Steam Turbine Industry Outlook 2025-2029: Market Set to Cross $19.06 Billion Milestone

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Steam Turbine Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Over the past few years, the market size of steam turbines has experienced a slight increase. Expansion from $17.09 billion in 2024 to $17.39 billion in 2025 is projected, representing a compound annual growth rate (CAGR) of 1.7%. The incremental growth noted during the historic period can be traced back to industrial growth, the increased demand for power, broadening of power generation capacity, usage in thermal power plants, and the deployment in cogeneration and combined heat and power (CHP) systems, as well as the enduring reliability and lifespan of steam turbines.

Steam Turbine Market Size Forecast: What's the Projected Valuation by 2029?
The market size of steam turbines is predicted to witness consistent expansion in the foroming years, rising to $19.06 billion by 2029, with a compound annual growth rate (CAGR) of 2.3%. This growth during the forecast period may be fuelled by the turbines' incorporation into nuclear power plants, rising requirement for district heating systems, prioritisation of energy efficiency in industries, replacement and enhancement of existing infrastructure, as well as the emergence of small-scale and modular power plants. Key trends for the projected period include the creation of improved steam turbine controls, the focus on upgrading and revamping existing steam turbine plants, expansion in small-scale and micro steam turbines, the introduction of superior steam turbine materials and cooperative efforts for research and development in steam turbine technology.

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What Are the Drivers Transforming the Steam Turbine Market?
The attention towards renewable energy, known as clean energy, is projected to boost the steam turbine market's growth. Renewable energy offers a steady power supply, promotes fuel diversification, and improves energy security, reducing the potential for fuel spillage. It aims to spur economic development, address energy security, enhance power accessibility, and combat climate change. Rising demand for renewable energy signifies the necessity for steam turbines, as they offer a source of clean energy that generates electricity with negligible or no environmental repercussion. For example, in April 2023, data published by the U.S. Energy Information Administration (EIA), a U.S.-based department of the U.S. Federal Statistical System, estimated that renewable energy production and consumption scaled new heights in 2022, comprising about 13% (13.40 quads) of total energy generation and 13% (13.18 quads) of total energy consumption. On top of this, there was a 4% surge in hydropower generation and the use of geothermal energy in 2022 compared to the prior year, 2021. Thus, the escalating focus on renewable energy is presumed to spur the expansion of the steam turbine market.

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What Long-Term Trends Will Define the Future of the Steam Turbine Market?
Leading firms in the steam turbine market are pioneering innovative technologies like integrated production control systems, aiming to expand their customer reach, augment sales, and boost revenue. An integrated production control system is an all-encompassing and interconnected array of technologies, software, and procedures engineered to oversee and optimize various production facets within an industrial or manufacturing set-up. For example, in December 2022, Yokogawa Electric Corporation, an electrical engineering and software company headquartered in Japan, unveiled the CENTUM VP R6.10. The uniqueness of the CENTUM VP R6.10 in Yokogawa's integrated production control system of OpreX Control and Safety System series is its ability to streamline steam turbine control for compressor drive and manage multiple compressor trains integrally. This version not just ensures process control and turbomachinery control on an identical CENTUM VP system, but also broadens the horizon of control achievable with a single system. This broadening transcends operational benefits and includes improvements in engineering, procurement, and maintenance procedures. The specialty of the CENTUM VP R6.10 lies in its extended control area, expressly crafted to facilitate steam turbine control for compressor drive and enhance operations by integrally controlling multiple compressor trains.

Which Segments in the Steam Turbine Market Offer the Most Profit Potential?
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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Which Firms Dominate the Steam Turbine Market by Market Share and Revenue in 2025?
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.

Which Regions Offer the Highest Growth Potential in the Steam Turbine Market?
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.

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