Global Steam Turbine Market Research Report 2026-2031

The Global Steam Turbine Market was valued at USD 22.00 Billion in 2025, and is projected to reach USD 28.90 Billion by 2031, rising at a CAGR of 4.65%.

STEAM TURBINE MARKET NEWS

• In 2026, JSW Thermal Energy agreed with Toshiba JSW to procure two 800-MW steam turbine generators for the 1,600-MW Salboni thermal power project located in West Bengal, India.
• In 2026, Doosan Enerbility secured its first North American steam turbine contract to supply two 370 MW-class steam turbines and two generators for a US combined-cycle power plant supporting rising AI data center electricity needs.
• In 2025, Triveni Turbine Limited secured a $34.7 million order from NTPC for the design, engineering, fabrication, erection, commissioning, and testing of a CO₂ cycle-based Energy Storage System, demonstrating its growing influence in the energy sector.

STEAM TURBINE MARKET TRENDS & ENABLERS

Rising Adoption of Combined Heat and Power (CHP) Systems

The adoption of combined heat and power (CHP) systems is significant across the steam turbine market as utilities and industries are prioritizing energy cost optimization and lower carbon emissions. Additionally, the expanding cogeneration infrastructure to enhance energy security and improve the efficiency of existing power networks is also supporting market growth. For instance, in 2025, as a part of a strategy to modernize district heating infrastructure and improve electricity generation efficiency, the Russian government has approved the construction of a new 275 MW steam turbine unit at Mosenergo's CHP-25 power plant.

Increasing Investments in Waste-to-Energy, Biomass, and Geothermal Power Projects

The rising investments in waste-to-energy (WtE), biomass, and geothermal power projects globally are likely to support the market for steam turbines, as these facilities rely on steam-cycle technology to convert thermal energy into electricity and heat, which creates a sustained demand for steam turbines. For instance, in 2025, Hitachi Zosen (now operating under Kanadevia) partnered with Sumitomo Heavy Industries to develop next-generation steam turbines aimed at raising power generation and energy recovery performance in Japanese municipal solid waste facilities.

Expansion of Thermal and Nuclear Power Generation Capacity

The rising thermal expansion, such as in 2025, China's State Council approved 10 new nuclear reactors across five coastal sites. These new projects feature eight Hualong One and two CAP1000 units, backed by an estimated $27 billion investment that is likely to strengthen the demand for steam turbines, as these systems remain a core technology for converting energy into electricity.

STEAM TURBINE MARKET SEGMENTATION INSIGHTS

INSIGHTS BY TURBINE DESIGN

The global steam turbine market by turbine design is segmented into mixed-turbine, reaction turbine, and impulse turbine. The mixed-design steam turbines accounted for the largest market share of around 76%, owing to widespread adoption across end-use industries because these turbines have become the standard configuration for modern supercritical, ultra-supercritical, and nuclear steam turbine installations. Their multi-stage blade arrangement enables efficient energy extraction throughout the steam expansion process while maintaining high reliability during continuous baseload operation.

Mixed-stage turbine architecture has become the preferred design for utility-scale steam turbines operating under supercritical, ultra-supercritical, and nuclear steam conditions. These turbines are engineered to withstand elevated steam temperatures and pressures while maintaining high reliability over extended operating lifecycles, making them suitable for continuous baseload electricity generation.

INSIGHTS BY CAPACITY TYPE

Based on capacity, the >300 MW steam turbines segment accounted for the largest global steam turbine market share in 2025. These turbines are engineered to deliver high power output, superior thermal efficiency, and continuous baseload operation, making them essential for large-scale electricity generation and national grid reliability.

The transition toward supercritical, ultra-supercritical, and advanced ultra-supercritical (A-USC) power generation technologies is strengthening this segment. Utilities are prioritizing higher-efficiency steam turbines to improve plant performance, reduce fuel consumption, and comply with tightening environmental regulations. Simultaneously, expansion of natural gas-fired combined-cycle plants across APAC, North America, and the Middle East continues to create demand for high-capacity steam turbine generators.

INSIGHTS BY OPERATING PRESSURE

Based on operating pressure, the low-pressure (below 40 bar) segment shows significant growth, with the fastest-growing CAGR of 5.81% during the forecast period. The low-pressure segment represents a smaller portion of the market and is primarily designed to operate under relatively modest steam conditions and is generally selected where process steam availability, lower capital investment, and operational simplicity are prioritized over maximum power generation efficiency.

Europe is expected to witness increasing demand for low-pressure steam turbines, supported by stringent industrial decarbonization policies and growing investments in energy recovery technologies. For instance, in 2025, the European Union's Clean Industrial Deal and ongoing industrial modernization initiatives continued encouraging manufacturers to implement waste heat recovery and energy-efficiency solutions, creating favorable conditions for low-pressure steam turbine installations.

INSIGHTS BY HEAT SOURCES

Based on heat sources, the coal segment accounted for the largest global steam turbine market share in 2025. The growth is supported by its extensive installed base across utility-scale thermal power plants, particularly in APAC. Despite the global energy transition, coal-fired power generation continues to play a critical role in ensuring baseload electricity supply in countries such as China, India, and Indonesia, sustaining demand for large-capacity steam turbines.

