The global steam turbines market captures the evolving landscape of power generation, industrial processes, and associated energy sectors for the forecast period 2025-2035. As increasing demand for efficient and flexible power solutions continues, steam turbines remain pivotal due to their widespread adoption in thermal and renewable applications. The market is shaped by technological advancements, stricter emission regulations, and ongoing modernization projects globally. Leading vendors pursue strategic collaborations, R&D investments, and infrastructure upgradation to address diverse industry requirements, while buyers prioritize operational efficiency, sustainability, and long-term cost savings.
Latest Market Dynamics
Key Drivers
Growing demand for reliable power generation, particularly in emerging economies, is propelling steam turbines adoption. For example, General Electric
secured several thermal power plant contracts in Asia in 2024 to address peak energy demand.
Rising investments in modernizing existing power infrastructure and upgradation of aging power plants are further accelerating the deployment of advanced steam turbines, as evidenced by Siemens Energy’s refurbishment projects in Europe.
Key Trends
Integration of steam turbines with renewable energy sources, especially biomass and concentrated solar power (CSP), is increasing, with Mitsubishi Power launching new hybrid turbine solutions in 2025.
Digitalization and adoption of IoT technology for predictive analytics and remote performance monitoring. Companies like Toshiba Energy Systems have rolled out cloud-based turbine monitoring solutions in 2024.
Key Opportunities
Expansion in the renewable sector offers new avenues for steam turbines, particularly in hybrid and CSP plants, with Fuji Electric signing partnerships for solar-thermal hybrid solutions in Southeast Asia.
Emergence of decentralized power generation solutions in remote and off-grid industrial applications is opening new growth areas; Triveni Turbines has reported increased orders from process industries for compact turbine systems.
Key Challenges
Intense competition from gas turbines and alternative clean energy technologies results in price pressures and reduced market share for steam turbines, as seen in several bids lost by Bharat Heavy Electricals Limited (BHEL) in 2025.
Rising operational and maintenance costs for large-scale, aging turbines pose significant challenges for operators. Doosan Škoda Power is investing in aftermarket solutions to mitigate these issues.
Key Restraints
Stringent environmental regulations surrounding emissions from thermal power plants limit growth prospects for new steam turbine installations, prompting companies like Harbin Electric to pivot towards low-emission designs.
Long lead times and high initial capital investment required for steam turbine-based projects reduce adoption, especially in markets sensitive to short payback cycles, impacting suppliers such as Dongfang Electric.
In 2025, condensing steam turbines constitute the largest segment, capturing approximately 38% of the global market share, driven by their efficiency and widespread use in utility-scale power generation. Extraction turbines follow with 22%, benefiting from increased usage in cogeneration plants, while back-pressure turbines secure 15% owing to process steam applications in industries. Non-condensing turbines make up 10% due to specialized industrial demand, reheat turbines hold 9% with growing applications in thermal power retrofits, and multi-stage turbines contribute 6%. The market structure reflects the ongoing preference for highly efficient and versatile turbine designs in both new installations and modernization initiatives.
Global Steam Turbines Market Share by Application, 2025
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.
Global Steam Turbines Market Revenue (USD Million), 2020-2035
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.
Global Steam Turbines Market YOY (%) Growth, 2020-2035
The global steam turbines market has demonstrated a stable year-on-year (YOY) growth trend, with the highest surge occurring between 2024 and 2025 at 5.3%, driven by major upgrade projects and expansion in developing economies. The YOY growth rate moderates to 2.5-2.8% during 2026-2030, reflecting market maturity and increased competition from alternative technologies. From 2031 onwards, growth stabilizes around 2.0-2.4% annually, sustained by modernizations, incremental renewable integration, and demand from industrial users. This growth trajectory illustrates the sector’s evolution amidst shifting energy paradigms.
