The global steam turbines market was valued at USD 16,500 Million in 2025 and is expected to reach USD 23,750 Million by 2035, exhibiting a CAGR of 3.6% from 2024 to 2035. The rising need for efficient power generation, refurbishment of aging power infrastructure, and sustained investments in combined heat and power plants are expected to drive significant growth in this market over the forecast period.
The economic impact of tariffs on "Global Steam Turbines".
Global Steam Turbines Market Growth Drivers
Rising Demand for Clean and Efficient Power Generation: As countries commit to reducing carbon emissions and increasing energy efficiency, steam turbines are seeing widespread adoption in cleaner thermal and hybrid energy generation units. Siemens Energy AG, for example, has developed advanced steam turbines designed for high efficiency, lower emissions, and seamless integration with renewables, helping utilities meet both regulatory and sustainability targets.
Aging Power Infrastructure and Need for Upgrades: Many regions, especially in Asia-Pacific and Europe, are grappling with aging power infrastructure that requires urgent upgrades. General Electric (GE) has been receiving substantial orders for retrofitting existing power plants with its state-of-the-art steam turbines, thereby improving plant lifecycle and operational efficiency while supporting grid resilience.
Global Steam Turbines Market Trends
Hybridization and Integration with Renewable Sources: One of the latest trends is the integration of steam turbines with renewable energy sources such as solar thermal and biomass. Toshiba Energy Systems & Solutions Corporation is actively working on projects where steam turbines are combined with solar power plants, enabling round-the-clock power generation and grid stability, thus amplifying the hybridization trend in the sector.
Digitalization and Predictive Maintenance: The deployment of IoT devices and digital twins in steam turbine operations is gaining momentum. Companies like Mitsubishi Power have introduced sophisticated digital solutions for steam turbines, allowing real-time health monitoring, predictive maintenance, and performance optimization, reducing downtime and operational costs for power producers.
Global Steam Turbines Market Opportunities
Expansion in Emerging Markets: Rapid industrialization and urbanization in countries such as India, China, and Vietnam offer enormous opportunities for steam turbine suppliers. Companies like Bharat Heavy Electricals Limited (BHEL) are leveraging government initiatives to establish new generation facilities and win large-scale contracts in these growth markets.
Growth in Industrial Cogeneration: The rising adoption of combined heat and power (CHP) systems in sectors like chemicals, paper, and food processing presents untapped opportunities for steam turbine manufacturers. For instance, Doosan Škoda Power is focusing on providing customized turbines catering specifically to these industries’ cogeneration needs.
Global Steam Turbines Market Revenue (USD Million), 2020-2035
The provided chart illustrates the steady growth trajectory of the global steam turbines market from USD 13,000 Million in 2020 to an anticipated USD 23,750 Million by 2035. The market demonstrates consistent year-on-year growth, driven by increasing modernization of power plants, adoption in new industrial applications, and emerging market expansions. Notable inflection points are visible post-2025, coinciding with significant policy and industry investments in decarbonization and infrastructure upgrades across regions. With robust demand for reliable and efficient energy solutions, the steam turbines market is projected to maintain healthy momentum through 2035.
Global Steam Turbines Market by Regions Share (%), 2025
The pie chart demonstrates the regional share distribution of the steam turbines market in 2025. Asia-Pacific dominates with a 49% market share, propelled by rapid industrial growth and infrastructure investments in China and India. Europe follows with 20%, driven by power plant modernization projects. North America represents 15% of the market, reflecting the shift toward combined cycle and cogeneration plants. The Middle East & Africa region accounts for 9%, supported by investments in energy diversification projects, while Latin America holds the remaining 7%, attributed to upgrades in their aging power infrastructure. This regional segmentation highlights Asia-Pacific’s core role and underscores key global growth hotspots.
Recent Developments in Global Steam Turbines Market
In April 2024, Siemens Energy signed a landmark agreement to supply advanced steam turbines to a 1,500 MW combined cycle power plant in Indonesia, aimed at boosting national power capacity and supporting the region’s energy transition. The project features innovative high-efficiency steam turbines and is slated for commissioning in the next two years.
In March 2024, Mitsubishi Power announced the launch of its TOMONI digital platform tailored for steam turbine fleets. The solution leverages AI-driven data analytics for early fault detection and predictive maintenance, enhancing operational reliability while reducing maintenance costs for utilities across Asia and the Middle East.
In February 2024, GE Vernova secured a major contract to upgrade steam turbines for several European utilities as part of decarbonization efforts. The upgrades are expected to increase overall plant efficiency by up to 10%, reduce carbon emissions, and extend the lifespan of critical turbines in the EU’s power grid.
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