INSIGHTS BY EXHAUST CONFIGURATION

In 2025, the condensing segment accounted for the largest share of the global steam turbine market. The condensing turbine segment demand is supported by its widespread adoption in large-scale baseload and intermediate-load power generation. The ability to operate efficiently under high-pressure, supercritical, and ultra-supercritical steam conditions, combined with superior power output and long-term operational reliability, has established condensing turbines as the preferred exhaust configuration for modern utility power plants.

Therefore, continued investments in grid modernization, thermal fleet upgrades, and high-efficiency power generation technologies are expected to sustain the segment's market leadership.

INSIGHTS BY PLANT CONFIGURATION

In 2025, the steam cycle segment dominates and holds the largest global steam turbine market share, supported by the extensive installed base of standalone steam power plants across utility and industrial applications. In these systems, steam is generated through dedicated boilers or steam generators and expanded through turbines to produce electricity. The segment remains highly relevant due to the continued operation of existing coal-fired, nuclear, biomass, and industrial steam generation assets, which require turbine replacements, upgrades, and modernization activities.

Despite the gradual shift toward lower-carbon power generation, standalone steam cycle systems continue to remain relevant due to the large installed base of operating plants and the technical challenges associated with replacing high-capacity baseload assets. Market demand is increasingly concentrated around plant upgrades, turbine replacements, efficiency enhancement projects, and life-extension programs, particularly in countries seeking to balance energy security with emission reduction targets.

INSIGHTS BY END-USE INDUSTRY

The global steam turbine market by end-use industry is segregated into power generation, industrial manufacturing, oil & gas, mining & metal processing, district heating & cooling, marine, and other industries. The power generation segment accounted for the largest market share in 2025, supported by the extensive deployment of steam turbines across utility-scale electricity generation facilities. Steam turbines remain the primary power conversion equipment in coal-fired, nuclear, biomass, geothermal, concentrated solar power (CSP), and waste-to-energy plants. Continued investment in modernization, turbine replacement, and efficiency improvement projects across aging generation fleets further sustains demand within this segment.

STEAM TURBINE MARKET GEOGRAPHICAL ANALYSIS

In 2025, APAC is the largest market for global steam turbines, accounting for more than 45% share. APAC domination is driven by rapid industrialization, expanding electricity demand, and sustained investments in thermal and nuclear power generation. China is the largest contributor, and India is the fastest-growing market owing to rising electricity consumption, industrial development, and expansion of steel, cement, refinery, and petrochemical capacity.

Additionally, Europe is the second-largest market and steadily rising because of the presence of stable public investment initiatives. Under the Power Plant Security Act approved in 2025, Germany plans to procure up to 20 GW of hydrogen-ready gas-fired capacity by 2030, creating significant opportunities for high-efficiency steam turbines integrated into combined-cycle power plants and industrial cogeneration projects.

The North America region is the third largest market, and the US dominates the market across the region and accounts for a significant revenue share in 2025, characterized by its extensive thermal and nuclear power fleet, large industrial base, and expanding combined-cycle power generation capacity.

In addition, the Middle East and Africa region is significantly increasing investments in thermal power plants, industrialization, oil & gas, petrochemicals, and desalination infrastructure, which is likely to support the market for steam turbines. Further, investments across the oil and gas sector and energy expansion such as Brazil's Ten-Year Energy Expansion Plan (PDE 2027) outline planned investments of approximately $330 billion across the energy sector, including nearly $251 billion allocated to oil and gas, which are significantly creating new opportunities for steam turbine manufacturers across Latin America.

STEAM TURBINE MARKET VENDOR LANDSCAPE

The global steam turbine market is highly fragmented and encompasses international and regional players such as G Siemens Energy, Mitsubishi Power, GE Vernova, Doosan Enerbility, Harbin Electric, and Dongfang Electric, among others, which hold significant market share because of their broad product portfolios and are implementing various strategies such as technological advancements, M&A, and collaboration with varied retailers to stay competitive in the growing market. For instance, Toshiba is expected to deploy its EtaPRO AI monitoring system across 165 power plants for NTPC Limited in India, with operations starting in spring 2027.

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

Segmentation by Turbine Design

• Mixed-Turbine
• Reaction Turbine
• Impulse Turbine

Segmentation by Capacity Type

• >300 MW
• 151-300 MW
• < 150 MW
• < 30 MW
• 30-60 MW
• 60-100 MW
• 100-150 MW

Segmentation by Operating Pressure Stage Type

• High-Pressure
• Medium-Pressure
• Low-Pressure
• Ultra-High-Pressure

Segmentation by Heat Sources

• Coal
• Natural Gas
• Nuclear
• Alternative Sources

Segmentation by Exhaust Configuration

• Condensing
• Extraction
• Back-Pressure

Segmentation by Plant Configuration

• Steam Cycle
• Combined Cycle

Segmentation by End-Use Industry

• Power Generation
• Industrial Manufacturing
• Oil & Gas
• Mining & Metal Processing
• District Heating & Cooling
• Marine
• Other Industries

Segmentation by Geography

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • Italy
  • UK
  • Spain
  • Russia
  • Poland
  • Netherlands
  • Belgium
  • Sweden
• APAC
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Australia
  • Taiwan
  • Malaysia
  • Vietnam
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
• Middle East & Africa
  • Saudi Arabia
  • Türkiye
  • Egypt
  • UAE
  • South Africa

KEY QUESTIONS ANSWERED

1. What is the growth rate of the global steam turbine market?
2. How big is the global steam turbine market?
3. Who are the key players in the global steam turbine market?
4. What are the significant trends in the steam turbine market?
5. Which region dominates the global steam turbine market share?