Rising Focus on Energy Security and Technological Advancements to Propel the Global Steam Turbine Market at a CAGR of 2.4% during the Forecast Period 2025 to 2035

Rising Focus on Energy Security and Technological Advancements to Propel the Global Steam Turbine Market at a CAGR of 2.4% during the Forecast Period 2025 to 2035

Market Research Future (MRFR) has published a cooked research report on the “Global Steam Turbine Market” that contains information from 2019 to 2035. The Steam Turbine Market is estimated to register a CAGR of 2.4% during the forecast period of 2025 to 2035.

MRFR recognizes the following companies as the key players in the Global Steam Turbine Market: General Electric (US), Siemens (DE), Mitsubishi Heavy Industries (JP), Alstom (FR), Toshiba (JP), Ansaldo Energia (IT), Bharat Heavy Electricals Limited (IN), MAN Energy Solutions (DE), and Doosan Heavy Industries & Construction (KR).

Steam Turbine Market Highlights

The Global Steam Turbine Market is expected to register a CAGR of 2.4% during the forecast period and is estimated to reach USD 31.03 billion by 2035.

There is a change in the market paradigm owing to the demand for dependable and effective ways to generate energy and to the increased spending on the development of renewable energy and other foundational frameworks. The world’s energy needs are responsible for the greater demand for and the cost of affordable steam turbines to transform heat to mechanical energy with high efficiency, resulting in a world steam turbines greater demand for steam turbines. It is the world’s greater demand for steam turbines that contribution to meeting the energy needs of the world. Predictive maintenance, data analytics and other IoT digital technologies installation in steam turbines enhance operational efficiency, reliability and performance. Sustaining carbon emission decrement is also a global digital technology that aims to reduce carbon emissions.

Energy security, innovative turbine technology, and clean energy market regulatory frameworks are the primary drivers of the market expansion. For example, developing hybrid and renewable turbine-based technologies is becoming more sophisticated to achieve the strategic sustainability objectives of many nations. Market leaders undertaking innovative turbine technology are GE, Siemens, and Mitsubishi Heavy Industries. They focus on new turbine matrices, digital twin and hybrid steam systems for turbine life cycle enhancement and emission reduction for efficiency improvements.

Segment Analysis

The Global Steam Turbine Market has been segmented based on Type, Rated Capacity, Heat Source, and End User.

By Type, the Condensing segment dominates the market due to its high efficiency in large-scale power generation, while the Noncondensing segment is the fastest-growing, driven by demand from industrial and cogeneration applications.

By Rated Capacity, The Up to 150 MW segment holds the largest market share, appealing to small and medium-scale industrial sectors, whereas the Above 300 MW segment is witnessing rapid growth with the development of large-scale and high-efficiency power plants.

By Heat Source, Coal remains the dominant heat source owing to established infrastructure, while Biomass is the fastest-growing segment, supported by global sustainability initiatives and favorable government policies promoting renewable energy.

By End User, the Industrial segment holds the largest share, driven by demand from manufacturing and heavy industries, while the Power & Utility segment is emerging as the fastest-growing due to investments in renewable and hybrid energy projects.

Regional Analysis

By Region, the Steam Turbine Market is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa. North America holds the largest market share (approximately 40%) due to strong energy infrastructure, rising renewable energy investments, and technological advancements. The U.S. and Canada lead the region with major upgrades to aging power plants.

Europe accounts for nearly 30% of the global market, driven by regulatory frameworks like the European Green Deal that emphasize energy efficiency and low-carbon technologies. Germany, France, and the UK are the key markets. Asia-Pacific is the fastest-growing region, holding around 25% of the global market, fueled by industrial expansion, rising electricity demand, and government policies in China and India supporting renewable energy integration. The Middle East & Africa represent emerging markets with about 5% share, supported by infrastructure investments and energy diversification programs, particularly in Saudi Arabia and South Africa.

Key Findings of the Study

·       The Global Steam Turbine Market is projected to reach USD 31.03 billion by 2035, growing at a CAGR of 2.4% from 2025 to 2035.

·       North America accounted for the largest market share, while Asia-Pacific emerged as the fastest-growing region.

·       Based on Type, the Condensing segment dominated the market in 2024.

·       Based on Heat Source, the Coal segment held the largest share, while Biomass exhibited the highest growth potential.

·       General Electric (US), Siemens (DE), and Mitsubishi Heavy Industries (JP) are leading players focusing on digitalization and hybrid energy integration.

Industry Developments

·       In January 2023, Bharat Heavy Electricals Limited (BHEL) signed a contract for the renovation and modernization of steam turbines at Ukai Thermal Power Station in Gujarat, India.

·       In February 2022, EDF and GE announced an agreement for EDF to acquire a portion of GE Steam Power’s nuclear power activities, creating a leading global provider of nuclear steam turbine technology.

·       In December 2021, Ansaldo Energia began constructing a new 800 MW combined cycle plant for EP Produzione in Italy, integrating a high-efficiency steam turbine system.

Future Outlook

The Steam Turbine Market is poised for steady growth through 2035, driven by the increasing global demand for electricity, hybrid power generation technologies, and the ongoing digital transformation of energy systems.

Future opportunities lie in:

·       Development of hybrid steam turbine systems integrated with solar and wind power.

·       Expansion into emerging markets with customized high-efficiency turbine solutions.

·       Investment in digital monitoring and predictive maintenance technologies to optimize performance.

·       By 2035, the Steam Turbine Market is expected to strengthen its role as a cornerstone of the global energy transition, balancing traditional and renewable generation needs.

Report Link- https://www.marketresearchfuture.com/reports/steam-turbine-market-4618