The steam turbine market size has grown marginally in recent years. It will grow from $17.09 billion in 2024 to $17.39 billion in 2025 at a compound annual growth rate (CAGR) of 1.7%. The growth in the historic period can be attributed to industrialization and power demand, expansion of power generation capacity, utilization in thermal power plants, cogeneration and combined heat and power (CHP) systems, reliability and longevity of steam turbines.
The steam turbine market size is expected to see steady growth in the next few years. It will grow to $19.06 billion in 2029 at a compound annual growth rate (CAGR) of 2.3%. The growth in the forecast period can be attributed to integration in nuclear power plants, increasing demand for district heating systems, focus on energy efficiency in industries, replacement and upgradation in aging infrastructure, emergence of small-scale and modular power plants. Major trends in the forecast period include development of advanced steam turbine controls, focus on upgrading and retrofitting existing steam turbine plants, growth in small-scale and micro steam turbines, introduction of advanced steam turbine materials, collaborations for research and development in steam turbine technology.
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What are the key drivers behind the rapid expansion of the steam turbine market?
The increase in focus on renewable energy is expected to propel the growth of the steam turbine market. Renewable energy, also identified as clean energy, provides consistent power supplies and fuel diversification, improving energy security and reducing the risk of fuel spills. The primary focus on renewable energy is to advance economic development, improve energy security, enhance access to power, and mitigate climate change. The increasing focus on renewable energy creates demand for steam turbines as these are a source of clean energy to produce electricity with no/less environmental impact. For instance, in April 2023, according to a publication by the U.S. Energy Information Administration (EIA), a US-based agency of the US Federal Statistical System, renewable energy production and consumption hit record highs in 2022, accounting for about 13% (13.40 quads) of total energy production and 13% (13.18 quads) of total energy consumption. Additionally, hydropower generation and geothermal energy use both saw a 4% increase in 2022 compared to the year 2021. Therefore, increasing focus on renewable energy will drive the growth of the steam turbine market.
What is the segmentation for the steam turbine market?
The steam turbine market covered in this report is segmented –
1) By Plant Type: Gas, Coal, Nuclear, Other Plant Types
2) By Capacity: Rated Power (<60MW), Rated Power (60-200MW), Rated Power (>200MW)
3) By Technology: Steam Cycle, Combined Cycle, Cogeneration
4) By Design: Reaction, Impulse
5) By End-Use Industry: Power And Utility, Industrial
Subsegments:
1) By Gas: Combined Cycle Gas Plants, Simple Cycle Gas Plants
2) By Coal: Pulverized Coal Plants, Fluidized Bed Coal Plants
3) By Nuclear: Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR)
4) By Other Plant Types: Biomass Plants, Geothermal Plants, Waste-To-Energy Plants
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Who are the most influential companies in the steam turbine market?
Major companies operating in the steam turbine market include Hitachi Ltd., Siemens AG, General Electric Company, Toshiba Corporation, Shanghai Electric Group Corp, Kawasaki Heavy Industries Ltd., Doosan Enerbility Co Ltd., Dongfang Electric Corporation Ltd., Fuji Electric Ltd., Weg SA, Black & Veatch Corporation, MAN Energy Solutions SE, Harbin Electric Company Limited, Solar Turbines Incorporated, Bharat Heavy Electricals Limited, Ansaldo Energia SpA, Power Machines Ltd., Babcock & Wilcox Enterprises Inc., NPO Saturn PJSC, Elliot Group Corp, Triveni Turbine Limited, Turboden S.p.A., L&T-MHI Power Turbine Generators Pvt Ltd., Vericor Power Systems LLC, Arani Power Systems Ltd., Turbine Technology Services Corporation, Beijing Beizhong Steam Turbine Generator Co Ltd., CMI Energy India Pvt Ltd, Dresser-Rand Group Inc.
What are the most influential trends expected to drive the steam turbine market forward?
Major companies operating in the steam turbine market are developing advanced technologies, such as integrated production control systems, to meet larger customer bases, increase sales, and increase revenue. An integrated production control system refers to a comprehensive and interconnected set of technologies, software, and processes designed to manage and optimize various aspects of production within an industrial or manufacturing environment. For instance, in December 2022, Yokogawa Electric Corporation, a Japan-based electrical engineering and software company, released the CENTUM VP R6.10. The distinctive feature of the CENTUM VP R6.10 in the Yokogawa integrated production control system within the OpreX Control and Safety System lineup lies in its capability to facilitate steam turbine control for compressor drive and the integrated management of multiple compressor trains. This version not only enables process control and turbomachinery control on the same CENTUM VP system but also extends the range of control achievable with a single system. This extension goes beyond operational benefits and encompasses enhancements in engineering, procurement, and maintenance processes. The unique aspect of CENTUM VP R6.10 is its expanded scope of control, specifically designed to support steam turbine control for compressor drive and optimize operations through the integrated control of multiple compressor trains.
What are the major regional insights for the steam turbine market, and which region holds the top position?
The countries covered in the steam turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Steam Turbine Market Report 2025 Offer?
The steam turbine market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
The steam turbine refers to a machine that converts thermal energy from pressurized steam and transforms it into mechanical work on a rotating output shaft. It uses heat sources such as gas, coal, nuclear, and solar to heat water at extremely high temperatures until it is converted into steam. The main parts of stream turbines are rotors and blades.
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