Steam Turbine Global Market Report 2026

The steam turbine functions as a mechanism converting pressurized steam's thermal energy into rotational work, utilizing heat sources such as gas, coal, nuclear, or solar to generate high-temperature steam. Its key components comprise rotors and blades.

Steam turbines find application in various plant types, including those reliant on gas, coal, nuclear, and alternative sources. Gas steam turbines utilize gas to create steam by heating water to extremely high temperatures. These turbines typically come in reaction and impulse designs, categorized by their power capacities: rated power (60 MW), rated power (60-200 MW), and rated power (> 200 MW). They operate using technologies such as steam cycle, combined cycle, and cogeneration, serving diverse industries such as power generation, utilities, and industrial sectors.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs have impacted the steam turbine market by increasing the cost of imported steel, precision components, blades, and control systems used in turbine manufacturing. These higher costs have affected project economics for power utilities and industrial users, particularly in regions dependent on imported turbine equipment such as Asia Pacific and parts of the Middle East. Large capacity and high efficiency steam turbines are the most affected segments due to higher material and engineering intensity. At the same time, tariffs are encouraging local manufacturing, regional supply chain development, and long term investments in domestic turbine production capabilities.

The steam turbines market research report is one of a series of new reports from The Business Research Company that provides steam turbines market statistics, including steam turbines industry global market size, regional shares, competitors with a steam turbines market share, detailed steam turbines market segments, market trends and opportunities, and any further data you may need to thrive in the steam turbines industry. This steam turbines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The steam turbine market size has grown marginally in recent years. It will grow from $17.11 billion in 2025 to $17.44 billion in 2026 at a compound annual growth rate (CAGR) of 1.9%. The growth in the historic period can be attributed to growth of coal and gas based power generation, expansion of large scale thermal power plants, increasing electricity demand from industrial sectors, development of nuclear power infrastructure, need for reliable base load power generation.

The steam turbine market size is expected to see marginal growth in the next few years. It will grow to $18.78 billion in 2030 at a compound annual growth rate (CAGR) of 1.9%. The growth in the forecast period can be attributed to rising investments in clean and efficient power generation, modernization of aging power plant infrastructure, increasing adoption of cogeneration systems in industries, growth of waste to energy and biomass plants, rising electricity demand in emerging economies. Major trends in the forecast period include rising demand for high efficiency steam turbines, growing adoption of combined cycle power plants, increasing use of steam turbines in industrial cogeneration, expansion of steam turbines in renewable and waste to energy plants, higher focus on turbine durability and load flexibility.

The growing emphasis on renewable energy is anticipated to drive the expansion of the steam turbine market. Renewable energy, also known as clean energy, ensures stable power supply and fuel diversification, enhancing energy security while reducing the risk of fuel-related hazards. The primary objectives of focusing on renewable energy include promoting economic development, strengthening energy security, increasing access to electricity, and combating climate change. This heightened emphasis on renewable energy is boosting demand for steam turbines, as they provide a means to generate electricity with minimal environmental impact. For example, in January 2024, the U.S. Energy Information Administration, a federal statistical agency, projected U.S. solar power generation to surge by 75%, rising from 163 billion kWh in 2023 to 286 billion kWh by 2025. Over the same period, wind power generation is expected to grow by 11%, increasing from 430 billion kWh in 2023 to 476 billion kWh in 2025. Hence, the increasing focus on renewable energy is set to propel the growth of the steam turbine market.

Leading companies in the steam turbine market are leveraging strategic partnerships to optimize the utilization and energy content of syngas through steam generation. Strategic partnerships involve companies combining their strengths and resources to achieve shared benefits and success. For instance, in June 2023, Imerys S.A., a France-based mining firm, collaborated with E.ON SE, a Germany-based electric utility company. Under this partnership, E.ON will build an advanced energy recovery facility at the Imerys site, aiming to maximize syngas energy content through steam production. The plant will feature a high-efficiency steam turbine with a capacity of up to 29 MWel to generate electricity. While part of the generated power will meet Imerys' local energy needs, the surplus electricity will be supplied to the public grid, serving around 40,000 households. E.ON also plans to explore the use of residual heat from the plant as a potential source for a district heating network in the future.

In May 2025, EthosEnergy, a U.S.-based power generation service provider, acquired Turbine Services, Ltd., for an undisclosed sum. Through this acquisition, EthosEnergy aims to broaden its turbine maintenance and repair services, strengthen its presence in the U.S. power generation market, improve operational capabilities, and support long-term growth. Turbine Services, Ltd., is a U.S.-based company specializing in turbine maintenance, repair, and overhaul services for the energy sector.

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.

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

The countries covered in the steam turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The steam turbine market consists of sales of the steam turbine including back-pressure steam turbines, extraction steam turbines, and condensing steam turbines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Steam Turbine Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses steam turbine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for steam turbine ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The steam turbine market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered: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
• Companies Mentioned: 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.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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