Steam Turbine Market set for steady growth to USD 19,638.3 million by 2030. led by Asia Pacific 71% global market share.

The global steam turbine market size was estimated at USD 16,275.7 million in 2022 and is projected to reach USD 19,638.3 million by 2030, growing at a CAGR of 2.4% from 2023 to 2030.

Market growth is driven by the increasing global electricity demand, rising investments in thermal and combined-cycle power plants, and growing deployment of steam turbines in industrial cogeneration applications. Additionally, expansion of nuclear and renewable-based steam power projects, modernization of aging power infrastructure, and supportive government policies for reliable baseload power generation are further supporting market expansion.

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United States: Key Industry Developments
✅ December 2025: Siemens launched PAVE360 Automotive, a digital twin platform accelerating software-defined vehicle development with integrated simulation for powertrain and chassis domains, reducing time-to-market by up to 30% for U.S. automakers.

✅ November 2025: Renesas introduced R-Car Gen 5 SoC, an end-to-end multi-domain solution fast-tracking SDV innovation, enabling over-the-air updates and zonal architectures for enhanced U.S. vehicle connectivity and autonomy.

✅ October 2025: S&P Global reported surging SDV market adoption in the U.S., driven by OTA software monetization and EV integration, with major OEMs expanding zonal controller deployments to cut wiring costs by 40%.

Asia Pacific / Japan: Key Industry Developments
✅ December 2025: Tata Elxsi established the Suzuki-Tata Elxsi Cloud HIL Center in Japan, advancing SDV testing with hardware-in-the-loop simulations for real-time software validation and faster iteration cycles.

✅ November 2025: Frost & Sullivan highlighted Japan Mobility Show 2025 showcases of SDV prototypes, featuring Honda and Toyota's zonal ECUs and AI-driven cockpits for improved safety and user experience.

✅ September 2025: Linchpin Consulting noted rising SDV investments by Japanese OEMs like Nissan, focusing on centralized computing platforms to enable seamless software updates and support Level 4 autonomy goals.

Key Merges and Acquisitions(2025):
Siemens Energy Global (Siemens Energy) - on July 24, 2025, acquired Wood's 50% joint venture interest in RWG (Repair & Overhauls) Limited for $135 million, gaining full ownership of the provider of repair and overhaul services for industrial aero-derivative gas turbines used in power generation, strengthening its aftermarket capabilities in the steam turbine-adjacent energy sector.

POWERGRID - completed the acquisition of MEL Power Transmission Limited on June 4, 2025, for Rs 8.53 crore, securing the special purpose vehicle responsible for a transmission system to evacuate power from Mahan Energen's generating station in Madhya Pradesh, which supports steam turbine-based power integration into India's grid infrastructure.

JSW Neo Energy Limited (JSW Energy) - signed a definitive agreement on September 18, 2025, to acquire 100% stake in Tidong Power Generation Private Limited from Statkraft IH Holding AS for Rs 17.28 billion, enhancing its renewable portfolio with a 150 MW hydro project under construction, indirectly bolstering steam turbine demand through hybrid power evacuation systems.

Market Segmentation Analysis:

-By Design: Impulse vs Reaction
Impulse turbines dominate with the largest market share in 2025, driven by their compact size, lower operating and maintenance costs, and widespread use in various power applications.
Reaction turbines hold a smaller but growing share, propelled by higher efficiency and investments in utility sectors to balance electricity supply demands.

-By Exhaust Type: Condensing vs Non-Condensing
Condensing turbines lead the market in 2025, fueled by expansions in power generation capacity, cogeneration systems, and rising industrialization in developing regions.
Non-condensing variants capture the remaining share, with solid growth expected from industrial applications and flexible power needs.

-By End-Use: Utility vs Industrial
Utility segment commands 87% market share in 2025, supported by combined cycle deployments and surging demand for reliable onsite power generation.
Industrial segment holds the rest at around 13%, expanding via new industrial centers and investments in captive power.

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Growth Drivers:-
Rising global electricity demand - Increasing industrialization, urbanization, and data-center expansion continue to boost power generation needs.

Sustained reliance on coal and thermal power plants - Many developing economies still depend heavily on coal-based power, ensuring ongoing demand for steam turbines.

Expansion of nuclear power capacity - Reactivation of stalled projects and new nuclear installations (especially in Asia & Europe) require high-capacity steam turbines.

Growth of Combined Heat & Power (CHP) facilities - Increasing industrial demand for cogeneration solutions supports steam turbine deployment in refineries, chemicals, pulp & paper, and metal industries.

Industrial process steam demand - Heavy industries continue to use steam for process heating, boosting turbine installations.

Retrofit & modernization of aging power infrastructure - Replacement of outdated turbines with efficient, low-emission systems contributes to recurring demand.

Government policies & investments in domestic energy security - National power expansion programs in China, India, Southeast Asia, and Middle East strongly support steam turbine adoption.

Regional Insights:
Asia Pacific commands the largest share of the global steam turbine market, estimated at around 70% in 2025 assessments, driven by rapid industrialization, expanding power infrastructure in China and India, and heavy investments in thermal and combined-cycle plants.

Europe follows as the second-largest region, benefiting from advanced energy efficiency regulations, established manufacturing bases in Germany and the UK, and a shift toward renewable-integrated steam turbines amid steady demand from utilities.
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North America ranks third in market share, yet exhibits the fastest growth potential with notable CAGRs in the US and Canada, fueled by fossil fuel power plants, biomass adoption, and technological upgrades for grid reliability

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Key Players:-
G-Team Inc., M+M Turbine-Technik GMBH, Siemens India, Ansaldo Energia Group, Power Machines, Elliott Group, Mitsubishi Hitachi Power Systems Americas Inc., MAN Diesel & Turbo SE, General Electric and Dong Fang Turbine Co Ltd.

Key Highlights (Top 5 Key Players) :
General Electric
General Electric (GE) leads in steam turbine technology, offering advanced models for power plants worldwide, emphasizing high efficiency, flexibility, and integration with renewables to reduce emissions.
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Siemens India
Siemens India produces industrial steam turbines from 10 kW to 250 MW, supporting industries like oil & gas and chemicals with maintenance, modernization, and decarbonization services.

Mitsubishi Hitachi Power Systems Americas
Mitsubishi Hitachi delivers high-efficiency steam turbines for combined-cycle plants, focusing on reliability, hydrogen compatibility, and global energy projects to meet rising power demands.
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Ansaldo Energia Group
Ansaldo Energia specializes in gas and steam turbines for power generation, supplying reliable solutions like AE94.3A models for efficient combined-cycle plants in regions like Azerbaijan.
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Elliott Group
Elliott Group excels in custom steam turbines for industrial applications, providing compact, high-performance designs with extensive service networks for power and process industries.

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