USD 23.5 billion
Steam Turbine Market Size, Share, and Growth Analysis
Steam Turbine Market by Product and Service (Instrument & Accessories, Robotic Systems), by Application (Laparoscopy, Neurosurgery), by End User (Hospitals, Ambulatory Surgery Centers), by region -industry forecast 2025-2032
Report ID:
SQMIG20E2046 |
Region:
Global |
Published Date: February, 2025
Pages:
202
|Tables:
62
|Figures:
75
Format -
Steam Turbine Market Insights
Steam Turbine Market size was valued at USD 23.5 billion in 2023 and is poised to grow from USD 24.58 billion in 2024 to USD 35.23 billion by 2032, growing at a CAGR of 4.6% during the forecast period (2025-2032).
Great advancements in the steam turbine market have the potential to change the dynamics of this vital industry. The growing use of blended warmth and power (CHP) buildings is one of the notable trends. These buildings now make use of steam turbines to generate energy as well as to take photos and use extra heat, improving the typical electrical performance. Business and energy plant operators are rushing to find viable ways of harnessing energy to be applied in lots of other ways so as to conserve energy and save nature. Moreover, the marketplace is continually being innovated towards steam turbines, adapting to a highly anticipated growth in sustainable energy need.
Furthermore, applying a steam turbine resolves all sorts of potential renewable energy sources like geothermal, biomass, and intense or concentrated solar energy. It is necessary to use steam turbines in extracting the energy coming from the said renewable resources. Its portability makes it beneficial for many applications of renewable powers, too. The market would certainly extend globally: its aims toward global consumption in simple sources of renewable energy. The global steam turbine market trends includes blending of digital technology for sophisticated tracking and management in line with the larger trend of digitalization. Real-time performance tracking and situation-based preservation are made possible by digital technologies, sophisticated sensors, and predictive analytics.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Steam Cycle
Fastest Growth
Combined Cycle
Growth Rate
4.6% CAGR
Global Steam Turbine Market ($ Bn)
Country Share by Asia Pacific (%)
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Steam Turbine Market Segments Analysis
Global steam turbine market is segmented by Type, Rated Capacity, Exhaust Type, Application and region. Based on Type, the market is segmented into Steam Cycle (Conventional), Combined Cycle and Cogeneration. Based on Rated Capacity, the market is segmented into 1-120 Mw, 121-350 Mw, 351-750 Mw and Above 750 Mw. Based on Exhaust Type, the market is segmented into Condensing and Non-Condensing. Based on Application, the market is segmented into Coal, Biomass, Nuclear and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Type
As per categorization by type, the market is classified as steam cycle and combined cycle. Among these, steam cycle earned the largest share and continues to hold the dominant global steam turbine market share. The steam cycle type remains dominant in the B2B steam turbine market owing to long established technology, reliability, and very widespread use in traditional power generation - coal, nuclear and gas power plants of enormous size. In the arena belong innovations, e.g., increased thermal efficiency gains, the integration of renewable resources, and the reduction of emissions. Advances in materials, turbine design, and supercritical steam cycles have improved performance, causing the steam cycles to compete more with each other. Indeed, the material and infrastructure of these machines are superior, requiring the generation of high-output electricity, consistent, and very appropriate for base-load power generation globally.
The combined cycle type is poised to be the fastest-growing segment in the global steam turbine market due to its superior efficiency and environmental benefits. These systems have over 60% higher efficiencies compared to separate cycle configurations and allow a reduction in the consumption of fuel and operational costs. Given this aspect, it is easy to comprehend why combined cycle systems are attractive for power plants that want to keep emissions low and comply with strict environmental regulations. Plus, there is a rising clamor for cleaner and more renewable sources of energy. Combined cycle systems can well integrate with renewable forms of energy; a great fit for the burgeoning power generation needs.
