(MENAFN- GlobeNewsWire - Nasdaq) CHP adoption, waste-to-energy investment, and thermal and nuclear expansion drive demand, while APAC leads and mixed-design, high-capacity condensing turbines dominateDublin, Oct. 12, 2026 (GLOBE NEWSWIRE) -- "Global Steam Turbine Market Research Report 2026-2031" has been added to ResearchAndMarkets.com's offering.
The global steam turbine market was valued at USD 22.00 billion in 2025 and is projected to reach USD 28.90 billion by 2031, expanding at a CAGR of 4.65%. According to the report, market growth is supported by investments in thermal and nuclear power generation, combined heat and power systems, industrial cogeneration, waste-to-energy facilities, biomass plants, geothermal projects, and power infrastructure modernization.
Steam Turbine Market News
In 2026, JSW Thermal Energy agreed with Toshiba JSW to procure two 800-MW steam turbine generators for the 1,600-MW Salboni thermal power project in West Bengal, India. In 2026, Doosan Enerbility secured its first North American steam turbine contract, covering two 370 MW-class steam turbines and two generators for a US combined-cycle power plant supporting electricity demand from AI data centers. In 2025, Triveni Turbine Limited received a $34.7 million NTPC order for the design, engineering, fabrication, erection, commissioning, and testing of a CO? cycle-based Energy Storage System.
Steam Turbine Market Trends and Growth Drivers
Growing adoption of combined heat and power systems is strengthening demand as utilities and industrial operators pursue higher energy efficiency, lower operating costs, and reduced emissions. Cogeneration investments are also supporting energy security and power network performance. In 2025, the Russian government approved a new 275 MW steam turbine unit at Mosenergo's CHP-25 power plant as part of its district heating modernization strategy.
Waste-to-energy, biomass, and geothermal projects are creating additional opportunities for steam turbine manufacturers. These investments are particularly important in markets seeking dependable low-carbon generation and improved energy recovery. In 2025, Hitachi Zosen, now operating under Kanadevia, partnered with Sumitomo Heavy Industries to develop next-generation steam turbines for Japanese municipal solid waste facilities.
Thermal and nuclear capacity expansion remains another major market enabler. China's 2025 approval of 10 nuclear reactors across five coastal sites, including eight Hualong One and two CAP1000 units, represents an estimated investment of $27 billion. Demand is also being supported by upgrades to aging power plants, turbine replacement programs, efficiency improvements, and life-extension projects.
Steam Turbine Market Segmentation Insights
By turbine design, mixed-turbine systems held the largest market share at approximately 76% in 2025. Their adoption across supercritical, ultra-supercritical, and nuclear installations reflects their operational reliability, multi-stage performance, and suitability for continuous baseload generation.
By capacity, the >300 MW segment accounted for the largest share in 2025. Utilities continue to invest in high-capacity turbines for large-scale electricity generation, grid reliability, and improved thermal efficiency. Expansion of natural gas-fired combined-cycle capacity across APAC, North America, and the Middle East is also generating demand for high-output steam turbine generators.
Low-pressure turbines, operating below 40 bar, are forecast to record the fastest CAGR of 5.81% during the forecast period. Growth is being driven by industrial energy recovery, process steam applications, and decarbonization initiatives. In Europe, the Clean Industrial Deal and industrial modernization programs are encouraging investment in waste heat recovery and energy-efficiency technologies.
Coal was the leading heat source in 2025 due to the extensive installed base of utility-scale thermal power plants, particularly in APAC. Coal-fired generation continues to support baseload electricity supply in China, India, and Indonesia. By exhaust configuration, condensing turbines held the largest share, supported by their use in high-pressure, supercritical, and ultra-supercritical power plants.
The steam cycle segment led the market by plant configuration in 2025. Demand is supported by the installed base of coal-fired, nuclear, biomass, and industrial steam generation assets requiring modernization and replacement. By end-use industry, power generation remained the largest segment, with steam turbines deployed across coal, nuclear, biomass, geothermal, concentrated solar power, and waste-to-energy facilities.
Regional Steam Turbine Market Analysis
APAC accounted for more than 45% of global steam turbine market revenue in 2025. Regional leadership is supported by industrialization, rising electricity consumption, and investment in thermal and nuclear generation. China was the largest contributor, while India was the fastest-growing market due to expanding power demand and investment in steel, cement, refining, and petrochemical capacity.
Europe ranked as the second-largest regional market. Germany's Power Plant Security Act, approved in 2025, includes plans to procure up to 20 GW of hydrogen-ready gas-fired capacity by 2030, creating opportunities for steam turbines in combined-cycle plants and industrial cogeneration projects.
North America was the third-largest market, led by the US. Growth is supported by the region's thermal and nuclear fleet, industrial infrastructure, combined-cycle capacity, and emerging electricity requirements from AI data centers. The Middle East and Africa are investing in thermal generation, oil & gas, petrochemicals, and desalination infrastructure. Latin American opportunities are supported by energy expansion programs, including Brazil's Ten-Year Energy Expansion Plan, which outlines approximately $330 billion in energy investment.
Competitive Landscape
The global steam turbine market is highly fragmented, with international and regional companies competing through product innovation, partnerships, acquisitions, digital monitoring, and service capabilities. Toshiba is expected to deploy its EtaPRO AI monitoring system across 165 NTPC Limited power plants in India, with operations scheduled to begin in spring 2027.
Key steam turbine market participants include:
GE Vernova Inc Siemens Energy A.G. Mitsubishi Power Shanghai Electric Doosan Enerbility Toshiba Corporation Bharat Heavy Electricals Limited Ansaldo Energia Harbin Turbine Works Triveni Turbine LTD Dongfang Electric Corporation Kawasaki Heavy Industries Fuji Electric Co., Ltd. Baker Hughes Company Kanadevia Corporation Andritz
Market Coverage
The report analyzes the steam turbine market by turbine design, capacity, operating pressure, heat source, exhaust configuration, plant configuration, end-use industry, and geography. Geographic coverage includes North America, Europe, APAC, Latin America, and the Middle East & Africa, with country-level analysis of major markets including the US, Canada, Germany, France, the UK, China, India, Japan, Brazil, Saudi Arabia, the UAE, and South Africa.
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