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Steam Turbine Market Growth Analysis: How Will Revenue Expand During The Forecast Period?
The steam turbine market has seen a modest increase in its size during recent years. Its value is expected to rise from $17.11 billion in 2025 to $17.44 billion in 2026, achieving a compound annual growth rate (CAGR) of 1.9%. In past periods, this expansion was primarily due to the increase in coal and gas-based power generation, the enlargement of significant thermal power plants, a rising demand for electricity from industrial sectors, the enhancement of nuclear power infrastructure, and the requirement for dependable baseload power generation.
The steam turbine market size is anticipated to show moderate expansion over the next few years, reaching $18.78 billion by 2030, with a compound annual growth rate (CAGR) of 1.9%. This projected growth is attributed to factors such as increased investments in clean and efficient power generation, the modernization of aging power plant infrastructure, a rise in the adoption of cogeneration systems within industries, the development of waste-to-energy and biomass plants, and escalating electricity demand in emerging economies. Significant trends during this period include a heightened demand for high-efficiency steam turbines, the growing implementation of combined cycle power plants, an expanded application of steam turbines in industrial cogeneration, the broader use of steam turbines in renewable and waste-to-energy facilities, and an increased focus on turbine durability and load flexibility.
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Steam Turbine Market Expansion Drivers: What Is Shaping Future Growth?
Enhanced attention to renewable energy sources is projected to drive expansion within the steam turbine market. Known also as clean energy, renewable energy delivers stable power supplies and diversifies fuel sources, thereby boosting energy security and minimizing fuel spill hazards. Key objectives for renewable energy initiatives include fostering economic advancement, strengthening energy security, broadening power accessibility, and combating climate change. This heightened emphasis on renewables generates a need for steam turbines, given their role as a clean energy method for electricity generation with minimal or no environmental repercussions. For example, data from January 2024 by the U.S. Energy Information Administration, a US federal statistical agency, predicts that U.S. solar power generation will surge by 75%, increasing from 163 billion kWh in 2023 to reach 286 billion kWh by 2025. Over the same period, wind power generation is expected to grow by 11%, going from 430 billion kWh in 2023 to 476 billion kWh in 2025. Consequently, the growing attention towards renewable energy sources will stimulate expansion in the steam turbine market.
Steam Turbine Market Segment Analysis Highlighting Growth Areas
The steam turbine market covered in this report is segmented –
1) By Plant Type: Gas, Coal, Nuclear, Other Plant Types
2) By Capacity: Rated Power (<60MW), Rated Power (60-200MW), Rated Power (>200MW)
3) By Technology: Steam Cycle, Combined Cycle, Cogeneration
4) By Design: Reaction, Impulse
5) By End-Use Industry: Power And Utility, Industrial
Subsegments:
1) By Gas: Combined Cycle Gas Plants, Simple Cycle Gas Plants
2) By Coal: Pulverized Coal Plants, Fluidized Bed Coal Plants
3) By Nuclear: Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR)
4) By Other Plant Types: Biomass Plants, Geothermal Plants, Waste-To-Energy Plants
Steam Turbine Market Industry Trends: What Changes Are Reshaping Demand?
Leading companies in the steam turbine market are adopting a strategic partnership approach to maximize the utilization and harness the energy content of syngas by generating steam. Strategic partnerships involve companies leveraging each other’s strengths and resources to achieve mutual benefits and success. For instance, in June 2023, Imerys S.A., a France-based mining company, collaborated with E.ON SE, a Germany-based electric utility company. Through this partnership, E.ON is set to construct an advanced energy recovery facility at the Imerys site. The primary objective is to maximize and harness the energy content of syngas through steam production. The plant will employ a high-efficiency steam turbine with a capacity of up to 29 MWel to generate electricity. In addition to fulfilling Imerys’ local energy requirements, the generated electricity will be fed into the public grid, catering to the energy needs of approximately 40,000 households. E.ON also envisions exploring the prospect of utilizing the residual heat from the power plant as a potential source for a district heating network in the future.
Steam Turbine Market Leading Companies: Who Holds Significant Market Presence?
Major companies operating in the steam turbine market are Hitachi Ltd., Siemens AG, General Electric Company, Toshiba Corporation, Shanghai Electric Group Corp, Kawasaki Heavy Industries Ltd., Doosan Enerbility Co. Ltd., Dongfang Electric Corporation Ltd., Fuji Electric Ltd., Harbin Electric Company Limited, Bharat Heavy Electricals Limited, Ansaldo Energia SpA, Power Machines Ltd., NPO Saturn PJSC, Elliott Group Corp, Triveni Turbine Limited, Turboden S.p.A., L&T-MHI Power Turbine Generators Pvt Ltd., Beijing Beizhong Steam Turbine Generator Co. Ltd., CMI Energy India Pvt Ltd, Dresser-Rand Group Inc.
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Steam Turbine Market Regional Analysis: Which Region Leads By Revenue?
Western Europe was the largest region in the steam turbine market share in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steam turbine market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.