Press release
Global Steam Turbine Market Size to Reach USD 28.90 Billion by 2031 - Arizton
Explore the Latest Industry Analysis Now: https://www.arizton.com/market-reports/stream-turbine-market
Steam Turbine Market Scope
Market Size (2031): USD 28.90 Billion
Market Size (2025): USD 22 Billion
CAGR (2025-2031):4.65%
Market Size - Shipments (2031):817 Units
Market Size - Capacity (2031):158.12 GW
Historic Year:2022- 2024
Base Year:2025
Forecast Year:2026-2031
Segments By: Turbine Design, Capacity Type, Operating Pressure Stage Type, Heat Sources, Exhaust Configuration, Plant Configuration, End-Use Industry, and Geography
Geographic Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa
The Expanding Manufacturing Industry Supporting Demand for Steam Turbines
Large-scale manufacturing investments are strengthening demand in the steam turbine market, as new production facilities require reliable captive power, process steam, and combined heat and power (CHP) systems to support continuous operations. This trend is particularly visible across the APAC region, where rapid industrial expansion and investments in high-value manufacturing continue to drive deployment of industrial power infrastructure. A recent example is the approximately USD 10.7 billion semiconductor fabrication plant announced by the India Semiconductor Mission, Tata Electronics, and Tata Semiconductor Manufacturing in 2025. As manufacturing capacity expands, demand for steam turbines is expected to remain closely linked to investments in industrial production facilities.
Renewable Thermal Projects are Strengthening the Steam Turbine Market
Renewable thermal power is becoming an increasingly important growth area for the steam turbine market, supported by rising investments in waste-to-energy (WtE), biomass, and geothermal projects. As countries expand renewable energy capacity, strengthen waste management infrastructure, and pursue decarbonization goals, these technologies are driving demand for steam turbines capable of delivering reliable baseload power and heat. This momentum is evident across Europe, APAC, and North America, where investment in renewable thermal infrastructure continues to grow. The market is also encouraging manufacturers to develop steam turbine solutions tailored for biomass, waste-to-energy, and geothermal applications. In 2025, Hitachi Zosen and Sumitomo Heavy Industries partnered to develop next-generation steam turbines for waste-to-energy plants, reflecting the industry's continued focus on improving efficiency and supporting renewable thermal power generation.
Why Is Combined Heat and Power (CHP) Supporting Steam Turbine Demand?
The growing adoption of Combined Heat and Power (CHP) systems is supporting demand in the steam turbine market as industries and utilities focus on improving energy efficiency, optimizing fuel use, and reducing carbon emissions. By generating electricity and useful thermal energy from a single fuel source, CHP systems offer a more efficient alternative to conventional power generation, making them increasingly attractive for industrial facilities and district heating networks. As a result, industries such as chemicals, refineries, pulp and paper, food processing, and pharmaceuticals continue to invest in steam turbine-based cogeneration projects to ensure reliable power supply while maximizing heat recovery. Governments are also expanding CHP infrastructure to modernize energy systems and strengthen energy security. For instance, in 2025, the Russian government approved a new 275 MW steam turbine unit at Mosenergo's CHP-25 power plant as part of its district heating modernization strategy, highlighting continued investment in high-efficiency cogeneration projects.
Key Segments Driving the Steam Turbine Market
• Turbine Design: Mixed-design turbines lead the market (76% share), driven by their widespread use in supercritical, ultra-supercritical, and nuclear power plants.
• Capacity: Above 300 MW turbines dominate as utilities continue investing in large-scale, high-efficiency power generation.
• Operating Pressure: Low-pressure turbines are the fastest-growing segment, supported by rising demand for waste heat recovery and industrial energy efficiency.
• Heat Source: Coal remains the largest segment, sustained by its extensive installed base and continued role in baseload power generation across APAC.
• Exhaust Configuration: Condensing turbines remain the preferred choice for utility-scale power plants due to their high efficiency and power output.
• Plant Configuration: Steam cycle plants continue to lead, supported by modernization and life-extension of existing power assets.
• End-Use Industry: Power generation remains the largest end-use segment, driven by ongoing investments in utility-scale electricity generation.
Download a FREE PDF Sample of the Report: https://www.arizton.com/request-sample/5184
The report profiles the strategies of leading manufacturers, including:
Key Prominent Players
• GE Vernova Inc
• Siemens Energy A.G.
• Mitsubishi Power
• Shanghai Electric
• Doosan Enerbility
• Toshiba Corporation
• Bharat Heavy Electricals Limited
• Ansaldo Energia
• Harbin Turbine Works
• Triveni Turbine LTD
Other Prominent Players
• Dongfang Electric Corporation
• M+M Turbinen-Technik GmbH
• Fincantieri S.p.A.
• Everllence
• Turbimaq
• Chart Industries
• EKOL
• Ural Turbine Works (UTZ)
• Kawasaki Heavy Industries
• WEG
• Hangzhou Turbine Power Group
• Nanjing Turbine & Electric Machinery
• Fuji Electric Co., Ltd.
• Power Machines
• MAPNA Group
• Shandong Qingneng Steam Turbine Co., Ltd.
• Chola Turbo Machinery International
• China Chang Jiang Energy Corporation
• Baker Hughes Company
• Ebara Elliott Energy
• Kanadevia Corporation
• Andritz
• Kessels
• Turtle Turbines
• TurboTech Precision Engineering
• Kirloskar Ebara Pumps Limited
• Shin Nippon Machinery Co., Ltd.
• Industrial Boilers America
• NG Metalúrgica S.A.
• NCON Turbo Tech Pvt. Ltd
• Trillium Flow Technologies
• De Pretto Industrie S.r.l.
• Hyundai Heavy Industries Turbomachinery Co., Ltd. (HHI-TMC)
• TGM Kanis Turbinen GmbH
What You'll Find in This Report?
• What is the growth rate of the global steam turbine market?
• How big is the global steam turbine market?
• Who are the key players in the global steam turbine market?
• What are the significant trends in the steam turbine market?
• Which region dominates the global steam turbine market share?
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About Us:
Founded in 2017, Arizton Advisory & Intelligence delivers data-driven market research and strategic consulting that empowers clients to make informed decisions and drive growth. Combining quantitative and qualitative insights, we provide in-depth analysis across industries including Agriculture, Consumer Goods, Technology, Automotive, Healthcare, Data Centers, and Logistics. Recognized by top-tier media, our expert team transforms complex market data into actionable strategies, helping clients anticipate trends, seize opportunities, and stay ahead of the competition.
Contact Us
Mail: enquiry@arizton.com
Contact Us: https://www.arizton.com/contact-us
Website: https://www.arizton.com/
Call: +1 312-680-2940
Source: Arizton Advisory & Intelligence
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