Analysis by Exhaust Type
Condensing exhaust remains dominant in the global steam turbine market due to its exceptional efficiency in large-scale power generation. The improvement of this segment now tackles thermal performance optimization, minimizing heat losses, and enhancing materials construction for the turbines to endure higher temperatures and pressures. Condensing turbines are found in plants that use coal, nuclear fuel, and combined cycle where making maximum electric energy generation from steam is crucial. Of all different engine types, these turbines are seen to have a competitive edge due to higher efficiency levels, base-load power needs being met. Demand grows for a high amount of consistent power sales, whichever is the dominant condensing exhaust type for utility-scale power generation.
The non-condensing exhaust is expected to be the fastest-growing segment in the global steam turbine market due to its cost-effectiveness and suitability for combined heat and power (CHP) applications. These turbines are particularly favorable when it comes to industrial and small-size power production as they are capable of cogeneration, so that generated electricity can be converted into heat if necessary. The rise of cogeneration systems in the industry is increasing significantly, and the purchase of non-condensing turbines is seen predominantly in manufacturing, focusing on energy efficiency and cost savings. This type of turbine is in use within manufacturing setups to generate continuous steam for industrial processes in electric generation and other power efficiency applications.
Global Steam Turbine Market By Type (%)
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Steam Turbine Market Regional Insights
Asia Pacific dominates the global steam turbine market due to its rapid industrialization, large-scale infrastructure projects, and growing energy demand. China and India are vastly investing in power generation to be able to support the expanding populations and expanding economies. Also, the region is looking at better energy efficiency routes and cleaner energy transitions, which has an encouraging effect on the uptake of advanced steam turbine technologies. The demand for traditional and combined-cycle steam turbines in coal, nuclear and gas power plants is huge, which makes its use an attraction in the increasing investment in renewable energy integration. The dominance of the Asia Pacific market has been fueled by these very factors and supported by strong government backing to underpin energy infrastructure.
North America is the fastest-growing region in the global steam turbine market due to a shift towards cleaner and more efficient energy production. The region is moving toward increasing efficiency levels and lower emissions with its combined-cycle power plants as well as maintaining sustainability goals. Both the U.S. and Canada are now making great investments to upgrade its aging energy infrastructure, move toward natural gas, and use renewable forms of energy. This is mainly due to such government policies, which promote energy efficiency and carbon reduction that would expand in favor of the adoption of high technologies in rising steam turbines. With the need for consistent power generation, these factors have a reason why North America is quickly saving and expanding its workforce for steam turbine equipment.
Global Steam Turbine Market By Geography
- Largest
- Fastest
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Steam Turbine Market Dynamics
Steam Turbine Market Drivers
Increasing Energy Demand
- Due to urbanization, industrialization, and growing population, the need for electric power is increasing tremendously all over the globe. It is expected that this will revolutionize the global market for steam turbines. The growth of economies, especially of emerging economies, will lead to much need for the expansion of efficient and reliable methods of electricity generation and thus to an increasing demand for steam turbines.
Technological Advancements in Efficiency
- Advances in steam turbine technology, for example, an improved efficiency thermal cycle, improved materials, and advanced turbine designs, can drive the market forward. Innovations like supercritical and ultra-supercritical steam cycles help to drive up the efficiency of power plants, which is related to reduced fuel consumption, lower emissions, and appeal to new applications, both traditional and renewable energy, for steam turbines.
Steam Turbine Market Restraints
Environmental Concerns and Emissions
- The environmental opinions concerning the emission of carbon from coal and oil power plants, most of which involve the employment of steam turbines, serve as a hindrance. By and large, governments have become harsher with their environmental regulations, ensuring the reduction in the size of footprints constituted by carbon, and accordingly, the stress has been increasing upon the consideration of a fossil fuel-based plant's reliance on steam turbine, which serves to retard market growth.
Aging Infrastructure and Obsolescence
- Older steam turbo systems in most parts of the world are aging and could soon become outdated due to the lightning pace new technologies progress. Investment in steam turbo systems in many developed economies is hampered due to the expenses necessary for their upgrade, replacement, or retrofitting to raise their efficiency and compliance to contemporary standards.
