Global Steam Turbine Market Research Report 2025-2030

The global steam turbine market is expected to grow at a CAGR of 3.15% from 2024 to 2030.

STEAM TURBINE MARKET NEWS

• In 2025, an exclusive partnership between Siemens Energy and Rolls-Royce Small Modular Reactors (SMR) established Siemens Energy as the supplier of steam turbines, generators, and auxiliary systems for Rolls-Royce nuclear power plants, which will generate 470 MW each. These advanced reactors aim to speed up the global use of small modular technology.
• Siemens Energy obtained a USD 1.6 billion contract in 2025 to deliver four SST6-5000 steam turbines, six SGT6-9000HL gas turbines, and multiple generators for the Rumah 2 and Nairyah 2 combined-cycle power plants in Saudi Arabia. These plants aim to add about 1.8 GW of low-carbon electricity while being designed to integrate CO2 capture technology.
• The SST-400 steam turbine from Siemens (USA) will be supplied under a long-term service agreement for Michigan's new fuel-efficient power plant, which aims to decrease CO2 emissions through unit replacement and grid stability improvement.
• The US. Energy Information Administration released its Annual Energy Outlook 2025 in 2025, which included updated overnight capital costs and performance characteristics for utility-scale steam turbines, showing a 3 % real-term decrease in overnight capital costs from the 2024 baseline to guide investment choices and technology development in the steam turbine industry.

IMPACT OF U.S. & CHINA TRADE WAR

The ongoing U.S.-China trade war has materially reshaped the global steam turbine market by imposing hefty 25 % duties on core inputs like steel and aluminum, driving up casing, rotor, and auxiliary housing costs, and squeezing manufacturer margins. In May 2025 in Geneva, the U.S. agreed to lower its tariffs on Chinese goods from 145% to 30% while China agreed to lower its tariffs on U.S. goods from 125% to 10%, which established 90 days of tariff relief. If this agreement is not extended, then tariffs will automatically revert to their previous levels.

The prices of nickel and chromium-based alloys remain high because of indirect tariff risks, even though titanium and cobalt materials are not affected. The steam turbine market experiences a moderate degree of impact on cost structure and supply-chain resilience. Manufacturers will experience brief cost relief, but ongoing high expenses, together with supply chain unpredictability, prevent them from maintaining long-term pricing and production stability.

MARKET TRENDS & ENABLERS

The global steam turbine market grows as electricity demand rises, driven by population growth, industrialization, and urbanization, especially in Asia and Africa. Steam turbines, key for thermal power plants, meet this need with efficient, high-capacity units for grid stability. Manufacturers develop reliable models to power industries, homes, and smart cities, spurring innovation and market expansion.

Modernization reshapes the steam turbine market with advanced materials, designs, and digital tools like IoT and AI for real-time monitoring and maintenance, reducing downtime. High-efficiency turbines with better blades and smart controls meet environmental standards, enhancing performance for industrial needs. Manufacturers invest in R&D for cutting-edge turbines, ensuring compliance and driving market growth.

Retrofitting steam turbine infrastructure enhances the efficiency and longevity of aging power plants. Modernizing with advanced blades, sealing systems, and digital controls meets efficiency and emission standards. This cost-effective approach extends asset life, adopting cleaner technologies like low-NOx burners to reduce environmental impact. Prominent in developed markets, it ensures compliance while maintaining reliable power generation. For instance, the companies Mitsubishi Power and Doosan Enerbility, together with Ansaldo Energia, have created modular upgrade kits and predictive maintenance bundles which reduce delivery times by 20-30% while improving turbine availability. The development of retrofits has become essential for OEM business strategies in areas with restricted future greenfield development opportunities.

Rising investments in grid infrastructure propel steam turbine deployment, particularly in emerging markets. Modernized electrical grids require stable, efficient power sources, and steam turbines integrate seamlessly into these systems. This enables reliable energy distribution, supports industrial growth, and meets increasing electricity demands, making steam turbines essential for enhancing grid reliability and expanding energy access in developing regions.

Advancements in material science enhance steam turbine performance, driving steam turbine market growth. Innovations in high-temperature alloys, corrosion-resistant coatings, and lightweight composites improve turbine durability and efficiency. These developments reduce maintenance costs, extend operational lifespans, and make steam turbines more cost-effective, encouraging wider adoption across industries and reinforcing their role in sustainable power generation. 3D printing and investment casting now allow the fabrication of intricate turbine parts with optimized cooling pathways and minimal defects, improving both durability and aerodynamic performance. The adoption of additive manufacturing by Siemens for turbine blade tips enhanced product strength by 15% while at the same time shortening prototyping phases by 30% less time.

