Global Steam Turbine Market Growth 2025-2031

The global Steam Turbine market size is predicted to grow from US$ 11750 million in 2025 to US$ 15210 million in 2031; it is expected to grow at a CAGR of 4.4% from 2025 to 2031.

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 Modernization and Replacement: Upgrading outdated turbines with advanced, efficient designs in developed regions is a significant market driver.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.

LP Information, Inc. (LPI) ' newest research report, the “Steam Turbine Industry Forecast” looks at past sales and reviews total world Steam Turbine sales in 2024, providing a comprehensive analysis by region and market sector of projected Steam Turbine sales for 2025 through 2031. With Steam Turbine sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Steam Turbine industry.

This Insight Report provides a comprehensive analysis of the global Steam Turbine landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Steam Turbine portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Steam Turbine market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Steam Turbine and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Steam Turbine.

This report presents a comprehensive overview, market shares, and growth opportunities of Steam Turbine market by product type, application, key manufacturers and key regions and countries.

Segmentation by Type:

Non-Condensing Steam Turbine

Condensing Steam Turbine

Segmentation by Application:

Power Generation

Industrial

Others

This report also splits the market by region:

Americas

United States

Canada

Mexico

Brazil

APAC

China

Japan

Korea

Southeast Asia

India

Australia

Europe

Germany

France

UK

Italy

Russia

Middle East & Africa

Egypt

South Africa

Israel

Turkey

GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.

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

Key Questions Addressed in this Report

What is the 10-year outlook for the global Steam Turbine market?

What factors are driving Steam Turbine market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Steam Turbine market opportunities vary by end market size?

How does Steam Turbine break out by Type, by Application?

Please note: The report will take approximately 2 business days to prepare and deliver.