Steam Turbine Market Competitive Growth Analysis, Industry Size, Share, And Forecast | GEA,U Siemens, MANA, Toshiba

Global Steam Turbine Market Size, Status, and forecast for the 2025-2032. The research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the Steam Turbine Market industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data. Additionally, the report includes upstream and downstream analyses of key players, as well as global certainties and assurances. The report evaluates dynamic aspects such as forecast market information, Porter's Five Forces Analysis, sales estimates, wide product portfolio, market scenarios, and possibility studies.

The global steam turbine market size was valued at USD 23.62 billion in 2024 and is projected to reach from USD 24.31 billion in 2025 to USD 30.55 billion by 2032, growing at a CAGR of 2.10% during the forecast period (2025-2032).

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Steam Turbine Market Dynamics

Drivers:

Along with the increase in power demand, an increase in the need for steam turbines is anticipated. The majority of the electricity produced globally comes from steam-electric power plants. Power demand is anticipated to soar as the world's population grows. The demand for steam turbines is anticipated to increase due to this factor. On the other hand, the potential of the global market has not yet been fully realized. Industry growth will also be fueled by rapid industrialization and rising electricity demand, particularly in developing economies. Escalating thermal power capacities and rising electricity consumption speed up market expansion. The annual additions to thermal capacity are rising along with the steadily rising electricity consumption. The expansion of the renewable energy industry, particularly in the biomass sector, is another factor driving demand for steam turbines. Frequent power outages, blackouts, and load shedding have increased the demand for steam turbines for power generation. An increase in combined cycle and co-generation activities globally is anticipated to fuel the growth of the steam turbine for the power generation market.

Restraints:

Due to policies at the regional and federal levels, such as limiting the number of emissions acceptable from these plants, existing plants have been retired, and new construction has been delayed in favor of other, more expensive options, raising concerns about the adverse effects of carbon emissions on the climate. The regulations and laws governing fossil fuel-fired power plants will also be a significant obstacle to the expansion of the global market. Steam electric power plants release a significant amount of wastewater into American waters and many pollutants. Toxic and bioaccumulative pollutants like arsenic, lead, mercury, selenium, chromium, and cadmium are among the pollutants. Today, all toxic pollutants released into surface waters by industrial categories covered by the Clean Water Act come from these discharges, which make up about 30% of total toxic pollutants.

Major Players in Steam Turbine Markets are:

GEA,U Siemens, MANA, Toshiba, Mitsubishi Hitachi Power Systems, Eliott Group, Bharat Heavy Electricals Limited, Harbin Turbine, Kawasaki Heavy Industries TurboTech, General Electric, Mitsui, Man Diesel & Turbo, Ansaldo Energia, Fuji Electric, Doosan Skoda Power and Dongfang

Recent Developments

October 2022, Carbon neutrality, or the reduction of greenhouse gases to zero, has become a popular concept in Europe and other parts of the world due to efforts to combat the global problem of climate change.

June 2022, GE Steam Power will supply three nuclear steam turbines under a USD 165 million agreement with state-run engineering company BHEL. To supply three of the six nuclear steam turbines for NPCIL's domestic nuclear program-phase 1, developed at Gorakhpur, Haryana, and Kaiga, Karnataka, GE Steam Power has signed a USD 165 million contract with BHEL.

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Global Steam Turbine Market Segmentation:

By Capacity Outlook:
Up to 150 MW
151 to 300 MW
More than 300 MW

By End-use Outlook:
Power & Utility
Industrial

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The following areas and countries are covered in the worldwide Steam Turbine Market file:

North America (US, Canada, Mexico)
Europe (Germany, France, UK, Russia, Italy)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE), Egypt, Nigeria, and South Korea)

Asia Pacific is the most significant global steam turbine market shareholder and is expected to grow at a CAGR of 2.5% during the forecast period. China, India, Japan, Australia, and the rest of Asia-Pacific are all included in the Asia-Pacific steam turbine market analysis. The Asia Pacific region is anticipated to maintain its lead in terms of both volume and value throughout the forecast period because numerous fossil and biomass power plants are being built in countries like Indonesia, South Korea, Bangladesh, Thailand, and Japan, which will support the market's expansion during that time. The region's demand for power is rising due to the growing population and rapid industrialization. The India Brand Equity Foundation estimates India has the fifth-largest global power generation capacity. India's electricity production reached 1,201.543 billion units (BU), and by 2040, the country's electricity demand is expected to have tripled.

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