INDUSTRY RESTRAINTS

• The growing worldwide electricity requirements create an urgent need for new power generation capacity, yet steam turbine projects face high capital expenses and long construction periods, which create financial difficulties for utilities and developers, increase their investment costs, and prolong their return on investment.
• Power producers must invest in advanced turbine technologies or retrofit existing assets to meet environmental regulations and evolving emissions standards, which increase compliance costs and make permitting more complicated. The economic viability of conventional steam turbines suffers from two main factors: competition from low-carbon energy sources and volatile fuel prices.
• The execution risks of projects increase because of aging grid infrastructure and limited availability of specialized components, while ongoing global supply chain disruptions for critical raw materials and precision-engineered parts delay delivery schedules and increase procurement costs for manufacturers and operators.

STEAM TURBINE MARKET SEGMENTATION INSIGHTS

INSIGHTS BY UNIT SIZE

The global steam turbine market by unit size into large steam turbines, medium steam turbines, and small steam turbines. The large steam turbine dominates the market in 2024 with approximately 48% market share. Utility-scale power generation mainly depends on these turbines because they provide reliable operation together with high output and efficient production economics. Furthermore, the small steam turbine demonstrates a significant growth rate during the forecast period. The turbines find application in industrial parks and decentralized energy projects because they have small footprint designs, quick startup features, and combined heat and power (CHP) system compatibility.

INSIGHTS BY DESIGN

The global steam turbine market by design into impulse turbines, reaction turbines, and others. The impulse turbines segment is expected to hold the largest market share in 2024. Their ability to handle polluted steam, along with quick response times, makes them suitable for use in petrochemical plants as well as pulp-and-paper facilities and small power generation modules. The reaction turbine segment shows significant growth during the forecast period. The expansion of their multi-stage blading capabilities, together with their ability to operate efficiently at different loads, makes them the preferred solution for big power stations.

INSIGHTS BY TECHNOLOGY

In 2024, traditional steam cycle technology held the most prominent share of the global steam turbine market. Owing to its long-standing performance in base-load coal and nuclear facilities, steam cycle technology has established its dominant market position. Furthermore, the cogeneration cycle technology demonstrates the fastest growth rate in the market with an approximate 3.89% CAGR. Its ability to pair gas and steam turbines enables superior thermal efficiencies, lower emissions, and enhanced operational flexibility, attracting modern utilities and Independent Power Producers that aim to move towards cleaner power-generation systems.

INSIGHTS BY FUEL TYPE

The global steam turbine market is segmented by fuel type into coal, gas, nuclear, and others. The market share of coal-fired steam turbines remains the largest in 2024 because Asia and Eastern Europe have extensive coal resources and existing infrastructure. This dominance exists because coal-fired turbines are deeply connected to existing power grid systems. Furthermore, the gas-fired steam turbines represent the most rapidly expanding sub-segment with a predicted 3.59% Compound Annual Growth Rate (CAGR). The increasing demand for clean combustion systems, combined with the need for combined cycle plants and new carbon emission regulations, drives operators to convert their coal and oil-based power plants.

INSIGHTS BY TURBINE PRESSURE

The high-pressure turbine holds the leading global steam turbine market position in 2024. These turbines serve large thermal and nuclear stations because their high inlet pressures boost both thermal efficiency and power density. The push to modernize outdated power plants through stricter emission standards has led to higher deployment of high-pressure turbines. The installation of these turbines enables power plants to enhance their operational efficiency and reduce their environmental impact to fulfill worldwide sustainability goals.

The ultra-high-pressure turbine demonstrates the fastest growth rate in the steam turbine market with an estimated 3.99% CAGR. Advanced power plants achieve peak efficiency through modern metallurgy advancements and improved sealing solutions that enable turbines to operate under extreme temperatures and pressures.

