PUBLISHER: The Business Research Company | PRODUCT CODE: 1966474
PUBLISHER: The Business Research Company | PRODUCT CODE: 1966474
Steam turbine aftermarket refers to the range of services, parts, and solutions provided for steam turbines after their initial installation and commissioning. This includes maintenance, repair, refurbishment, upgrades, and component replacement to maintain optimal performance, efficiency, and reliability throughout the turbine's operational life. Aftermarket services help extend turbine lifespan, minimize unplanned downtime, and support continuous operations in power generation and industrial applications.
The main types of services in the steam turbine aftermarket include spare parts, repairs, and maintenance services. Spare parts are components kept in inventory to replace failed, worn, or damaged parts, ensuring uninterrupted operation and reducing downtime. The technologies supported include combined cycle, fossil, nuclear, and renewable thermal systems, with capacities ranging from below 50 MW to above 600 MW. Service providers include original equipment manufacturers (OEMs) and independent service providers (ISPs), serving end users in power generation, oil and gas, and general 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 are impacting the steam turbine aftermarket market by increasing costs of imported replacement blades, bearings, control systems, and precision-machined components required for repair and refurbishment services. Power generation and industrial users in North America and Europe are most affected due to dependence on cross-border OEM supply chains, while Asia-Pacific faces cost pressures on component sourcing. These tariffs are raising service contract values and extending outage planning timelines. However, they are also encouraging localized spare part manufacturing, regional service hubs, and greater collaboration with independent service providers to improve aftermarket resilience.
The steam turbine aftermarket market research report is one of a series of new reports from The Business Research Company that provides steam turbine aftermarket market statistics, including steam turbine aftermarket industry global market size, regional shares, competitors with a steam turbine aftermarket market share, detailed steam turbine aftermarket market segments, market trends and opportunities, and any further data you may need to thrive in the steam turbine aftermarket industry. This steam turbine aftermarket 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 aftermarket market size has grown strongly in recent years. It will grow from $4.28 billion in 2025 to $4.55 billion in 2026 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to expansion of installed steam turbine base, increasing operational hours of aging turbines, growing reliance on thermal power generation assets, rising demand for planned maintenance cycles, availability of specialized turbine repair expertise.
The steam turbine aftermarket market size is expected to see strong growth in the next few years. It will grow to $5.77 billion in 2030 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increasing focus on asset optimization, rising investments in digital service platforms, growing demand for reliability improvement programs, expansion of long-term service agreements, increasing adoption of condition-based maintenance. Major trends in the forecast period include increasing adoption of predictive maintenance services, rising demand for turbine life extension solutions, growing focus on efficiency upgrade retrofits, expansion of remote monitoring and diagnostics, higher utilization of oem-led service contracts.
Rising electricity demand is expected to drive the growth of the steam turbine aftermarket market in the coming years. Electricity refers to the flow of electric charges that can be harnessed to produce energy for lighting, heating, and power applications. Demand for electricity is increasing due to the rapid expansion of digital technologies and electronic devices, which require a reliable and continuously growing power supply to support modern lifestyles and business operations. The steam turbine aftermarket plays a key role in managing electricity demand by offering maintenance, repair, and upgrade services that enhance turbine efficiency and performance, ensuring a stable and dependable power supply to meet evolving energy requirements. For example, in April 2023, the Energy Information Administration, a US-based government agency, reported that energy consumption in the United States is projected to grow across all energy sources, with an expected increase ranging from 0% to 15% between 2022 and 2050. Consequently, the growing demand for electricity is fueling the expansion of the steam turbine aftermarket market.
The rising adoption of renewable energy is also expected to propel growth in the steam turbine aftermarket market. Renewable energy comes from naturally replenishing sources such as sunlight, wind, water, and biomass, and can be used sustainably. Adoption of renewable energy is increasing due to environmental concerns, as governments and companies seek cleaner energy sources to reduce greenhouse gas emissions. The steam turbine aftermarket supports renewable power generation by providing maintenance and upgrades that enhance efficiency and reliability in biomass and geothermal power plants. In October 2024, the International Energy Agency (IEA), a France-based intergovernmental organization, projected that over 5,500 gigawatts (GW) of renewable energy capacity would be installed globally between 2024 and 2030.
In May 2024, Electricite de France (EDF), a France-based electric utility, acquired GE Steam Power's nuclear operations from GE Vernova Inc. for an undisclosed amount. This acquisition allows EDF to strengthen its nuclear capabilities by gaining advanced steam turbine technologies and service expertise, supporting the supply, maintenance, and upgrading of equipment for existing and new nuclear power plants, while contributing to European energy security and decarbonization efforts. GE Vernova Inc. is a US-based company providing steam turbine aftermarket services.
Major companies operating in the steam turbine aftermarket market are Siemens Energy AG, Mitsubishi Heavy Industries Ltd., General Electric Company (GE Power), Toshiba Energy Systems & Solutions Corporation, Doosan Enerbility Co. Ltd., Kawasaki Heavy Industries Ltd., Shanghai Electric Group Co. Ltd., Bharat Heavy Electricals Limited, Voith GmbH & Co. KGaA, Sulzer Ltd., Babcock International Group Plc, Triveni Turbine Limited, Sumitomo Heavy Industries Ltd., Fuji Electric Co. Ltd., SIFCO Industries Inc., Allied Power Group LLC, MAN Energy Solutions SE, Ansaldo Energia S.p.A., Hitachi Energy Ltd., ANDRITZ AG
Asia-Pacific was the largest region in the steam turbine aftermarket market in 2025. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the steam turbine aftermarket 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 aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The steam turbine aftermarket market includes revenues earned by entities by providing services such as performance upgrades, retrofitting, condition monitoring, and long-term services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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 Aftermarket 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 aftermarket 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.
Where is the largest and fastest growing market for steam turbine aftermarket ? 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 aftermarket 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.
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