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Steam Turbine Market Set To Climb From $17.44 Billion In 2026 To $18.78 Billion By 2030
The steam turbine market has observed a slight increase in its dimensions over recent years. Its value is projected to climb from $17.11 billion in 2025 to $17.44 billion in 2026, achieving a compound annual growth rate (CAGR) of 1.9%. Historically, this market’s expansion can be linked to the rise in coal and gas-powered electricity generation, the enlargement of substantial thermal power plants, growing electricity requirements from industrial sectors, the establishment of nuclear power infrastructure, and the demand for consistent base load power generation.
The steam turbine market size is projected for modest growth over the next few years, anticipated to reach $18.78 billion by 2030, with a compound annual growth rate (CAGR) of 1.9%. This expansion during the forecast period is driven by increasing investments in clean and efficient power generation, the modernization of aging power plant infrastructure, a rise in the adoption of cogeneration systems in industries, the proliferation of waste-to-energy and biomass plants, and escalating electricity demand in emerging economies. Noteworthy trends for the projected period include the increasing demand for high-efficiency steam turbines, the growing implementation of combined cycle power plants, expanding utilization of steam turbines in industrial cogeneration, their wider application in renewable and waste-to-energy plants, and an elevated focus on turbine durability and load flexibility.
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Steam Turbine Market Opportunity Drivers: What’s Unlocking New Revenue Potential?
A heightened global emphasis on renewable energy is projected to stimulate expansion within the steam turbine sector. Renewable energy, also recognized as clean energy, ensures consistent power supplies and diversifies fuel sources, thereby strengthening energy security and lessening the risk of fuel spills. The primary objectives behind focusing on renewable energy are to foster economic advancement, enhance energy security, broaden access to power, and mitigate climate change. This growing concentration on renewable energy generates demand for steam turbines, as they serve as a clean energy method for producing electricity with minimal environmental impact. For instance, in January 2024, according to the U.S. Energy Information Administration, a US-based agency of federal statistical system, U.S. solar power generation is forecast to jump 75%, expanding from 163 billion kWh in 2023 to 286 billion kWh by 2025. During this timeframe, wind power generation is anticipated to increase by 11%, rising from 430 billion kWh in 2023 to 476 billion kWh in 2025. Consequently, the increasing focus on renewable energy will drive the growth of the steam turbine market.
Steam Turbine Market Segment Analysis Spotlighting 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 Innovation Trends: What Developments Are Reshaping The Industry?
Leading companies operating within the steam turbine market are increasingly utilizing a strategic partnership approach to maximize the efficient use and extraction of energy from syngas via steam production. These strategic collaborations represent a method where businesses combine their respective strengths and resources to achieve shared advantages and favorable outcomes. As an illustration, in June 2023, Imerys S.A., a mining corporation based in France, formed a partnership with E.ON SE, an electric utility enterprise located in Germany. Through this alliance, E.ON is slated to build an advanced energy recovery facility at the Imerys location. The primary aim is to optimize and harness the energy content of syngas through the generation of steam. The facility will integrate a high-efficiency steam turbine with a capability of up to 29 MWel to produce electricity. In addition to fulfilling Imerys’ on-site energy demands, the generated electricity will be fed into the national grid, providing power for approximately 40,000 households. E.ON further contemplates investigating the prospect of employing the residual heat from the power plant as a potential supply for a district heating network in the future.
Steam Turbine Market Leading Companies: Who Holds The Strongest 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 Global Footprint: Which Region Leads The Market?
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.
