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
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
Other Prominent Company Profiles
Market Segmentation & Forecast
Unit-Size
Design
Technology
Fuel Type
Turbine Pressure
End-Use Industry
Geography
APAC
North America
Europe
Middle East & Africa
Latin America
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