Steam Turbine Market Report 2025 (Global Edition)

Global Steam Turbine Market Report 2025 Market Size Split by Exhaust Type Outlook: (Condensing, Non-Condensing), by Capacity Outlook: (Less than 120 MW, 121-350 MW, 351-750 MW, More than 750 MW), by T...

Steam Turbine Market Report Description

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Competitive Landscape of the Steam Turbine Market

With international trade playing a significant role in sustainable growth, ongoing globalization is the key to market competition. In order to enter new markets, save costs, and expand their market shares, the majority of the players have formed joint ventures with a number of suppliers and clients in different nations throughout the world. Prominent industry participants in the steam turbine market are primarily concentrating on a number of strategic assets, such as product customisation, the creation of a novel product line, and inorganic growth initiatives. In order to obtain a competitive edge over other market participants, additional services are being offered for maintenance and upgrades.

August 2024: Mitsubishi Power contracted with Sinohydro Corp. to supply its state-of-the-art steam turbine for the 500 MW gas turbine combined cycle (GTCC) power plant in Malaysia. The steam turbine is intended to increase energy efficiency and reduce emissions by co-firing up to 30% hydrogen. Mitsubishi Power has also reached a deal with PETROS to ensure the plant's performance and operational stability once it starts to operate commercially.

(Source:https://www.mhi.com/news/240805.html )

February 2024: For the first time outside of Europe, Doosan Škoda Power and Covanta collaborated when the former won a contract to supply a high-efficiency steam turbine for the expansion of a waste-to-energy facility in Spring Hill, Florida. To further increase the facility's capacity by 131,500 tons of garbage per year, Covanta teamed up with Pasco County.

(Source:https://www.power-eng.com/news/doosan-skoda-power-to-supply-steam-turbine-to-waste-to-energy-plant-in-us/ )

June 2022: BHEL, a state-run engineering firm, has signed a USD 165 million contract with GE Steam Power to deliver three nuclear steam turbines. A USD 165 million deal has been struck by GE Steam Power and BHEL to deliver three of the six nuclear steam turbines for NPCIL's domestic nuclear program-phase 1, which is being developed at Gorakhpur, Haryana, and Kaiga, Karnataka.

(Source:https://m.economictimes.com/industry/energy/power/ge-steam-power-inks-usd-165-mn-pact-to-supply-3-nuclear-steam-turbines-to-bhel/amp_articleshow/92353936.cms )

Top Companies Market Share in Steam Turbine Industry: (In no particular order of Rank)

• Siemens Energy
• General Electric
• Doosan Škoda Power
• Elliot Group
• Ansaldo Energia S.p.A
• Bharat Heavy Electricals Limited
• Mitsubishi Power Ltd.
• Kawasaki Heavy Industries Ltd.
• Fuji Electric Co. Ltd.
• Toshiba Corporation
• MAN Energy Solutions
• Trillium Flow Technologies
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Steam Turbine Market

Which Region Dominates the Steam Turbine Market in 2024?

According to Cognitive Market Research, North America currently dominates the Steam Turbine market, and the region is expected to have significant growth during the projected period. The rise of the sector will also be fueled by the expansion of production facilities and the widespread use of efficient turbines in a variety of industries. The adoption of these technologies will be further stimulated by their expanding applicability to geothermal and biomass-powered power facilities. The business picture will also be improved by continuing government attempts to maximize turbine efficiency that encourage investments in repairs, upgrades, and emissions control technologies.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR) driven by the growing urban demand for energy management. The industry will be further propelled by the region's transition to cleaner energy solutions and a combination of conventional power sources and renewable energy. The industry's growth trajectory is further supported by rising expenditures in infrastructure expansion and the continuous modernization of existing power facilities.

The current report Scope analyzes Steam Turbine Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Steam Turbine Market Analysis

According to Cognitive Market Research, the global Steam Turbine market size was estimated at USD 27124.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 10849.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Steam Turbine market with a market size of USD 8560.49 million in 2024 and is projected to grow at a CAGR of 2.0% during the forecast period as a result of an increase in the demand for combined cycle projects.
• The Canada Steam Turbine market had a market share of USD 1301.98 million in 2024 and is projected to grow at a CAGR of 3.0% during the forecast period because of the transition from conventional energy sources and toward renewables.
• The Mexico Steam Turbine market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 287.33 million in 2024.

