Steam Turbine for Power Generation Market Valued at USD 22.11 Billion by 2030, Fueled by Decarbonization and Industrial Expansion

The latest research by Mordor Intelligence covers the "Steam Turbine for Power Generation Market," delivering insights into market dynamics, drivers of growth, and long-term forecasts.
The global Steam Turbine for Power Generation Market is projected to grow from USD 18.74 billion in 2025 to USD 22.11 billion by 2030, registering a compound annual growth rate (CAGR) of 3.36% during the forecast period. This growth reflects a steady resurgence in thermal power generation, coupled with increasing demand for reliable and efficient energy solutions across industrial sectors.

Steam turbines remain a cornerstone of global electricity generation, especially in coal, nuclear, and combined heat and power (CHP) plants. Despite the rise of renewable energy, steam turbines continue to play a critical role in base-load power supply, particularly in regions with aging infrastructure and high energy demand. As governments and industries pivot toward cleaner technologies, the steam turbine power generation market [https://www.mordorintelligence.com/industry-reports/steam-turbine-market-industry?utm_source=abnewswire] is witnessing a transformation driven by modernization, retrofitting, and hybrid integration.

Key Trends in Steam Turbine Power Generation Market

Decarbonization and Modernization of Thermal Plants

One of the most significant trends shaping the steam turbine market is the global push toward decarbonization. While coal-fired power plants face increasing scrutiny, many are being retrofitted with advanced steam turbines to improve efficiency and reduce emissions. This trend is particularly evident in Asia-Pacific, where coal remains a dominant energy source but governments are investing in cleaner technologies to meet climate goals.

Rise of Combined Heat and Power (CHP) Systems

CHP systems, which simultaneously generate electricity and useful heat, are gaining traction in industrial and commercial sectors. Steam turbines are integral to these systems, offering high efficiency and cost-effectiveness. The adoption of CHP is expanding in regions like Europe and North America, where energy efficiency regulations and sustainability targets are driving innovation.

Nuclear Power Renaissance

With growing concerns over energy security and carbon neutrality, nuclear power is experiencing a revival. Steam turbines are essential components in nuclear plants, and new projects in countries like China, India, and Russia are fueling demand. The long operational life and high capacity of nuclear steam turbines make them a strategic investment for national grids.

Industrial Expansion in Emerging Economies

Rapid industrialization in countries such as India, Indonesia, and Brazil is boosting the demand for steam turbines in captive power generation. Industries like petrochemicals, cement, and pulp & paper are investing in on-site power solutions to ensure energy reliability and reduce grid dependency.

Browse Full Report Details in Japanese Version: https://www.mordorintelligence.com/industry-reports/steam-turbine-market-industry?utm_source=abnewswire

Steam Turbine Power Generation Market Segmentation

By Plant Type:

* Coal-Fired Power Plants: Continue to dominate in Asia-Pacific, despite environmental concerns.
* Gas-Based Power Plants: Often use steam turbines in combined cycle configurations.
* Other Plant Types: Includes nuclear and CHP systems, which are gaining momentum globally.

By Capacity:

* Below 40 MW: Preferred for industrial and decentralized power applications.
* Above 40 MW: Used in utility-scale power generation, especially in coal and nuclear plants.

By Geography:

* Asia-Pacific: Largest and fastest-growing market, led by China and India.
* North America: Focused on modernization and CHP adoption.
* Europe: Driven by sustainability goals and nuclear investments.
* Middle East & Africa: Emerging market with growing industrial demand.
* South America: Witnessing gradual growth in industrial and energy sectors.

Browse Key Players Overview: https://www.mordorintelligence.com/industry-reports/steam-turbine-market-industry/companies?utm_source=abnewswire

Key Players in the Steam Turbine Power Generation Industry

* Siemens Energy AG
* Mitsubishi Heavy Industries Ltd
* Toshiba Corporation
* GE Vernova Inc.
* Doosan Enerbility Co Ltd

Conclusion: Future Outlook of the Steam Turbine Power Generation Market

The Steam Turbine for Power Generation Market is entering a phase of strategic transformation. While traditional coal-based generation faces regulatory challenges, the market is buoyed by opportunities in nuclear power, CHP systems, and industrial applications. Technological advancements, coupled with retrofitting and modernization efforts, are ensuring that steam turbines remain relevant in the evolving energy landscape.

As global energy demand continues to rise, especially in emerging economies, steam turbines will play a pivotal role in ensuring grid stability and energy security. The market's steady growth trajectory, supported by innovation and policy support, makes it a resilient segment within the broader power generation industry.

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