Press release
Modular Steam Turbine Market Is Booming Worldwide 2025-2032 | Ansaldo Energia S.p.A, Siemens Energy AG, MAN Energy Solutions SE
Modular Steam Turbine Market
Market Size and Overview
The Global Modular Steam Turbine Market size is estimated to be valued at USD 4.3 billion in 2025 and is expected to reach USD 7.9 billion by 2032, exhibiting a robust compound annual growth rate (CAGR) of 8.5% from 2025 to 2032. This market growth is underpinned by the rising adoption of modular steam turbines in power generation, industrial processes, and waste heat recovery systems. Regional expansions and technology-driven efficiency improvements remain key drivers influencing the market size and modular steam turbine market report.
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Key Takeaways
- Dominating Region: Asia Pacific leads the modular steam turbine market share in 2025, contributing more than 38% of the global market revenue, fueled by rapid industrialization and rising energy needs in China and India.
- Fastest Growing Region: North America is the fastest-growing region with a CAGR exceeding 9% during 2025, driven by increased investments in renewable energy integration and modernization of power plants.
- Segment Coverage:
- By Application: Power Generation (dominating sub-segment, accounting for 55% market revenue in 2025), Industrial Processes, and Waste Heat Recovery (fastest-growing sub-segment, projected to grow at 11% CAGR).
- By Capacity: Small (150 MW).
- By End-User Industry: Utilities (dominating), Oil & Gas, Chemicals (fastest-growing, driven by increased thermal efficiency demands).
Growth Factors
Key market drivers include growing emphasis on decarbonization, rising need for flexible power solutions, and government incentives aimed at upgrading infrastructure. For instance, in 2024, a significant increase in cogeneration projects across Southeast Asia led to a 15% surge in modular steam turbine installations. Additionally, adoption in waste heat recovery projects, particularly in chemical manufacturing hubs in Europe, has further propelled modular steam turbine market growth.
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Market Trends
Recent market trends highlight a pronounced shift towards smaller, modular systems offering higher scalability and reduced installation times. The rise of digital twin technologies in 2025 allows better predictive maintenance, enhancing turbine reliability and lifecycle management. Moreover, integration of steam turbines with hybrid renewable systems, such as solar thermal plants, is gaining traction, reflecting ongoing innovation in modular steam turbine market trends.
Actionable Insights
- Supply Side Indicators: Production capacity for modular steam turbines increased by 12% globally in 2024, amplifying market supply amid growing demand. Pricing trends from 2024 reflect a stabilization due to optimized manufacturing techniques and economies of scale.
- Demand Side Indicators: Imports of modular steam turbine components in North America rose by 18% in 2025 to meet rapid deployment schedules in power and industrial sectors.
- Use Cases: Expansion in chemical and petrochemical industries for cogeneration and waste heat recovery contributes significantly to market revenue, with reported efficiency improvements of 8-10% in 2025 projects.
Key Players
◘ Siemens Energy AG
◘ GE Vernova (General Electric Power)
◘ Mitsubishi Heavy Industries / Mitsubishi Hitachi Power Systems
◘ Ansaldo Energia S.p.A.
◘ Shanghai Electric Group
◘ Dongfang Electric Corporation Ltd.
◘ Doosan Škoda Power a.s.
◘ Bharat Heavy Electricals Ltd. (BHEL)
◘ MAN Energy Solutions SE
◘ Toshiba Energy Systems & Solutions Corp.
The modular steam turbine market landscape is shaped by a number of influential market players, including prominent industry companies specializing in manufacturing and engineering services. Leading market companies are aggressively adopting growth strategies such as strategic alliances, technological innovation, and geographical expansion. For instance, several major OEMs expanded their production footprints in Asia Pacific in 2024, leading to a 10% revenue increase. Others focused on digital integration and service-based revenue models, enhancing after-sales support and maintenance contracts globally.
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FAQs
1. Who are the dominant players in the Modular Steam Turbine Market?
The market players leading the modular steam turbine market have diversified portfolios with advanced manufacturing capabilities and global service networks. Their growth strategies include technological innovation and strategic alliances, driving the modular steam turbine market share expansion.
2. What will be the size of the Modular Steam Turbine Market in the coming years?
The modular steam turbine market size is projected to grow from USD 4.3 billion in 2025 to USD 7.9 billion by 2032, with a CAGR of 8.5%, fueled by rising energy demand and modernization efforts across industries.
3. Which end-user industry has the largest growth opportunity?
The power generation segment holds the largest market revenue share, while waste heat recovery within the chemical industry is the fastest-growing segment, presenting lucrative market opportunities.
4. How will market development trends evolve over the next five years?
Market trends indicate increasing adoption of flexible, small-capacity modular steam turbines, enhanced by digital twin technology and hybrid renewable integrations, which are expected to redefine operational efficiencies.
5. What is the nature of the competitive landscape and challenges in the Modular Steam Turbine Market?
The competitive landscape is marked by intense innovation and regional expansions. Market challenges include raw material price fluctuations and complex regulatory environments, necessitating adaptive market growth strategies.
6. What go-to-market strategies are commonly adopted in the Modular Steam Turbine Market?
Market companies employ strategies like technological advancements, partnership development, and localization of production to enhance market penetration and optimize supply chains, directly impacting modular steam turbine market revenue.
Author of this Marketing PR:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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