Power Demand Is Rewriting the $28.90 Steam Turbine Opportunity Across New Builds and Upgrades - Arizton

Arizton estimates that the global steam turbine market was valued at USD 22 billion in 2025 and is projected to reach USD 28.90 billion by 2031, growing at a CAGR of 4.65% during the forecast period. The market is witnessing steady growth due to rising electricity demand and continued investment in thermal and combined-cycle power generation. For instance, as per IEA's latest electricity mid-year update forecasts that global electricity demand is likely to grow by 3.6% in 2026 and further by 3.8% in 2027.
The global steam turbine market shipments are expected to reach 817 units by 2031. The market is witnessing a strong shift as governments across the regions encourage energy security initiatives and power capacity expansion programs. For instance, initiatives such as the Nuclear Energy Mission, supported by the SHANTI Act, 2025, aim to reach 100 GW capacity by 2047 to support a developed India and its Net Zero by 2070.

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Electricity Demand Is Expanding the Generation Capacity Pipeline
Global electricity demand is forecast to grow by 3.6% in 2026 and another 3.8% in 2027, according to the IEA's latest electricity mid-year update. The increase is strengthening requirements for dependable generation capacity, while energy security initiatives are accelerating investment in new power infrastructure. India's Nuclear Energy Mission, supported by the SHANTI Act, 2025, targets 100 GW of nuclear capacity by 2047, adding to the long-term pipeline for steam turbine deployment.

Industrial Power Investment Is Broadening the Steam Turbine Opportunity
Steam turbines are increasingly deployed across industrial manufacturing for captive power, process steam, and combined heat and power (CHP), creating demand beyond utility-scale generation. APAC is particularly important as manufacturing capacity expands across semiconductors, steel, cement, refining, and petrochemicals. In 2025, the India Semiconductor Mission, Tata Electronics, and Tata Semiconductor Manufacturing signed an agreement for India's first commercial semiconductor fabrication plant, involving approximately USD 10.7 billion in investment.

CHP Is Strengthening Demand for High-Efficiency Generation
The adoption of CHP is creating additional opportunities as utilities and industrial operators seek to generate electricity and useful heat from the same energy source. Expanding cogeneration infrastructure is also supporting efforts to improve energy efficiency and modernize existing power networks. In 2025, Russia approved construction of a new 275 MW steam turbine unit at Mosenergo's CHP-25 plant as part of its district heating and power-generation modernization efforts.

Waste-to-Energy and Biomass Are Opening New Steam-Cycle Applications
Investment in waste-to-energy, biomass, and geothermal projects is widening the application base for steam turbines. These facilities use steam-cycle technology to convert thermal energy into electricity and heat, creating opportunities beyond traditional thermal generation. In 2025, Hitachi Zosen, now operating under Kanadevia, partnered with Sumitomo Heavy Industries to develop next-generation steam turbines for Japanese municipal solid waste facilities, targeting higher power-generation and energy-recovery performance.

Nuclear Expansion Is Adding Long-Term Turbine Demand
Nuclear capacity additions are creating another direct demand opportunity because steam turbines remain a core component of conventional nuclear power-generation systems. In 2025, China's State Council approved 10 new nuclear reactors across five coastal sites, including eight Hualong One and two CAP1000 units, backed by an estimated USD 27 billion investment. These projects add to the long-term pipeline for steam turbine equipment in one of the world's largest power markets.

APAC Is Setting the Pace for Steam Turbine Expansion
APAC accounted for more than 45% of the global steam turbine market in 2025, supported by rapid industrialization, rising electricity consumption, and sustained investment in thermal and nuclear power generation. China is the largest contributor, while India is among the fastest-growing markets as electricity demand increases and investment expands across steel, cement, refining, and petrochemical industries.
India's steam turbine market revenue crossed USD 1.57 billion in 2024 and is poised for significant expansion over the next five years, supported by SEZ development and favorable government initiatives. The country's expanding industrial base, rising electricity consumption, and nuclear capacity ambitions are creating opportunities across utility and industrial steam turbine applications.

Explore the APAC Opportunity in Arizton's Steam Turbine Market analysis: https://www.arizton.com/market-reports/steam-turbine-aftermarket-market

Planned Outages Are Turning the Installed Base Into an Aftermarket Opportunity
The steam turbine aftermarket is increasingly being shaped by planned outage cycles rather than reactive, failure-led interventions. These scheduled windows allow operators to inspect and service critical components including rotors, blades, seals, valves, bearings, controls, and generator-side systems while limiting unplanned downtime. IAEA outage data for 2024 shows that inspection, maintenance, or repair combined with refueling accounted for 70.57% of planned full-outage energy loss, highlighting the importance of scheduled maintenance across steam-based generation assets.

Explore Arizton's Steam Turbine Aftermarket Market analysis: https://www.arizton.com/market-reports/steam-turbine-aftermarket-market

The steam turbine opportunity is expanding across both new power projects and the existing installed base. New nuclear, thermal, CHP, and industrial projects are increasing demand for new turbine installations, while aging assets are creating opportunities for upgrades, modernization, maintenance, and lifecycle services. This combination is expected to shape the steam turbine market through 2031.
Arizton's global steam turbine market analysis provides detailed coverage of market size, shipments, turbine design, capacity, applications, regional markets, competitive landscape, and aftermarket opportunities through 2031.

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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?

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.

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Source: Arizton Advisory & Intelligence

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