Steam Turbine Market to hit USD 19,701.5 million by 2030, Asia Pacific led 46% of global market share| key Players:- G-Team Inc. Company, M+M Turbine-Technik GMBH.

The global steam turbine market size was estimated at USD 16,285.3 million in 2022 and is projected to reach USD 19,701.5 million by 2030, growing at a CAGR of 3.1% from 2023 to 2030. An increase in the number of power plants is likely to be commissioned to compensate for the energy deficit and this is expected to propel the demand for steam turbines in the coming years.

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Key Industry Development-

✅ September 2025: General Electric Vernova completed successful testing of a next-generation flex-fuel steam turbine in the U.S., engineered to run on hydrogen-natural gas blends up to 50% to support lower-carbon power generation and improve plant efficiency.

✅ August 2025: Siemens Energy brought online a 350 MW high‐efficiency steam turbine block at a combined-cycle power plant in Texas, using advanced materials to withstand higher temperatures and improve thermal efficiency while cutting fuel consumption.

✅ May 2025: Elliott Group launched its Eagle Series steam turbine line for small industrial and waste‐to‐energy plants in the U.S., designed to boost energy recovery by roughly 10% and provide flexible mechanical drive options for decentralized generation.

✅ September 2025: Mitsubishi Power installed a high‐pressure steam turbine at the Takasago Hydrogen Park in Japan, configured to operate with hydrogen-ammonia fuel blends as part of large‐scale demonstrations of low‐carbon thermal power technology.

✅ July 2025: Toshiba Energy Systems, together with Kyushu Electric Power, commissioned a super‐efficient 600 MW reheat steam turbine at Japan's Matsuura Power Station, incorporating advanced sealing and blade‐cooling features to reduce coal use and CO2 emissions.

✅ June 2025: Hitachi Zosen Corporation expanded investment in steam turbine efficiency research focused on Japan's waste‐to‐energy and biomass projects, targeting longer turbine life and about 20% lower maintenance requirements for operators.

✅ May 2025: Fuji Electric rolled out a modular compact steam turbine system for cogeneration users in Japan, aimed at food, paper, and chemical plants seeking flexible, low‐carbon heat‐to‐power solutions that can be scaled to different industrial loads.

Recent M&A updates:-
→ Siemens Energy completed the acquisition of all shares in its Indian-listed subsidiary, Siemens Gamesa Renewable Energy Limited, and delisted it (Early 2025). This move consolidated Siemens' position in the energy sector, integrating a key player in wind turbine technology more closely into its broader portfolio which includes steam turbines for power generation.

→ Mitsubishi Heavy Industries (MHI) acquired a majority stake in NTPC's engineering arm, NETRA (Late 2024, impacting 2025 operations). This acquisition aimed to enhance MHI's footprint in the Indian power sector, leveraging NETRA's R&D capabilities in energy technologies, including those related to thermal power and turbines.

→ BHEL secured orders for steam turbine-based power projects (Throughout 2025). Bharat Heavy Electricals Limited continued to win major contracts for the supply of steam turbines for various power plants, indicating strong activity in the market, though this represents project acquisition rather than corporate M&A.

→ Honeywell completed the acquisition of the industrial automation firm Carrier's Global Access Solutions business for approximately $4.95 billion (June 2025). While not directly a steam turbine manufacturer, this acquisition is aimed at strengthening Honeywell's automation portfolio, which includes controls and systems used in industrial processes and power generation where steam turbines are utilized.

Report Objectives

The global steam turbine market report would provide approximately 61 tables, 55 figures and 207 Pages

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Market Segment Analysis

→ By Capacity
• Up to 5 MW (5%, USD 1.1B):
Used in small CHP, biomass, and waste-to-energy plants; limited revenue due to small project size despite healthy unit volumes.

• 5-150 MW (30%, USD5.5B):
Covers industrial cogeneration and mid-sized captive plants; growth driven by chemicals, refining, metals, and pulp & paper sectors.

• 150 MW (65%, USD 12.0B):
Dominates market value; used in large fossil, nuclear, and combined-cycle plants with high unit cost and baseload generation.

→ By Plant Type
• Steam cycle (58%, USD 11B):
Conventional coal, oil, biomass, waste, and nuclear plants form the backbone; life-extension and retrofits support revenue.

• Combined cycle (29%, USD 5.5B):
Gas-fired plants with HRSG; driven by efficiency upgrades, gas additions, and coal-to-gas transitions.

• Cogeneration/CHP (11%, USD 2.0B):
Industrial and district heating CHP units; policy-backed growth for energy efficiency and waste-heat recovery.

Regional insights:-
→ Asia‐Pacific: 46% global market share , making it the largest region by far. Growth here is driven by rapid industrialization, expansion of coal, gas, biomass, and nuclear power plants (especially in China, India, Southeast Asia), and major investments in new capacity and infrastructure upgrades.

→ North America: 23% share in 2025. Demand is primarily fueled by modernization and refurbishment of existing thermal and nuclear power plants, combined‐cycle gas turbine deployments, industrial cogeneration, and emission‐reduction/upgrading initiatives in the U.S. and Canada.

→ Europe: 18% share. The market is stabilized by retrofit, life‐extension and combined-heat-and-power (CHP) projects, biomass and waste‐to‐energy plants, and regulatory push toward efficiency and decarbonization rather than large greenfield steam‐turbine builds.

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Steam Turbine Manufacturers
→ The major global players include Power Machines, Elliott Group, Mitsubishi Heavy Industries, Ltd, MAN Energy Solutions, General Electric, DongFang Electric Corporation, Spilling Technologies, G-Team Inc, M+M Turbine-Technik GMBH, Siemens, Ansaldo Energia.

Key Developments
→ GE Steam Power and BHEL agreed to a US$165 million contract for the supply of three of the six nuclear steam turbines needed for NPCIL's domestic nuclear program, which is being developed at Kaiga (Kaiga-5&6) in Karnataka, India and Gorakhpur, Haryana (units 1 through 4 of the GHAVP). The domestic initiative consists of 12 units of 700 MWe being constructed by NPCIL using their pressurized heavy water reactor technology (PHWR). It will provide the nation with 8.4 GW of CO2-free electricity in total, which is more than enough to power over 14 million homes.

→ In Ostiglia, Lombardy, Siemens Energy is constructing a combined cycle power plant on a turnkey basis. The facility aims to lower CO2 emissions in Italy and stabilize the grid's fluctuating renewable energy feed-in. The facility is owned and operated by the utility EP Produzione S.p.A. Siemens Energy's HL-class gas turbine technology will be used in the power plant. The flexible use of natural gas is made possible by this technology. In addition to natural gas, the unit is built to burn up to 30% hydrogen. 880 MW of electrical capacity is installed. Spring 2025 is the anticipated completion date.

→ Ansaldo Energia signed a contract for four gas turbines in Azerbaijan. The "Azerbaijan" power plant, located in the city of Mingachevir, will install four of Ansaldo Energia's AE94.3A gas turbines as an additional generation plant (combined cycle). This historical product has over 4 million operating hours. With this new supply, the plant's design will use two gas turbines in place of one steam turbine, greatly improving efficiency while lowering gas consumption.

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