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Steam Turbine Market Competitive Landscape
The global steam turbine market is very competitive, with several consolidated companies in the main product segments engaged in the business. Manufacturers have started to invest in R&D due to more stringent regulations and tightening emission standards. Some of the vital global players of the steam turbine market are General Electric, Siemens Energy, Mitsubishi Power, Toshiba Energy Systems & Solutions, and Ansaldo Energia. These companies focus intensely on innovation, strategic partnering, and global-competitive selling to stimulate market expansion and competition.
Top Players in Steam Turbine Market
- General Electric Company (United States)
- Siemens AG (Germany)
- Mitsubishi Hitachi Power Systems, Ltd. (Japan)
- Toshiba Energy Systems & Solutions Corporation (Japan)
- Ansaldo Energia S.p.A. (Italy)
- Bharat Heavy Electricals Limited (BHEL) (India)
- Doosan Skoda Power (Czech Republic)
- Harbin Electric Corporation (China)
- Dongfang Electric Corporation Limited (China)
- Elliott Group (United States)
- MAN Energy Solutions SE (Germany)
- Shanghai Electric Group Co., Ltd. (China)
- Fuji Electric Co., Ltd. (Japan)
- Hangzhou Steam Turbine Co., Ltd. (China)
- Power Machines (Russia)
- Turboden S.p.A. (Italy)
- Triveni Turbine Limited (India)
- Fuji Electric India Pvt. Ltd. (India)
- Shin Nippon Machinery Co., Ltd. (Japan)
Steam Turbine Market Recent Developments
- In November 2024, Siemens Energy announced the successful completion of a state-of-the-art steam turbine project as combining compliments to a power plant. The development incorporates advanced digitalization and efficiency-enhancing technologies, enabling better performance and reduced emissions. This project is part of Siemens Energy’s commitment to transitioning toward more sustainable energy solutions.
- In July 2024, Mitsubishi Power launched a new steam turbine model designed for hydrogen-ready power plants. Next-level innovation shall make the plants shift their fuel source from fossil to hydrogen, thus decreasing GHG emissions to a notable extent. Its aim is to offer better, cleaner and more flexible turbine technologies, so that the energy transition can spread even faster, making a great contribution to global efforts.
- In June 2024, General Electric (GE) has declared a partnership with a large utility headquartered in Europe to provide cutting-edge steam turbines for a nascent gas-to-power project. One of such turbines that would be supplied by GE aims at delivering increased efficiency and reduced operational costs that may aid in ensuring safety in energy while focusing on emission reduction within that area.
Steam Turbine Key Market Trends
- Transition to Combined-Cycle Power Plants: An essential trend in the global steam turbine market is to use combined-cycle power plants. These power plants increase the overall efficiency of a plant by combining a gas and steam turbine, which reflects a better fuel usage and reduces the release of greenhouse gases, aligns with the aim of sustainability and results in the global steam turbine market growth.
- Increased Demand for Hydrogen-Ready Turbines: The shifting trend among energy sectors is seen moving toward decarbonization, and this is more likely to push the need for hydrogen-ready steam turbines. These turbines are supposed to run on hydrogen to provide a cleaner solution to burning fossils just as hydrogen is more and more used in power generation, pushing the world further into using low-carbon energy sources.
Steam Turbine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global steam turbine industry is greatly benefited by rapid technology evolution supported with increasing demands for green and energy-efficient solutions. The predominance of steam cycle turbines is still traceable in their reliability and the long-term presence in traditional power-generation settings.
While some even focus on the goal of reducing emissions and increasing efficiency, this marks the inevitable future course. Innovations such as combined-cycle turbines and models capable of using hydrogen will reshape industry. These include steam turbine generators, which will serve as a vital means to meet the increasing global energy needs and the visibility in sustainability objectives-the latter being particularly true in emerging regions, such as Asia-Pacific and North America.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 23.5 billion |
| Market size value in 2032 | USD 35.23 billion |
| Growth Rate | 4.6% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Steam Turbine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Steam Turbine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Steam Turbine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Steam Turbine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Steam Turbine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Steam Turbine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Steam Turbine Market Report Snapshots
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