Steam Turbine Market Revenue To Reach 23.48 Billion By 2030 Exclusive Research Report By Arizton

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"Steam turbine Market Research Report by Arizton"Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2025–2030.

According to Arizton's latest research report, the Steam turbine Market is growing at a CAGR 3.15% of during 2024-2030.

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Report Scope:

Market Size – Revenue (2030): USD 23.48 Billion

Market Size – Revenue (2024): USD 19.50 Billion

CAGR – Revenue (2024-2030): 3.15%

Market Size – Shipments (2030): 589 Units

Market Size – Capacity (2030): 98.36 GWe

Historic Year: 2021-2023

Base Year: 2024

Forecast Year: 2025-2030

Segments by: Unit-Size, Design, Technology, Fuel Type, Turbine Pressure, End-Use Industry, Geography

Geographic Analysis: North America, Europe, APAC, Latin America, And Middle East & Africa

Largest Region (2024): APAC

Global Steam Turbine Market Overview

The global steam turbine market is undergoing rapid transformation, shaped by digitalization, stricter environmental regulations, and shifting geopolitical trends. As countries focus on decarbonization and upgrading aging energy infrastructure, demand for advanced steam turbine systems is rising. These turbines play a key role across sectors such as power generation, oil & gas, and industrial manufacturing, with growing applications in marine propulsion, district heating, mining, and food processing. Ranging from small-scale units to large utility systems, steam turbines use diverse fuel sources including coal, gas, nuclear, biomass, and renewables.

Markets like India and Southeast Asia are increasingly adopting cogeneration and combined-cycle systems to address energy needs while improving efficiency and sustainability. At the same time, there is rising interest in modular turbine systems that can integrate with renewable sources and support real-time digital monitoring. This is driving demand for supercritical and ultra-supercritical technologies, as well as impulse and reaction turbine types. Manufacturers are responding by prioritizing customer-centric, data-driven designs using AI simulations, performance analytics, and advanced engineering processes. Technologies such as digital twins and automated casting are streamlining production, reducing emissions, and enhancing performance. With ESG goals and regulatory pressures intensifying, sustainability is becoming central to steam turbine innovation and deployment worldwide.

Powering a Greener Future – Steam Turbines Align with Renewable Energy

The steam turbine market is entering a new era of sustainability through seamless integration with renewable energy systems-most notably biomass. Modern turbine technologies now support combined heat and power (CHP) configurations, maximizing energy efficiency by generating both electricity and thermal energy for industrial and urban use. These advancements address strict emissions and water usage regulations, supporting the global shift toward cleaner power generation. Tailored turbine solutions are increasingly powering district heating systems in cities, bringing renewable heat to homes and businesses. Industry leaders such as Siemens Energy, GE, and Mitsubishi Heavy Industries are at the forefront, engineering turbines that strengthen the role of biomass in the global energy mix and reinforce steam turbines as a vital bridge to a low-carbon future.

Recent vendor activities

• In 2025, Triveni Turbine Limited secured a ₹2.9 billion order from NTPC for the design, engineering, fabrication, erection, commissioning, and testing of a CO2 cycle-based Energy Storage System, demonstrating its growing influence in the energy sector.
• In 2023, MAPNA Group commenced construction of a 180 MW steam unit at the Al-Mahdi Power Plant, with an investment of €110 million, reflecting its commitment to expanding energy infrastructure

Grid Investments Unlock New Potential for Steam Turbines Market

Modern grid investments are unlocking new efficiencies for steam turbines, reshaping global energy systems and viability of steam turbine technology. Countries like Germany are leading the charge, with a projected €300 billion ($324.5 billion) investment in electricity grids by 2050, enabling better integration of high-voltage lines, digital substations, and intelligent control systems. These upgrades reduce energy losses and congestion, improving the dispatch and cost-effectiveness of steam-generated power.

The use of AI-powered analytics, IoT sensors, and predictive maintenance tools also minimizes unplanned downtime, boosting turbine uptime and reliability. With energy storage solutions strengthening grid stability during demand surges, steam turbines operate with greater consistency, paving the way for seamless integration with renewables. Meanwhile, favorable government policies, including tax credits and grants, are accelerating deployment timelines and lowering capital costs for turbine projects. In Southeast Asia, grid innovation has driven a 35% surge in steam turbine installations for industrial cogeneration via microgrids since 2023, highlighting the region's proactive push toward localized energy solutions.