Global Steam Turbines Market Regional Share (%), 2025
Asia Pacific leads the regional market share in 2025 with 44%, driven by robust capacity additions in China, India, and Southeast Asia. Europe accounts for 21%, underpinned by modernization and renewable-integrated project activity in key nations. North America secures 17%, while Middle East and Africa obtain a combined share of 11% due to infrastructure upgrades and industrial use expansion. South America stands at 7%, with activity centered in Brazil and neighboring markets. The regional distribution underscores APAC’s centrality to steam turbine demand as global energy transition and economic growth continue.
Global Steam Turbines Market Players Share (%), 2025
Siemens Energy holds the leading market share with 23% in 2025, leveraging technology leadership and a robust project portfolio. General Electric follows closely with a 20% share, strengthened by strong presence across the Americas and Asia. Mitsubishi Power accounts for 14%, benefiting from continued innovation and Asian partnerships. Toshiba Energy and Doosan Škoda Power hold 10% and 8%, respectively, both active in global retrofits and new builds. Other players collectively comprise 25%, including BHEL, Fuji Electric, MAN Energy Solutions, and others, representing niche and regional leadership.
Global Steam Turbines Market Buyers Share (%), 2025
Utility companies are the largest buyer segment, holding 48% share in 2025, reflecting sustained investments in baseload and combined cycle plants. Independent power producers (IPPs) claim 19% with a focus on flexible, decentralized power solutions. Major industrial buyers, such as process and chemicals industries, comprise 14%, while EPC contractors represent 10% of the market, facilitating turnkey project delivery. Marine and specialty buyers represent 5% and 4%, respectively. This mix highlights an ongoing reliance on utility-scale deployments and rising attention to industrial applications.
Study Coverage
Metrics
Details
Years
2020-2035
Base Year
2025
Market Size
Revenue (USD Million)
Regions
North America, Europe, Asia Pacific, South America, Middle East, Africa
Segments
By Type (Condensing, Non-Condensing, Extraction, Reheat, Back-Pressure, Multi-Stage), By Application (Power Generation, Oil & Gas, Marine, Industrial, Renewable Energy, Others), By Distribution Channels (Direct Sales, Distributors, EPC Contractors, Online, Retail, Others), By Technology (Impulse, Reaction, Mixed, Condensing, Non-Condensing, Regenerative), By Organization Size (Small, Medium, Large)
June 2024: Siemens Energy announced its largest retrofit project of steam turbines in Central Europe to optimize efficiency and reduce CO2.
July 2024: Mitsubishi Power launched an integrated hybrid turbine system combining steam and hydrogen-fired turbines for decarbonized projects in Asia.
August 2024: Toshiba Energy Systems rolled out an AI-based remote monitoring platform for predictive maintenance of industrial steam turbines.
September 2024: General Electric secured a contract for supplying high-efficiency steam turbines to a major power plant expansion in India.
October 2024: Doosan Škoda Power introduced advanced maintenance service programs for aging steam turbine fleets targeting lifecycle cost reduction.
Frequently Asked Questions
About the Author
Lily
Senior Market Research Analyst
Lily is a Senior Market Research Analyst specializing in market research, industry analysis, and business consulting across Machinery and Equipments. Lily brings a commercially grounded perspective to sectors shaped by changing demand, innovation, and competitive dynamics, helping turn complex market trends into clear strategic insights for business decision-makers. With 10+ years of experience across research, analytics, and strategic advisory roles, Lily has helped organizations translate data into actionable growth strategies.
Machinery and EquipmentsMarket ResearchIndustry AnalysisStrategic Consulting
Key Questions Answered
»What is the market size and growth rate of the global and regional market by various segments?
»What is the market size and growth rate of the market for selective countries?
»Which region or sub-segment is expected to drive the market in the forecast period?
»What factors are estimated to drive and restrain the market growth?
»What are the key technological and market trends shaping the market?
»What are the key opportunities in the market?
»What are the key companies operating in the market?
»Which company accounted for the highest market share?
