Steam Turbine Market Research Report 2025-2030: Growth Driven by Industrial Power Generation Demand, Rising CHP Adoption, and Upgrades to Existing Installations - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Steam Turbine Market Research Report 2025-2030" report has been added to ResearchAndMarkets.com's offering.

The Steam Turbine Market was valued at USD 19.50 Billion in 2024, and is projected to reach USD 23.48 Billion by 2030, rising at a CAGR of 3.14%.

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.

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.

KEY QUESTIONS ANSWERED

• How big is the global steam turbine market?
• What is the growth rate of the global steam turbine market?
• Who are the key players in the global steam turbine market?
• What are the significant trends in the steam turbine market?
• Which region dominates the global steam turbine market share?

Key Attributes:

Report Attribute	Details
No. of Pages	217
Forecast Period	2024 - 2030
Estimated Market Value (USD) in 2024	$19.5 Billion
Forecasted Market Value (USD) by 2030	$23.48 Billion
Compound Annual Growth Rate	3.1%
Regions Covered	Global

Market Dynamics

Market Opportunities & Trends

• Rising Global Electricity Demand
• Integration with Renewable Energy
• Modernization & Technological Advancements
• Expansion into Emerging Markets
• Retrofitting & Upgrading Existing Infrastructure
• Government Policies & Strategic Energy Initiatives

Market Growth Enablers

• Increasing Energy Security Needs
• Global Push for Decarbonization
• Growing Investment in Grid Infrastructure
• Access to Financing and Incentives
• Advancements in Material Science
• Digitalization and Industry 4.0

Market Restraints

• High Capital Costs & Extended Project Timelines
• Environmental & Regulatory Pressures
• Rising Competition & Fuel Volatility
• Infrastructure Challenges & Supply Chain Disruptions

STEAM TURBINE MARKET VENDOR LANDSCAPE

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)
• 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

For more information about this report visit https://www.researchandmarkets.com/r/pmxup7

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