The global steam turbines market revenue stood at approximately USD 17,800 million in 2025, up from USD 16,900 million in 2024. The market is projected to grow at a CAGR of 2.6% from 2025 to 2035, reaching around USD 23,100 million by 2035. This steady growth is attributed to ongoing industrialization in developing regions, increasing focus on clean and hybrid power generation, and the need for efficiency upgrades in legacy power plants. Despite competing technologies, the market maintains resilience due to the critical role steam turbines play in baseload and cogeneration applications.
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The power generation segment dominates the global steam turbines market in 2025, accounting for 52% share, reflecting the critical role of steam turbines in utility-scale and combined cycle plants. Industrial applications contribute 21%, supported by rising demand in chemical, food processing, and paper industries. Oil & gas remains significant at 12%, particularly for mechanical drive operations and process energy. Marine applications comprise 7%, renewable energy (including biomass and CSP) forms 5% with rapid growth, while other miscellaneous uses make up the remaining 3%. This distribution highlights the sustained importance of electricity generation and industrial modernization in driving steam turbine adoption.
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Who are the key players in Global Steam Turbines industry?
The top five players in the global steam turbines industry are Siemens AG, General Electric (GE), Mitsubishi Power, Doosan Škoda Power, and Toshiba Energy Systems & Solutions. These companies dominate the market through technological innovation, global presence, and strategic partnerships to cater to diverse power generation requirements worldwide.
What is the Global Steam Turbines growth?
The global steam turbines market is experiencing moderate growth, driven by increasing electricity demand and modernization of aging power infrastructure. For example, Siemens AG recently reported a rise in turbine orders from Asia-Pacific owing to government-backed renewable and hybrid power projects boosting the segment's growth.
Which segment accounted for the largest Global Steam Turbines share?
The power generation segment holds the largest share of the global steam turbines market. This primarily includes thermal power plants and combined cycle plants. The segment benefits from ongoing global electrification initiatives and grid expansion projects, supporting steam turbines as a reliable solution for large-scale energy production.
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