Steam Turbines Market - Global Forecast 2025-2032

The steam turbines market stands as a critical pillar for the global energy sector and industrial advancement. As industries worldwide pursue higher efficiency and sustainability, steam turbine technologies continue to adapt, supporting a diverse range of applications and strategic value across key regions.

Market Snapshot: Steam Turbines Market Growth and Trends

The Steam Turbines Market grew from USD 23.97 billion in 2024 to USD 25.06 billion in 2025. It is expected to continue growing at a CAGR of 4.51%, reaching USD 34.12 billion by 2032. This market expansion is driven by the ongoing modernization of power generation assets, adoption of hybrid energy solutions, and evolving regulatory frameworks across global regions. Investments in distributed generation, decarbonization, and asset lifecycle management are reshaping the landscape and necessitating robust solutions for operational resilience.

Scope & Segmentation of the Steam Turbines Market

This comprehensive report analyzes the steam turbines market with granular segmentation and industry-aligned insights. The study covers:

• Type: Back Pressure, Condensing, Extraction, Induction, Reheat
• Stage Count: Multi Stage, Single Stage
• Application: Chemical Industrial Marine Oil & Gas (Downstream, Midstream, Upstream) Power Generation (Central Generation, Distributed Generation) Pulp & Paper
• Geographic Coverage: Americas (including United States, Canada, Mexico, Brazil, Argentina, Chile, Colombia, Peru) Europe, Middle East & Africa (such as United Kingdom, Germany, France, Russia, Italy, Spain, Netherlands, Sweden, Poland, Switzerland, United Arab Emirates, Saudi Arabia, Qatar, Turkey, Israel, South Africa, Nigeria, Egypt, Kenya) Asia-Pacific (including China, India, Japan, Australia, South Korea, Indonesia, Thailand, Malaysia, Singapore, Taiwan)
• Key Companies Profiled: General Electric Company Siemens Energy AG Mitsubishi Heavy Industries, Ltd. Ansaldo Energia S.p.A. Doosan Škoda Power a.s. MAN Energy Solutions SE Toshiba Energy Systems & Solutions Corporation Bharat Heavy Electricals Limited Shanghai Electric Group Company Limited Harbin Electric Company Limited

Key Takeaways for Senior Decision-Makers

• Steam turbine markets are increasingly driven by regulatory demands for low-carbon energy and enhanced energy efficiency across strategic industries.
• Innovative approaches such as digital monitoring, advanced materials, and modular architecture are central to evolving operational models and asset management strategies.
• Decentralized and distributed power generation use cases are gaining prominence, requiring solutions that blend reliability with flexibility and sustainability.
• Stakeholders are adapting legacy infrastructure by integrating next-generation steam turbine solutions suited for hybrid energy systems and waste heat recovery.
• Rise in regional investments, especially across Asia-Pacific, accelerates local manufacturing and supply chain optimization, fueling capacity expansion.

Tariff Impact on U.S. Steam Turbine Manufacturing and Supply Chains

Recent U.S. tariffs on imported steam turbine components and finished products are prompting shifts in sourcing strategies. Manufacturers are pivoting to domestic partners or alternative international suppliers to reduce cost exposure, driving changes in procurement and reshoring initiatives. This realignment introduces near-term cost pressures while opening opportunities for more localized manufacturing and stronger supplier relationships. End-users and vendors are collaborating more closely, emphasizing flexible risk-sharing contracts and time-sensitive delivery schedules to mitigate disruption effects.

Methodology & Data Sources

This research applies a robust hybrid approach, integrating insights from primary interviews with industry executives and key stakeholders, augmented by secondary analysis of industry publications, patent records, and market data. Triangulation of qualitative and quantitative sources ensures a highly accurate and unbiased view, validated by interviews and cross-referenced with historical plant performance and investment trends.

Why This Report Matters to Energy and Industrial Leaders

• Enables targeted investment and modernization strategies through in-depth market segmentation, application insights, and competitor analysis.
• Supports responsive supply chain and procurement decisions by providing clarity on regulatory shifts and tariff impacts worldwide.

This report equips stakeholders to anticipate shifting demand, identify technical opportunities, and calibrate risk and growth strategies in the evolving energy landscape.

Conclusion

This research empowers decision-makers to navigate complex market trends, technological innovation, and global competitive dynamics in the steam turbines industry. Leaders using these insights are well-positioned to optimize asset value and outperform in diverse energy and industrial contexts.