Steam Turbine Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities

The Steam Turbine Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

How Big Is the Steam Turbine Market Size Expected to Be by 2034?
In recent times, there has been a slight increase in the size of the steam turbine market. This market is projected to expand from $17.09 billion in 2024 to $17.39 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 1.7%. The growth observed during the historical period can primarily be attributed to factors such as industrialization, increasing demand for power, expansion of power generation capacity, application in thermal power plants, cogeneration, combined heat and power (CHP) systems, and the dependable and long-lasting nature of steam turbines.

In the coming years, the steam turbine market is projected to experience consistent expansion, reaching a market size of $19.06 billion in 2029 with a compound annual growth rate (CAGR) of 2.3%. Several factors contributing to this growth during the forecast period include the use of steam turbines in nuclear power plants, increased demand for district heating systems, industry focus on energy efficiency, replacement and modernization of outdated infrastructure, and the rise of small-scale and modular power plants. Key trends expected during this period are the development of sophisticated steam turbine controls, emphasis on upgrading and retrofitting current steam turbine plants, growth in the sector of small-scale and micro steam turbines, the launch of improved steam turbine materials, and partnerships to advance research and development in steam turbine technology.

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What Are the Emerging Segments Within 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 (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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What Long-Term Drivers Are Shaping Steam Turbine Market Trends?
As the emphasis on renewable energy grows, it's predicted to fuel the expansion of the steam turbine market. Known as clean energy, renewable energy provides stable power sources and diversifies fuel, intensifying energy security and lessening the chances of fuel spillages. The main objective of focusing on renewable energy is to propel economic growth, bolster energy security, broaden access to power, and combat climate change. This shift to renewable energy creates a need for steam turbines, offering a source of eco-friendly energy that generates electricity with minimal or no environmental impact. In an example from April 2023, a report from the U.S. Energy Information Administration (EIA), a division of the US Federal Statistical System based in the US, stated that renewable energy production and consumption reached record highs in 2022, comprising about 13% (13.40 quads) of total energy production and 13% (13.18 quads) of overall energy usage. Furthermore, power generation from hydropower and the use of geothermal energy both increased by 4% in 2022 compared to 2021. Consequently, the escalated focus on renewable energy will stimulate the growth of the steam turbine market.

Who Are the Top Competitors in Key Steam Turbine Market Segments?
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 Steam Turbine Market Trends Are Gaining Traction Across Different Segments?
Primary corporations in the steam turbine market are fabricating new-age technologies like integrated production control systems to enlarge their client base, augment sales and multiply their revenues. An integral production control system constitutes an all-encompassing and interconnected network of technology, software, and procedures purposed for steering and uplifting various facets of production within a manufacturing or industrial backdrop. For example, in December 2022, the Japan-headquartered electrical engineering and software organization, Yokogawa Electric Corporation, launched the CENTUM VP R6.10. Its standout feature in the Yokogawa integrated production control system included in the OpreX Control and Safety System lineup is its ability to simplify steam turbine control for compressor drive and the consolidated management of multiple compressor trains. In addition to facilitating process control and turbomachinery control on a single CENTUM VP platform, it expands the boundaries of controllable elements within a single framework. This expansion not only brings about operational benefits but also improves the processes involved in engineering, procurement, and maintenance. What sets the CENTUM VP R6.10 apart is its extended control range, specially constructed to aid steam turbine control for compressor drive and enhance efficiencies via the unified control of numerous compressor trains.

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Which Regions Are Becoming Hubs for Steam Turbine Market Innovation?
Western Europe was the largest region in the steam turbine market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steam turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Steam Turbine Market?
2. What is the CAGR expected in the Steam Turbine Market?
3. What Are the Key Innovations Transforming the Steam Turbine Industry?
4. Which Region Is Leading the Steam Turbine Market?

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