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Steam Turbine Market to Reach USD 26.3 Billion by 2035, Driven by Utility-Scale Demand and Efficiency Upgrades

10-06-2025 10:47 AM CET | Energy & Environment

Press release from: MarketGenics India Pvt. Ltd.

Steam Turbine Market to Reach USD 26.3 Billion by 2035, Driven by Utility-Scale Demand and Efficiency Upgrades

Steam Turbine Market to Reach USD 26.3 Billion by 2035, Driven by Utility-Scale Demand and Efficiency Upgrades

The global Steam Turbine Market is projected to grow from over USD 19.3 billion in 2025 to USD 26.3 billion by 2035, expanding at a CAGR of 3.1% during the forecast period. Growth is being propelled by rising global electricity demand, ongoing investments in high-efficiency steam turbine technologies, and extensive modernization of thermal and nuclear fleets to meet cleaner-energy and grid-stability objectives.

Manufacturers and utilities are prioritizing efficiency gains, digital upgrades and modular designs - all intended to squeeze more megawatts and fewer emissions from existing and new thermal assets.

Get the Detailed Industry Analysis (including the Table of Contents, List of Figures, and List of Tables) - from the Steam Turbine Market Research Report: https://marketgenics.co/press-releases/steam-turbine-market-62765

Recent Developments Shaping the Market
Fuji Electric Launches Compact Industrial Turbines

In May 2025, Fuji Electric Co., Ltd. introduced a next-generation range of compact steam turbines aimed at cogeneration and industrial applications. The line emphasizes improved blade designs, enhanced thermal efficiency and integrated digital monitoring for lower lifecycle cost.

Doosan Škoda Power Upgrades High-Output Platform

Also in May 2025, Doosan Škoda Power unveiled an upgraded high-output steam turbine platform for large thermal and nuclear installations. The platform focuses on sealing advances, optimized flow paths and modular retrofitability to help utilities modernize plants while improving grid stability.

Market Forecast 2035
The market will create an incremental revenue opportunity of approximately USD 7.0 billion between 2025 and 2035.

The utility segment dominates, representing 85% of the market in 2025, driven by large-scale thermal and nuclear generation needs.

Asia Pacific leads regionally with 44% share in 2025 (about USD 8.6 billion), supported by rapid industrialization, capacity additions and modernization programs across China, India and neighboring markets.

Through 2035, deployments will include ultra-supercritical combined-cycle units, biomass integrations, and flexible turbines that support renewables and dispatchable generation.

To know more about the Steam Turbine Market - Download our Sample Report: https://marketgenics.co/download-report-sample/steam-turbine-market-62765

Key Drivers, Challenges, and Opportunities
Driver - Rising Power Demand and Renewable Integration

Growing electricity demand and the need for flexible, dispatchable capacity to complement renewables are pushing utilities to invest in higher-efficiency steam turbines (including ultra-supercritical and advanced combined-cycle solutions). Digital twins and predictive maintenance are also improving lifecycle performance and availability.

Restraint - High Capital Costs and Operational Complexity

Large upfront capital expenditure for new plants and retrofits - and the sophisticated maintenance regimes turbines require - constrain deployment in price-sensitive or cash-strained markets. Overnight capital costs for high-parameter plants remain a key barrier.

Opportunity - Low-Carbon Power and Plant Modernization

Retrofitting and repowering existing plants, integrating turbines with biomass or CSP, and applying digital optimization create clear opportunities. Predictive analytics can reduce O&M costs and extend asset lives, improving project economics for utilities and IPPs.

Key Trend - Efficiency, Flexibility and Digitalization
The dominant trend is integrating high-efficiency thermodynamic designs with digitalization (digital twins, condition monitoring, predictive maintenance) to increase thermal efficiency, reduce CO2 intensity and allow flexible ramping for grids with high renewable penetration.

Smaller, modular turbines for cogeneration and distributed energy are also gaining attention.

Buy Now: https://marketgenics.co/buy/steam-turbine-market-62765

Segmental & Regional Highlights
Utility segment (85% share) remains the primary revenue source, driven by large thermal and nuclear projects.

Asia Pacific is the most attractive region (44% share; ~USD 8.6 billion in 2025) thanks to rapid capacity additions and modernization programs.

Industrial, marine, and waste-to-energy applications provide additional pockets of demand as companies seek combined heat & power efficiencies and mission-critical reliability.

Competitive Landscape
The market is moderately consolidated: Tier-1 players such as Siemens Energy, GE, Mitsubishi Power and Toshiba hold major shares, while regional specialists (Triveni, Elliott Group, Peter Brotherhood) serve niche and retrofit markets.

Buyer concentration is high among utilities and IPPs; supplier concentration is moderate given multi-source component supply chains.

Future Outlook
By 2035, steam turbines will remain central to large-scale, reliable power generation-evolving through higher steam parameters, modular retrofit solutions, and deep digital integration.

Vendors that can combine superior thermodynamic performance with proven lifecycle economics and flexible retrofit options will capture the majority of the ~USD 7.0 billion incremental upside to 2035 - keeping steam turbines both relevant and indispensable in a cleaner, more flexible power system.

Get a preview of our Steam Turbine Market Playbook - your guide to GTM strategy, competitive intelligence, supplier dynamics, and Consumer Behavior Analysis: https://marketgenics.co/playbook/steam-turbine-market-62765

Prominent Companies: Siemens Energy, GE, Mitsubishi Power, Toshiba, Doosan Škoda Power, Fuji Electric, Triveni, Elliott Group, Peter Brotherhood.

About Us

MarketGenics is a global market research and management consulting company empowering decision makers across healthcare, technology, and policy domains. Our mission is to deliver granular market intelligence combined with strategic foresight to accelerate sustainable growth.

We support clients across strategy development, product innovation, healthcare infrastructure, and digital transformation.

Contact:

Mr. Debashish Roy

MarketGenics India Pvt. Ltd.

800 N King Street, Suite 304 #4208, Wilmington, DE 19801, United States

USA: +1 (302) 303-2617

Email: sales@marketgenics.co

Website: https://marketgenics.co

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