Steam Turbine Market Size was valued at USD 23.48 Billion in 2023. The Steam Turbine market is projected to grow from USD 23.9 Billion in 2024 to USD 29.58 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.40% during the forecast period (2024 - 2032). Increasing demand for electricity worldwide and the rising demand for onsite power generation are the key market drivers boosting the growth of the steam turbine market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The International Energy Agency estimates that global energy consumption rose by 4.6% in 2021, twice as quickly as it did in 2018. A steam turbine is a generator that produces mechanical or rotational energy by heating water. A steam turbine is a generator that produces mechanical or rotational energy by heating water. Due to the sharp rise in world population, it is predicted that in the next 20 years, the world's energy demand would increase by 48%. Currently, fossil fuels provide 80% of the world's energy needs.
The majority of the world's electricity is produced by steam turbines, which also produced 45% of the nation's electricity in 2021. The majority of steam turbines contain a boiler where a fuel is burned to create hot water and steam in a heat exchanger. The steam then powers a turbine which then drives a generator. Steam turbines are used by the majority of the biggest electric power facilities in the US.
June 2022: GE Steam Power, a division of GE, recently received a $165 million contract from India's government-owned engineering and manufacturing firm, BHEL, to deliver three nuclear steam turbines. This agreement is based on business collaboration and licence and technology transfer agreements between the two companies, allowing them to produce 700 MW nuclear steam turbines.
March 2022: Siemens Energy will supply four H-class combined cycle power units to power plants in southern China's Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Siemens Energy will deliver a 675 MW combined cycle power generation unit, including an SGT5-8000H gas turbine, a steam turbine, two generators, and related auxiliary equipment, as well as long-term maintenance service, to Guangdong Yuehua Power Co., Ltd.'s plant in Guangzhou.
Due to a rise in the demand for on-site power generation and a promising future for steam-intensive industries, industrial application is expected to increase. The steam turbine market share will increase with increased applicability in sugar plants, refineries, pulp & paper industries, and chemical facilities. The business dynamics will be aided by favorable policies on the expansion of power generating capacity to meet the rising electricity demand and reduce the demand-supply gap.
Some of the key elements promoting product adoption include the expanding use of super and ultra-supercritical technologies as well as the conversion of existing power plants into combined cycle systems. The sector dynamics will be further energized by ongoing government efforts to implement a sustainable energy network and energy-efficient technologies.
October 2021: Dongfang Electric Group International Cooperation Co., Ltd. and Jordan APC company successfully signed the general contract for the Safi gas steam power generation and heating self-provided power station project.
Based on the type, the market has been segmented into condensing and noncondensing. Among them, condensing segment is the largest segment of the market accounting for 61.78% of the global market in 2022. Further the segment is expected to register a high CAGR of 3.44% during the forecast period. High-pressure steam is used by the noncondensing kind of steam turbine, and a lower-pressure steam is exhausted to a header. In order to recover condensate, the condensing turbine exhausts to a surface condenser, which is often a sizable exchanger with an attached hot well but may also take the shape of an air fan.
When consistent power output and steam extraction at a set pressure are needed, condensation steam turbines are used. Steam can be used to extract the most energy possible because of the large enthalpy difference between its initial and final conditions. Condensing steam turbines are widely used for co-generation, in which the turbine generates both the central power and steam requirements of the process plant.
August 2020: Shanghai Electric Group has signed a contract to deliver steam turbines to be used in China National Nuclear's two nuclear power plants.
Based on rated capacity, the steam turbine market has segmented into Up to 150 MW, 151-300 MW and Above 300 MW. Above 300 MW segment held the largest market share (56.63%) in 2022. Due to the rising demand for industrial CHP units, steam turbines with a capacity of up to 150 MW are anticipated to experience substantial increase during the projection period. Due to their greater efficiency than single units, CHP units are becoming more and more popular across a variety of process industries. The demand for CHP, which may also provide direct power, electricity, and heat, has recently increased.
The 151 to 300 MW segment is anticipated to experience the highest growth during the forecast period due to the high demand for small steam turbines in small- and mid-sized combined cycle power plants (CCPP), combined heat and power (CHP), petrochemicals, biomass, and concentrated solar power (CSP) solutions. Additionally, because there is such a large demand from the steel, cement, chemical, and other industries, vendors that produce steam turbines are concentrating more on the small steam turbine category.
August 2021: Doosan Škoda Power supplied Acciona a steam turbine for the Avertas Energy facility in Australia under a contract. The Avertas Energy facility is the first of a number of planned energy from waste projects for energy recovery in Australia.
Based on the heat source, the market has been segmented into Coal, Nuclear, Biomass and Others. Among them, coal segment is the largest segment of the market accounting for 55.54% of the global market in 2022. In addition to waste exhaust heat recovered in a heat recovery steam generator, steam turbines can use a wide range of fuel sources in the accompanying boiler or other heat source, including coal, oil, natural gas, wood, and waste products. Wood, coal, natural gas, oil (including residual oil, the stuff left over after the lucrative distillates have been removed for separate sale), municipal solid waste, and sludge are only a few of the fuels used by industrial boilers.
The equipment required for solid fuel handling, storage, and preparation significantly raises the cost of an installation. Therefore, these fuels are only used when the facility is predicted to have a high annual capacity factor or when it is necessary to dispose of the solid material to prevent an environmental or space occupancy issue. Renewable organic material from plants and animals is known as biomass. Up until the middle of the 1800s, biomass accounted for the majority of the entire yearly U.S. energy consumption. Biomass is a popular fuel in many nations, particularly for heating and cooking in underdeveloped nations. In many industrialized nations, the use of biomass fuels for electricity production and transportation is rising as a way to reduce carbon dioxide emissions from burning fossil fuels. Nearly 5 quadrillion British thermal units (Btu) and 5% of all primary energy used in the United States were provided by biomass in 2021.
