Steam Turbines

Global Steam Turbines Market to Reach US$21.5 Billion by 2030

The global market for Steam Turbines estimated at US$17.5 Billion in the year 2024, is expected to reach US$21.5 Billion by 2030, growing at a CAGR of 3.5% over the analysis period 2024-2030. Up to 150 MW, one of the segments analyzed in the report, is expected to record a 4.0% CAGR and reach US$5.3 Billion by the end of the analysis period. Growth in the 151-300 MW segment is estimated at 3.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$4.7 Billion While China is Forecast to Grow at 5.1% CAGR

The Steam Turbines market in the U.S. is estimated at US$4.7 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.3 Billion by the year 2030 trailing a CAGR of 5.1% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.6% and 2.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR.

Global Steam Turbines Market - Key Trends and Drivers Summarized

How Are Steam Turbines Powering Industrial and Energy Sectors?

Steam turbines are mechanical devices that convert thermal energy from steam into mechanical energy, which is then used to generate electricity, drive machinery, or support industrial processes. These turbines play a crucial role in power generation, manufacturing, oil and gas refining, and marine propulsion, offering reliable performance and high efficiency. Steam turbines are classified into different types, including condensing, non-condensing, reheat, and extraction turbines, each designed to meet specific operational requirements. As the demand for energy-efficient technologies and reliable power sources grows across industries, steam turbines continue to be a vital component in global energy production and industrial applications.

What Are the Key Segments in the Steam Turbines Market?

Key types include condensing steam turbines, non-condensing steam turbines, reheat steam turbines, and extraction steam turbines, with condensing turbines holding the largest market share due to their widespread use in power generation plants for electricity production. Capacity segments cover small (<150 MW), medium (151–300 MW), and large (>300 MW) turbines, with medium-capacity turbines representing a significant segment driven by demand from industrial cogeneration and combined heat and power (CHP) plants. Applications of steam turbines span power generation, chemical processing, oil refining, and marine propulsion, with power generation leading the market as it utilizes steam turbines for base-load and peak-load power generation.

How Are Steam Turbines Integrated Across Energy and Industrial Sectors?

In power generation, steam turbines are used in thermal power plants, including coal, nuclear, and natural gas-fired facilities, where they convert steam produced by burning fuel or nuclear reactions into mechanical energy to drive generators. In the industrial sector, steam turbines are used in cogeneration and combined heat and power (CHP) plants, providing both electricity and process steam for manufacturing, chemical processing, and refining operations, enhancing energy efficiency. The oil and gas sector uses steam turbines for processes like crude oil distillation and natural gas processing, where reliable and high-capacity turbines support refinery operations. Additionally, marine propulsion systems employ steam turbines for ship engines, offering efficient and long-range propulsion capabilities.

What Factors Are Driving the Growth in the Steam Turbines Market?

The growth in the Steam Turbines market is driven by several factors, including increasing demand for reliable and efficient power generation technologies across industrial, commercial, and utility sectors. Advancements in turbine design, materials, and thermodynamic efficiency have improved the performance and lifespan of steam turbines, supporting broader adoption across diverse energy applications. The focus on energy efficiency and reduced carbon emissions, particularly in industrial processes and cogeneration plants, has further fueled demand, as steam turbines provide cost-effective solutions for combined power and heat production. Additionally, rising investments in thermal power plants, nuclear energy projects, and infrastructure development, particularly in emerging economies, have contributed to market growth, encouraging the integration of steam turbines in global energy systems.

SCOPE OF STUDY:

The report analyzes the Steam Turbines market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Capacity (Up to 150 MW, 151-300 MW, Above 300 MW); End-Use (Power & Utility, Industrial)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 42 Featured) -

• Alstom SA
• Ansaldo Energia S.P.A.
• Bharat Heavy Electricals Limited
• Dongfang Electric Corporation Limited
• Doosan Skoda Power
• Eliott Group
• Fuji Electric Co., Ltd.
• General Electric Company
• Harbin Electric International Company Limited
• Man Diesel & Turbo SE
• Mitsubishi Hitachi Power Systems, Ltd.
• Shanghai Electric Group Co. Ltd.
• Siemens AG
• Toshiba Corporation

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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