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Steam Turbine Market Future Business Opportunities 2025-2032 | Coherent Market Insights
Steam Turbine Market
The Global Steam Turbine Market size is estimated to be valued at USD 17.37 Bn in 2025 and is expected to reach USD 20.23 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 2.2% from 2025 to 2032. The steam turbine industry is capital-intensive and pivotal for power generation, industrial processes and marine propulsion. Innovations in modular design and digital services are reshaping project economics and life-cycle performance.
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Key Takeaways:
• Region:
- North America: Rapid adoption of combined-cycle power plants drove capacity additions of 8 GW in 2024.
- Latin America: Renewables integration spurred retrofit projects in Brazil and Argentina.
- Europe: Carbon regulations accelerated CCGT upgrades across Germany and the UK.
- Asia Pacific: China and India accounted for 60% of 2024 turbine orders.
- Middle East: LNG-fired complexes in Qatar and UAE drove 3 GW of new installations in 2025.
- Africa: South Africa's Eskom refurbishment plan added 1.2 GW in 2024.
• Segment Covers:
- Type:
• Condensing - Predominant in baseload plants (e.g., 1.2 GW units in Texas).
• Extraction - Favored by paper and chemical industries for process steam.
• Back-pressure - Widely used in sugar mills (e.g., Brazil's Safra cluster).
- End-Use Industry:
• Utility - Grid operators commissioned 5 GW of CCGT in 2024.
• Industrial - Oil & gas refineries added 500 MW of cogeneration capacity.
- Steam Pressure:
• High - greater than 170 bar units achieved 42% efficiency in Japan's Fukushima plant.
• Medium - 70-170 bar machines dominate district heating.
• Low - Less than 70 bar turbines serve biomass and waste-to-energy facilities.
Growth Factors
• Decarbonization mandates: Over 30 GW of retirements in coal plants by 2024 triggered 4 GW of steam turbine retrofits in Europe.
• Efficiency gains: Mitsubishi Power's 520 MW turbine series launched in 2025 delivered 3% higher thermal efficiency compared to its predecessor.
• Aftermarket services: Global service contracts grew 12% in 2024, supporting market revenue expansion and higher life-cycle margins.
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Market Trends
• Digitalization: The use of AI-driven predictive maintenance rose by 15% in 2024; Siemens Energy deployed digital-twin monitoring on a 1 GW plant in Germany.
• Modularization: Prefabricated turbine islands reduced installation time by 20% in recent EPC projects in India.
• Hydrogen readiness: GE's 2025 steam turbine pilot demonstrated 10% performance stability when co-firing 30% green hydrogen.
Actionable Insights
• Production Capacity: Global OEMs shipped 25 GW of steam turbine capacity in 2024, up 4% year-on-year.
• Pricing: Average OEM turbine pricing increased by 3.2% to USD 1.2 Mn/MW in Q1 2025.
• Exports: China exported 8 GW of units in 2024, led by Shanghai Electric's 1 GW order to Pakistan.
• Imports: Europe imported 2.5 GW of units in 2024, primarily from Asia-Pacific suppliers.
• Use Cases:
- CSP plants in Spain integrated 200 MW of low-pressure turbines in 2024.
- Petrochemical cogeneration in Saudi Arabia added 1.5 GW capacity last year.
• Micro-Indicators: Supplier lead times averaged 14 months in 2024, tightening price negotiations.
• Nano-Size Indicators: Rotor forging yields improved 2% in Q4 2024, reducing Row rates.
Key Players
• General Electric (GE)
• Siemens Energy
• Mitsubishi Power, Ltd.
• Toshiba Corporation
• Kawasaki Heavy Industries
• Doosan Enerbility
• MAN Energy Solutions
• Shanghai Electric
• Dongfang Electric
• Ansaldo Energia
• Harbin Electric
• Bharat Heavy Electricals Limited (BHEL)
• Rolls-Royce Energy Systems
• CAE Turbines
• Caterpillar Inc.
Competitive Strategies
• In 2024, Siemens Energy secured a 20-year service agreement with a UK utility, boosting aftermarket revenue by 10%.
• GE introduced its upgraded 1.5 GW steam turbine in February 2025, capturing three major combined-cycle orders in North America.
• Mitsubishi Power partnered with a Middle Eastern EPC in 2024 to deliver hydrogen-blended steam turbines, enhancing its market share in clean-fuel projects.
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FAQs
1. Who are the dominant players in the Steam Turbine Market?
General Electric, Siemens Energy, Mitsubishi Power and Toshiba Corporation lead, supported by Kawasaki, BHEL and MAN Energy Solutions.
2. What will be the size of the Steam Turbine Market in the coming years?
The Global Steam Turbine Market size is projected to grow from USD 17.37 Bn in 2025 to USD 20.23 Bn by 2032 at a CAGR of 2.2%.
3. Which end-use industry has the largest growth opportunity?
Utility-scale combined-cycle and cogeneration plants account for the highest capacity additions, driven by grid decarbonization and efficiency mandates.
4. How will market development trends evolve over the next five years?
Expect wider digital-twin adoption, modular EPC solutions and hydrogen readiness to dominate Steam Turbine Market trends.
5. What is the nature of the competitive landscape and challenges in the Steam Turbine Market?
Key challenges include supply-chain lead times, material costs and carbon regulations; leading OEMs compete on efficiency, service contracts and fuel flexibility.
6. What go-to-market strategies are commonly adopted in the Steam Turbine Market?
OEMs leverage long-term service agreements, digital-maintenance offerings, modular skid designs and financing partnerships to secure project wins and post-sale revenue.
✍️ Author of this marketing PR:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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Coherent Market Insights leads into data and analytics, audience measurement, consumer behaviors, and market trend analysis. From shorter dispatch to in-depth insights, CMI has exceled in offering research, analytics, and consumer-focused shifts for nearly a decade. With cutting-edge syndicated tools and custom-made research services, we empower businesses to move in the direction of growth. We are multifunctional in our work scope and have 450+ seasoned consultants, analysts, and researchers across 26+ industries spread out in 32+ countries.
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