Global Steam Turbine Market 2025 by Manufacturers, Regions, Type and Application, Forecast to 2031

According to our (Global Info Research) latest study, the global Steam Turbine market size was valued at US$ 11850 million in 2024 and is forecast to a readjusted size of USD 15760 million by 2031 with a CAGR of 4.1% during review period.

A steam turbine is a device that converts thermal energy from steam into mechanical energy, which is then often transformed into electrical energy. This is achieved by directing high-pressure, high-temperature steam onto a series of blades mounted on a rotor, causing it to spin. Steam turbines are widely used in power generation and industrial processes due to their efficiency and reliability.

The global steam turbine market is a critical component of energy infrastructure, catering to diverse applications such as power generation, industrial processing, and cogeneration. Key industries driving demand include power utilities, oil and gas, chemical processing, and manufacturing.

Key Market Drivers

Rising Energy Demand: Increasing global energy consumption, particularly in developing countries, is driving demand for steam turbines in power plants. Industrial Expansion: Growing industrial activities require efficient turbines for mechanical drives and combined heat and power (CHP) applications. Renewable Energy Integration: Steam turbines are increasingly used in renewable applications like concentrated solar power (CSP) and biomass plants. Modernization and Replacement: Upgrading outdated turbines with advanced, efficient designs in developed regions is a significant market driver.

Market Restraints

Competition from Alternative Technologies: Gas turbines, wind, and solar PV pose significant competition. High Initial Costs: The capital-intensive nature of turbine installation and maintenance can hinder adoption. Environmental Regulations: Stricter policies against fossil fuel emissions impact coal-fired steam turbine adoption.

Opportunities

Emerging Economies: Industrialization and energy infrastructure development in Asia-Pacific, Africa, and Latin America present significant growth opportunities. Clean Energy Transition: Expanding use in geothermal, biomass, and waste-to-energy applications aligns with global decarbonization goals. Advancements in Efficiency: Development of supercritical and ultra-supercritical turbines enhances performance and reduces emissions.

This report is a detailed and comprehensive analysis for global Steam Turbine market. Both quantitative and qualitative analyses are presented by manufacturers, by region & country, by Type and by Application. As the market is constantly changing, this report explores the competition, supply and demand trends, as well as key factors that contribute to its changing demands across many markets. Company profiles and product examples of selected competitors, along with market share estimates of some of the selected leaders for the year 2025, are provided.

Key Features:

Global Steam Turbine market size and forecasts, in consumption value ($ Million), sales quantity (MW), and average selling prices (USD/KW), 2020-2031

Global Steam Turbine market size and forecasts by region and country, in consumption value ($ Million), sales quantity (MW), and average selling prices (USD/KW), 2020-2031

Global Steam Turbine market size and forecasts, by Type and by Application, in consumption value ($ Million), sales quantity (MW), and average selling prices (USD/KW), 2020-2031

Global Steam Turbine market shares of main players, shipments in revenue ($ Million), sales quantity (MW), and ASP (USD/KW), 2020-2025

The Primary Objectives in This Report Are:

To determine the size of the total market opportunity of global and key countries

To assess the growth potential for Steam Turbine

To forecast future growth in each product and end-use market

To assess competitive factors affecting the marketplace

This report profiles key players in the global Steam Turbine market based on the following parameters - company overview, sales quantity, revenue, price, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include General Electric, Siemens, Dongfang Turbine, Shanghai Electric, Hangzhou Steam Turbine(HTC), Harbin Electric Corporation, Mitsubishi Hitachi Power Systems, MAN Energy Solutions, Fuji Electric, Ebara Elliott, etc.

This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals.

Market Segmentation

Steam Turbine market is split by Type and by Application. For the period 2020-2031, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. This analysis can help you expand your business by targeting qualified niche markets.

Market segment by Type
Non-Condensing Steam Turbine
Condensing Steam Turbine

Market segment by Application
Power Generation
Industrial
Others

Major players covered
General Electric
Siemens
Dongfang Turbine
Shanghai Electric
Hangzhou Steam Turbine(HTC)
Harbin Electric Corporation
Mitsubishi Hitachi Power Systems
MAN Energy Solutions
Fuji Electric
Ebara Elliott
Doosan
Ansaldo
Kawasaki Heavy Industries
Power Machines

Market segment by region, regional analysis covers

North America (United States, Canada, and Mexico)

Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)

Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)

South America (Brazil, Argentina, Colombia, and Rest of South America)

Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

The content of the study subjects, includes a total of 15 chapters:

Chapter 1, to describe Steam Turbine product scope, market overview, market estimation caveats and base year.

Chapter 2, to profile the top manufacturers of Steam Turbine, with price, sales quantity, revenue, and global market share of Steam Turbine from 2020 to 2025.

Chapter 3, the Steam Turbine competitive situation, sales quantity, revenue, and global market share of top manufacturers are analyzed emphatically by landscape contrast.

Chapter 4, the Steam Turbine breakdown data are shown at the regional level, to show the sales quantity, consumption value, and growth by regions, from 2020 to 2031.

Chapter 5 and 6, to segment the sales by Type and by Application, with sales market share and growth rate by Type, by Application, from 2020 to 2031.

Chapter 7, 8, 9, 10 and 11, to break the sales data at the country level, with sales quantity, consumption value, and market share for key countries in the world, from 2020 to 2025.and Steam Turbine market forecast, by regions, by Type, and by Application, with sales and revenue, from 2026 to 2031.

Chapter 12, market dynamics, drivers, restraints, trends, and Porters Five Forces analysis.

Chapter 13, the key raw materials and key suppliers, and industry chain of Steam Turbine.

Chapter 14 and 15, to describe Steam Turbine sales channel, distributors, customers, research findings and conclusion.