APAC Dominates the Steam Turbine Market, Led by Key Regions Across East, Southeast, and South Asiah Asia

The Asia-Pacific (APAC) region remains the global leader in steam turbine deployment, driven by rapid industrialization, urban infrastructure development, and soaring electricity demand in emerging economies such as China, India, Indonesia, and Vietnam. This growth is further supported by the integration of IoT, AI, and digital control technologies that enhance turbine efficiency and reliability. Combined-cycle gas plants and hybrid systems incorporating biomass and solar power are reshaping the market landscape.

Government energy transition initiatives, including Japan's pollution regulations and India's nuclear investments, are accelerating adoption of advanced, low-emission steam turbines. Regional collaborations like the ASEAN Plan of Action on Energy Cooperation further reinforce these clean energy efforts.

Meanwhile, expanding solar PV capacity, particularly in India and China, coupled with stricter air quality standards, is increasing competitive pressure by driving coal plant retirements and limiting new fossil fuel developments. Amid this dynamic environment, East Asia remains dominant, led by China's vast coal, nuclear, and hybrid power capacities, while Southeast and South Asia, notably Vietnam, Indonesia, Bangladesh, and India, emerge as key growth markets fueled by rising energy needs and continued investments in steam turbine-based power generation.

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Key Company Profiles

• General Electric (GE)
• Siemens A.G.
• Mitsubishi Heavy Industries (MHI)
• Shanghai Electric
• ​​Doosan Skoda Power
• Toshiba America Energy Systems Corporation (TAES)
• HYUNDAI HEAVY INDUSTRIES TURBOMACHINERY CO.,LTD.
• Bharat Heavy Electricals Limited
• MAN Energy Solutions USA
• Ansaldo Energia

Other Prominent Company Profiles

• ​ Dongfang Electric Corporation (DEC)
• JSC Atomenergomash (AEM)
• Kawasaki Heavy Industries, Ltd.
• WEG
• ​Triveni Turbine Ltd.
• Nanjing Steam Turbine Motor (Group) Co., Ltd.
• Hangzhou Turbine Power Group Co., Ltd.
• ​Fuji Electric Co., Ltd.
• ​Power Machines
• MAPNA Group
• Shandong Qingneng Steam Turbine Co.,Ltd.
• Ural Turbine Works
• Turbimaq
• China Chang Jiang Energy Corporation
• Baker Hughes Company
• Ebara Elliott Energy
• Kanadevia Corporation
• Turboatom
• Chola Turbo Machinery International
• M+M Turbinen-Technik
• Andritz
• Kessels
• Arani Power Systems Ltd
• Turtle Turbines
• TurboTech Precision Engineering
• Kirloskar Ebara Pumps Limited
• Shin Nippon Machinery Co., Ltd.
• Industrial Boilers America
• NG Metalúrgica S.A.
• Fincantieri
• Harbin Turbine Company Limited
• NCON Turbo Tech Pvt. Ltd
• Trillium Flow Technologies
• Chart Industries
• De Pretto Industrie S.r.l.

Market Segmentation & Forecast

Unit-Size

• Large Steam Turbine
• Medium Steam Turbine
• Small Steam Turbine

Design

• Impulse Turbine
• Reaction Turbine
• Others

Technology

• Steam Cycle
• Combined Cycle
• Cogeneration (CHP)
• Others

Fuel Type

• Coal
• Gas
• Nuclear
• Others

Turbine Pressure

• High Pressure
• Medium Pressure
• Low Pressure
• Ultra High-Pressure

End-Use Industry

• Power Generation
• Oil & Gas
• Industrial Manufacturing
• District Heating & Cooling
• Mining & Metal Processing
• Marine
• Others

Geography

APAC

• China
• India
• Japan
• South Korea
• Australia
• Indonesia
• Taiwan

North America

• The U.S.
• Canada

Europe

• Germany
• Russia
• UK
• France
• Italy
• Spain
• Poland
• Netherlands

Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa

Latin America

• Brazil
• Mexico
• Argentina

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What Key Findings Will Our Research Analysis Reveal?

• How big is the global steam turbine market?
• What is the growth rate of the global steam turbine market?
• Who are the key players in the global steam turbine market?
• What are the significant trends in the steam turbine market?
• Which region dominates the global steam turbine market share?

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