INSIGHTS BY END-USE INDUSTRY

The global steam turbine market by end-use industry is segmented into power generation, oil & gas, industrial manufacturing, district heating & cooling, mining & metal processing, marine, and others. Power generation leads the market demand with a predicted over 55% share in 2024. The sector remains dominant because developing countries need to replace old coal facilities while constructing new baseload facilities. Furthermore, industrial manufacturing holds a significant share of the global steam turbine market. The manufacturing sectors of chemicals, food & beverage, and pulp & paper use steam turbines to extract waste heat for process steam and on-site power generation, which enhances overall plant efficiency. Also, the growing interest in decentralized energy strategies, together with energy reuse and cost reduction, has motivated industries to select steam turbines as their solution. The systems successfully transform waste heat into useful energy, which reduces operational expenses and decreases environmental effects.

GEOGRAPHICAL ANALYSIS

In 2024, the APAC region dominated the global steam turbine market, accounting for over 46% market share, driven by China's expansion of coal, gas, and biomass-fired power plants and India's large-scale thermal projects. Accelerated expansion of industrial parks and special economic zones across APAC, particularly in India, China, and Vietna,m is driving demand for high-capacity, reliable power solutions, where steam turbines remain essential for uninterrupted energy supply in sectors like metals, chemicals, and refining. Furthermore, countries in Southeast Asia are deploying steam turbines in off-grid or semi-grid renewable setups, such as biomass-fired plants in rural Indonesia and CSP-backed systems in Australia, supporting localized energy access while reducing dependency on fossil imports.

The North American steam turbine market held a significant global market share in 2024 because of fleet modernizations & combined-cycle gas turbine deployments and stringent emissions regulations that drove upgrades across the U.S. and Canada. Moreover, North American government programs, like U.S. DOE's CHP partnerships, Clean Air Act standards, and Canada's Clean Electricity Regulations, actively encourage steam turbine use by promoting energy efficiency, lowering emissions, and upgrading the system in industry and electricity generation.

Europe's steam turbine market share stood at about 16.7% in 2024 and has seen relatively stable growth because stringent decarbonization mandates and a mature power sector mean that most activity focuses on CHP and biomass retrofits, or life-extension upgrades rather than large greenfield steam installations. Furthermore, the Latin America steam turbine market is set to expand at a CAGR of approximately 2.99% over the next five years as Brazil's push to rebalance its hydro-thermal mix and Mexico's opening of new private-sector thermal projects create strong demand for both new turbines and retrofit solutions.

The Middle East & Africa region has emerged as a new steam turbine market hotspot in 2024 because of large desalination plant deployments and upstream oil & gas development. State-backed power infrastructure investments in Saudi Arabia and the UAE, where sovereign funds are prioritizing reliable steam-cycle capacity, are further supporting steam turbine demand in MEA. Moreover, the UAE's steam turbine market has experienced significant growth in recent years due to the country's expanding industrial and energy sectors. Key players in the market include Siemens Energy, General Electric (GE), and Mitsubishi Hitachi Power Systems, providing advanced steam turbine technology for power plants.

STEAM TURBINE MARKET VENDOR LANDSCAPE

The global steam turbine market incorporates established multinational corporations together with regional-level players. The competitive landscape in this market displays moderate to high levels of competition because key market participants dedicate themselves to improving their operational effectiveness. Moreover, the competitive pressure in the markets depends on innovations in steam turbine technology that drive advancements in performance efficiency and digital monitoring alongside renewable energy integration capabilities.

International manufacturers, along with regional competitors, form a competitive market structure that makes it difficult for local companies to compete against their technological and financial superiority. Furthermore, the steam turbine market is expected to expand in the future due to growing industrial power generation, along with elevated CHP plant adoption and renovations of current steam power installations. Organizations using sustainable and high-efficiency steam turbine solutions are likely to gain a competitive edge.

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)
• Business Overview
• Product Offerings
• 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 Metalurgica S.A.
• Fincantieri
• Harbin Turbine Company Limited
• NCON Turbo Tech Pvt. Ltd
• Trillium Flow Technologies
• Chart Industries
• De Pretto Industrie S.r.l.

SEGMENTATION & FORECASTS

Segmentation by Unit-Size

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

Segmentation by Design

• Impulse Turbine
• Reaction Turbine
• Others

Segmentation by Technology

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

Segmentation by Fuel Type

• Coal
• Gas
• Nuclear
• Others

Segmentation by Turbine Pressure

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

Segmentation by End-Use Industry

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

Segmentation by 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

KEY QUESTIONS ANSWERED:

1. How big is the global steam turbine market?

2. What is the growth rate of the global steam turbine market?

3. Who are the key players in the global steam turbine market?

4. What are the significant trends in the steam turbine market?

5. Which region dominates the global steam turbine market share?