Europe Steam Turbine Market Analysis

According to Cognitive Market Research, the global Steam Turbine market size was estimated at USD 27124.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 8137.35 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031.

• The United Kingdom Steam Turbine market had a market share of USD 1367.07 million in 2024 and is projected to grow at a CAGR of 3.3% during the forecast period because of the growth of power generation facilities that use innovative turbine designs and cutting-edge technologies.
• The France Steam Turbine market is projected to witness growth at a CAGR of 1.7% during the forecast period, with a market size of USD 748.64 million in 2024.
• According to Cognitive Market Research, the German Steam Turbine market size was valued at USD 1611.20 million in 2024 and is projected to grow at a CAGR of 2.7% during the forecast period because thermal sources dominate the production of power and because the demand for electricity is rising.
• The Italy Steam Turbine market is projected to witness growth at a CAGR of 1.9% during the forecast period, with a market size of USD 699.81 million in 2024.
• The Russia Steam Turbine market is projected to witness growth at a CAGR of 1.5% during the forecast period, with a market size of USD 1261.29 million in 2024.
• The Spain Steam Turbine market is projected to witness growth at a CAGR of 1.6% during the forecast period with a market size of USD 667.26 million in 2024
• The Luxembourg Steam Turbine market is projected to witness growth at a CAGR of 2.6% during the forecast period, with a market size of USD 252.26 million in 2024.
• The Portugal Steam Turbine market is projected to witness growth at a CAGR of 2.3% during the forecast period, with a market size of USD 170.88 million in 2024.
• The Greece Steam Turbine market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 97.65 million in 2024.
• The Rest of Europe's Steam Turbine market is projected to witness growth at a CAGR of 1.2% during the forecast period, with a market size of USD 1261.29 million in 2024.

Asia Pacific Steam Turbine Market Analysis

According to Cognitive Market Research, the global Steam Turbine market size was estimated at USD 27124.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 6238.64 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Steam Turbine market size was valued at USD 2807.39 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period ascribed to a change in emphasis from conventional energy sources to renewable energy sources.
• The Japan Steam Turbine market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 860.93 million in 2024.
• The India Steam Turbine market had a market share of USD 748.64 million in 2024 and is projected to grow at a CAGR of 7.8% during the forecast period due to a rise in the demand for projects with a combined cycle.
• The South Korean Steam Turbine market is projected to witness growth at a CAGR of 5.1% during the forecast period, with a market size of USD 623.86 million in 2024.
• The Australian Steam Turbine market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 324.41 million in 2024.
• The South East Asia Steam Turbine market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 430.47 million in 2024.
• The Rest of Asia Pacific Steam Turbine market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 442.94 million in 2024.

South America Steam Turbine Market Analysis

According to Cognitive Market Research, the global Steam Turbine market size was estimated at USD 27124.5 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 1356.23 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Steam Turbine market size was valued at USD 580.46 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period due to the shift toward renewable energy and away from traditional energy sources.
• Argentina's Steam Turbine market had a market share of USD 227.85 million in 2024 and is projected to grow at a CAGR of 4.3% during the forecast period due to the expansion of power plants that employ state-of-the-art technologies and creative turbine designs.
• Colombia Steam Turbine market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 120.70 million in 2024.
• Peru Steam Turbine market is projected to witness growth at a CAGR of 3.6% during the forecast period, with a market size of USD 111.21 million in 2024.
• Chile Steam Turbine market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 97.65 million in 2024.
• The Rest of Latin America's Steam Turbine market is projected to witness growth at a CAGR of 2.5% during the forecast period, with a market size of USD 218.35 million in 2024.

Middle East Steam Turbine Market Analysis

According to Cognitive Market Research, the global Steam Turbine market size was estimated at USD 27124.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 542.49 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031..

• The GCC Countries Steam Turbine market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 232.19 million in 2024 due to the growing demand for electricity and the dominance of thermal sources in power generation.
• The Egypt Steam Turbine market is projected to witness growth at a CAGR of 4.0% during the forecast period, with a market size of USD 56.96 million in 2024.
• The South Africa Steam Turbine market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 85.71 million in 2024 attributed to a shift in focus away from traditional energy sources and toward renewable ones.
• The Turkey Steam Turbine market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 46.55 million in 2024.
• The Nigeria Steam Turbine market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 56.96 million in 2024.
• The Rest of the MEA Steam Turbine market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 64.01 million in 2024.

