs increasingly partner with utilities, independent power producers, EPC firms, and fuel suppliers to co-develop high-efficiency thermal, nuclear, and CHP projects, particularly in fast-growing Asian and Middle Eastern markets. ?
- Vendors are expanding retrofit and modernization portfolios—offering efficiency upgrades, emissions-improvement packages, and digital optimization solutions—to capture value from the large installed base of aging steam plants worldwide. ?
- Companies are developing integrated solutions that combine steam turbines with renewables, energy storage, and heat networks, positioning themselves as providers of flexible, low?carbon power and cogeneration systems aligned with global decarbonization policies.
- Power Machines
- Ebara Elliott Energy
- Mitsubishi Heavy Industries, Ltd (Mitsubishi Power)
- G - Team a.s.
- Kessels
- FINCANTIERI S.p.A.
- Fuji Electric Co., Ltd.
- Kawasaki Heavy Industries, Ltd.
- Toshiba Corporation
- SHIN Nippon
- Hangzhou Turbine Power Group Co., Ltd.
- Shanghai Electric
- MAPNA Turbine Engineering and Manufacturing
- Qingdao Jieneng
- Nanjing Steam Turbine Motor (Group) Co., Ltd.
- Baker Hughes will supply a Steam Turbine Generator to Technip Energies for the US Facility. In October 2025, Baker Hughes, an energy technology company, announced an award from Technip Energies to supply a steam turbine generator along with critical centrifugal compression equipment for the Blue Point Number One Ammonia Project in Modeste, Louisiana, US.
- Arabelle Solutions Signed Service Collaboration Agreement with Dongfang Electric Corporation In November 2025, Arabelle Solutions, part of the EDF Group and a market leader in nuclear turbine island technology and services, and Dongfang Electric Corporation, one of the largest energy equipment manufacturing enterprise groups in China, signed a service collaboration agreement related to the servicing and maintenance of the Taishan nuclear power plant, Units 1 and 2.
The "Steam Turbine Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Steam turbine market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Steam turbine market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Steam turbine market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Steam turbine market growth
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
As of 2024, the global steam turbine market is valued at approximately USD 17.79 billion. It is projected to reach USD 21.64 billion by 2031, growing at a compound annual growth rate (CAGR) of 2.75% during the forecast period from 2025 to 2031.
The market is primarily driven by:1. Decarbonization Policies and Efficiency Upgrades2. Industrial and CHP Expansion3. Ongoing Market Shift towards Digitalization and Flexible Operation
The impulse segment is gaining significant traction in the steam turbine market due to the rise in demand for steam turbines from various applications.What are the various sources in the steam turbine market?Key sources utilized by the steam turbine include:1. Fossil Fuel: Fossil fuel steam turbines (coal, natural gas, oil) are still holding on to a large part of the market, due to the existing power infrastructure and the stable, large-scale power supply, although these segments are gradually phasing out because of stricter emission standards.2. Thermal Renewable: Thermal renewables such as biomass, geothermal, and waste-to-energy are winning the race, as the UK is implementing the transition policies toward clean energy, and the government is providing incentives for decarbonization in new and repowered plants.3. Others: The other sources are nuclear steam turbines, which are a very important part of the UK energy mix, especially for baseload supply, and hybrid systems, which combine hydrogen and clean fuels for sustainable power generation in the future.
As of 2025:North America: The region’s thermal and nuclear fleet is mature but aging, and plant life-extension programs along with stringent grid reliability standards are creating a sustained demand for steam turbines for replacement, uprating, and combined-cycle gas projects. ​Europe: Market expansion is primarily due to the implementation of decarbonization policies, high CHP and district heating uptake, biomass and waste-to-energy projects, as well as repowering or converting existing coal assets to more efficient and flexible steam-based plants. ​Asia Pacific: The region is the top global steam turbine market, and this is largely due to the rapid industrialization, urbanization, and high electricity consumption in China, India, and Southeast Asia, which in turn require large-scale thermal and cogeneration capacity additions.
1. Integration with Low-Carbon and Hybrid Energy Systems2. Digitalization, Predictive Maintenance, and Service Innovation3. Combined Cycle Power Plant Growth
Key capacity segments driving the demand for the global steam turbine market include 10 MW to 100 MW and 100 MW to 300 MW, owing to the rise in utility infrastructure upgradation and industrial growth.
Major players include GE Vernova Inc., Baker Hughes Co., Chart Industries Inc., Siemens Energy AG, Turtle Turbines (P) Ltd., Trillium Flow Technologies, Triveni Turbine Ltd., Dongturbo Electric Company Ltd. (DTEC), Arabelle Solutions, M+M Turbinen-Technik, Ansaldo Energia S.p.A., and Everllence.
The List of Companies - Steam Turbine Market
- Power Machines
- Ebara Elliott Energy
- Mitsubishi Heavy Industries, Ltd (Mitsubishi Power)
- MAN Energy Solutions
- General Electric
- DongFang Electric Corporation
- G - Team a.s.
- M+M Turbinen-Technik
- Siemens Energy AG
- Ansaldo Energia S.p.A.
- Kessels
- Triveni Turbine Limited
- FINCANTIERI S.p.A.
- Fuji Electric Co., Ltd.
- Kawasaki Heavy Industries, Ltd.
- Toshiba Corporation
- Chart Industries (Howden)
- TGM
- SHIN Nippon
- Hangzhou Turbine Power Group Co., Ltd. Ltd.
- Shanghai Electric
- MAPNA Turbine Engineering and Manufacturing
- Qingdao Jieneng
- Nanjing Steam Turbine Motor (Group) Co., Ltd.
- Trillium Flow Technologies
- Baker Hughes Co
- Dongturbo Electric Company Ltd. (DTEC)
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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