May 2020: The contract was awarded to MAN Energy Solutions for two MST050 steam turbines, each with a gearbox, generator, and auxiliary components. The steam turbines, with a total power output of approximately 56 MW, will be installed in a CHP power plant that will supply electricity and heat to the city of Leipzig.
Based on the end user, the market has been segmented into industrial and power & utility. Among them, the commercial segment is the largest segment of the market accounting for 85.11% of the global market in 2022. Throughout the projection period, the power utility segment is anticipated to continue to dominate the market. Electrical power generation applications typically use steam turbines. The market has been divided into power and utility and industrial segments based on end-use. Any combustion fuel can be used with steam turbine units, but historically coal has been the fuel of choice. The use of coal-fired power plants and renewable energy sources like natural gas has been curtailed due to growing environmental concerns. Furthermore, it is now imperative to use renewable energy sources.
The expansion of industrial activity worldwide is responsible for the industrial segment's expansion. In the form of CHP units, steam turbines are used in industrial applications. These units create outputs in various ways and are more efficient than single units. The increased need for steam turbines in internal power plants in the industrial sector is also a result of frequent load limitations and power interruptions.
March 2021: GE Steam Power has designed and manufactured the world's largest (75-inch) last-stage blade for its Arabelle low-pressure rotor. According to GE, the blade will allow the Hinkley Point C nuclear power plant in Somerset, England, to produce 3.2 GWe of CO2-free power. This Arabelle steam turbine, when completed, will be the most powerful nuclear steam turbine in operation. It was put through its paces at GE's factory in Belfort, France.
By Region, the study segments the gas turbine market into North America, Europe, Asia-Pacific, Middle East & Africa and South America. Asia-Pacific Gas Turbine market holds the largest market share and is also anticipated to account for the largest revenue share during the forecast period. Steam turbine industry growth is anticipated to be maintained by planned thermal facilities like the Phulari Coal Powered Plant in Bangladesh and the Patratu Super-Thermal Power Plant (Coal) in India as global power demand rises per person. China is building the most thermal power plants worldwide, and it already uses a lot of steam turbines. To meet the need for electricity, ultra-supercritical coal plants like those at Fuyang Power Station and Huadian Laizhou Power Station are being constructed.
Natural gas-powered electricity generation in China increased from 232.5 terawatt-hours in 2019 to 247.0 terawatt-hours in 2020. Additionally, the share is anticipated to increase in the upcoming years as the nation looks to replace its coal-fired power plants, which are largely to blame for carbon emissions, with sustainable electricity generation using renewable energy sources. To become a pioneer in clean energy, address the capacity glut in the coal sector, and lower the nation's CO2 emissions, the Chinese government is currently strictly preventing the building of new coal-fired power plants. With the government's announcement that it will approve new projects beyond 600 MW based on the use of cutting-edge technologies like supercritical and ultra-supercritical technology, however, the new constructions are increasingly of ultra-supercritical plants. Beijing is consistently raising the efficiency and emissions standards for its ageing plants.
March 2019: Toshiba Energy Systems & Solutions Corporation and Kawasaki Heavy Industries have entered into a collaboration agreement to supply medium-capacity steam turbines for utility and industrial thermal power plants.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Steam Turbine Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Steam Turbine Market industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global Steam Turbine industry to benefit clients and expand the Steam Turbine market sector is to manufacture locally to reduce operating costs. The market for Steam Turbine is recognized as being extremely competitive and fragmented. The market for Steam Turbine offers considerable potential opportunities for domestic and unorganised companies. Some of the key players operating in the Steam Turbine Market are General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Shanghai Electric, Dongfang Electric Corp Ltd , Bharat Heavy Electricals Limited among others To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.
| Attribute/Metric | Details |
| Market Size 2023 | USD 23.48 billion |
| Market Size 2024 | USD 23.9 billion |
| Market Size 2032 | USD 29.58 billion |
| Compound Annual Growth Rate (CAGR) | 2.40% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Rated Capacity, Heat Source, End User and Region |
| Geographies Covered | Europe, North America, Asia-Pacific, and the Rest of the World |
| Countries Covered | The U.S, Germany, Canada, U.K., Italy, France, Spain, Japan, China, Australia, India, South Korea, and Brazil |
| Key Companies Profiled | General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Shanghai Electric, Dongfang Electric Corp Ltd , Harbin Electric Corporation, Bharat Heavy Electricals Limited, Toshiba, Doosan, Ansaldo Energia, MAN Energy Solutions, Fuji Electric Co., Ltd., WEG |
| Key Market Opportunities | Technological advancements in steam turbine |
| Key Market Dynamics | Increasing demand for electricity worldwide Rising demand onsite power generation |
Steam Turbine Market Highlights:
Frequently Asked Questions (FAQ) :
The Steam Turbine Market size is valued at USD 23.48 Billion in 2023.
The global market is projected to grow at a CAGR of 2.40% during the forecast period, 2024-2032.
Asia Pacific had the largest share of the global market.
The key players in the market are General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Shanghai Electric, Dongfang Electric Corp Ltd , Harbin Electric Corporation, Bharat Heavy Electricals Limited, Toshiba, Doosan, Ansaldo Energia, MAN Energy Solutions, Fuji Electric Co., Ltd., WEG
The Condensing category dominated the market in 2022.
Above 300 MW had the largest revenue share of the global market.
The Coal category dominated the market in 2022.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2025 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