Steam Turbine Market Analysis

How are Segments Performing in the Global Steam Turbine Market?

Steam Turbine Market Exhaust Type Segment Analysis

According to Cognitive Market Research, the condensing category is likely to dominate the Steam Turbine Market over the forecast period because it is widely used in power production applications, especially in nuclear and large-scale thermal power plants. These turbines are perfect for producing electricity because of their high efficiency in transforming steam energy into mechanical energy. Condensing steam turbine usage is being fueled by the growing demand for electricity worldwide as well as the modernization of existing power plants.

The non-condensing is the fastest-growing segment in the Steam Turbine Market driven by its use in industrial operations, including district heating, food processing, and chemical manufacture. Non-condensing turbines, sometimes referred to as back-pressure turbines, are particularly effective for cogeneration because of their capacity to provide both mechanical energy and process steam. Non-condensing steam turbine adoption is being aided by the growing need for energy-efficient industrial solutions as well as the growth of the manufacturing and processing sectors in emerging economies.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Steam Turbine Industry. Request a Free Sample PDF!

Steam Turbine Market Capacity Segment Analysis

According to Cognitive Market Research, the less than 120 MW segment holds the largest share of the market-driven, especially in areas with decentralized energy systems, by the growing need for small and medium-sized power generation units. Applications, including waste-to-energy facilities, industrial cogeneration, and small-scale renewable energy initiatives, are perfect for these turbines. Additionally, growing investments in industrial expansion and distributed power infrastructure are driving the adoption of these turbines in emerging economies.

In the Steam Turbine Market, the 121-350 MW has been expanding at a rapid pace as a result of its appropriateness for medium-sized power plants, such as combined-cycle power plants and industrial establishments needing high energy production. The increasing emphasis on lowering carbon emissions in medium-scale energy generation and improvements in turbine efficiency are advantageous to this category. Moreover, modernization and retrofitting initiatives in established areas and the growth of power generation capacity in developing nations are driving up demand for these turbines.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Steam Turbine Technology Outlook: Segment Analysis

Steam Turbine Market Technology Segment Analysis

According to Cognitive Market Research, the steam cycle segment holds the largest market share because it's widely used in conventional power generation, especially in nuclear, coal, and biomass power plants. The demand is driven by both developed and developing regions' need for dependable and effective electricity generation. The incorporation of sophisticated steam turbines with increased thermal efficiency and the modernization of already-existing power plants are also propelling expansion in this market. Furthermore, the steam cycle continues to be a vital technology in energy-intensive sectors, guaranteeing its continuous use.

In the Steam Turbine market, the rapidly growing sector is the combined cycle category fueled by natural gas's growing popularity as a greener energy source. Since they are more efficient and emit fewer carbon emissions than conventional steam cycle systems, combined cycle power plants—which harness both gas and steam turbines—are becoming more and more popular. Due to its ability to effectively supplement intermittent renewable sources like wind and solar, combined cycle technology has also been aided by the global shift toward renewable energy integration and decarbonization.

• Steam Cycle
• Combined Cycle
• Cogeneration

Steam Turbine Application Outlook: Segment Analysis

Steam Turbine Market Application Segment Analysis

According to Cognitive Market Research, the petrochemicals segment dominates the market, fueled by the growing need for petrochemical products in a variety of sectors. Because they supply the mechanical drive needed for crucial operations like cracking and refining, steam turbines are essential to the effective running of petrochemical plants. Demand is further accelerated by the continuous growth of petrochemical plants, particularly in areas like the Middle East and Asia-Pacific. Furthermore, developments in turbine technology that lower emissions and improve operating efficiency are promoting their use in this industry and supporting the market's steady expansion.

Food retail is projected to be the fastest-growing segment in the power generation market driven by the rising demand for electricity around the world. The modernization of outdated power facilities and the growth of renewable energy sources has led to a strong demand for dependable and efficient steam turbines. Additionally, steam turbines' significance in the energy mix is increased by the shift to cleaner energy production, which includes the use of combined-cycle power plants. The market for steam turbines in this category is anticipated to grow rapidly as a result of the significant investments being made in power generation infrastructure, particularly in emerging markets.

• Power Generation
• Petrochemicals
• Oil & Gas
• Others

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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