Steam Turbine Aftermarket Market Report 2025

The steam turbine aftermarket market size has grown strongly in recent years. It will grow from $4.02 billion in 2024 to $4.28 billion in 2025 at a compound annual growth rate (CAGR) of 6.6%. During the historic period, growth was driven by the increasing adoption of renewable energy integration. Other contributing factors included rising demand for power generation capacity, growing industrialization and urbanization, refurbishment of aging power infrastructure, and a stronger focus on operational efficiency in turbines.

The steam turbine aftermarket market size is expected to see strong growth in the next few years. It will grow to $5.45 billion in 2029 at a compound annual growth rate (CAGR) of 6.2%. During the forecast period, growth is expected to be driven by the replacement of old turbines with more efficient models. Other factors include rising investments in combined cycle power plants, increasing demand for flexible power generation, growing emphasis on reducing carbon emissions, and wider adoption of predictive maintenance technologies. Key trends in this period include advancements in digital twin technology for turbine monitoring, the use of advanced materials to enhance turbine performance, development of comprehensive aftermarket service packages, innovations in rotor blade design for improved efficiency, and progress in remote condition monitoring systems.

The growing demand for electricity is expected to drive the steam turbine aftermarket market. Electricity involves the movement of electric charges to generate energy for lighting, heating, and power. This demand is increasing due to the rapid expansion of digital technologies and electronic devices, which require a continuous and reliable power supply for both personal and business use. The steam turbine aftermarket supports this demand by providing maintenance and upgrades that improve turbine efficiency, ensuring a stable and consistent energy supply. For example, in April 2023, the Energy Information Administration, a US-based government agency, projected that energy consumption in the United States would grow between 0% and 15% from 2022 to 2050.

The rising adoption of renewable energy is also expected to propel growth in the steam turbine aftermarket market. Renewable energy comes from naturally replenishing sources such as sunlight, wind, water, and biomass, and can be used sustainably. Adoption of renewable energy is increasing due to environmental concerns, as governments and companies seek cleaner energy sources to reduce greenhouse gas emissions. The steam turbine aftermarket supports renewable power generation by providing maintenance and upgrades that enhance efficiency and reliability in biomass and geothermal power plants. In October 2024, the International Energy Agency (IEA), a France-based intergovernmental organization, projected that over 5,500 gigawatts (GW) of renewable energy capacity would be installed globally between 2024 and 2030.

In May 2024, Électricité de France (EDF), a France-based electric utility, acquired GE Steam Power’s nuclear operations from GE Vernova Inc. for an undisclosed amount. This acquisition allows EDF to strengthen its nuclear capabilities by gaining advanced steam turbine technologies and service expertise, supporting the supply, maintenance, and upgrading of equipment for existing and new nuclear power plants, while contributing to European energy security and decarbonization efforts. GE Vernova Inc. is a US-based company providing steam turbine aftermarket services.

Major players in the steam turbine aftermarket market are Sumitomo Heavy Industries Ltd., Siemens Energy AG, Mitsubishi Heavy Industries Ltd., NTPC Limited, Shanghai Electric Group Co. Ltd., Doosan Enerbility Co. Ltd., Kawasaki Heavy Industries Ltd., Dongfang Electric Corporation Limited, Fincantieri S.p.A., Fuji Electric Co. Ltd., Ebara Corporation, Babcock International Group Plc, Voith GmbH & Co. KGaA, Sulzer Ltd., Bharat Heavy Electricals Limited, Triveni Turbine Limited, SIFCO Industries Inc., Toshiba Energy Systems & Solutions Corporation, Turtle Turbines Private Limited, and Allied Power Group LLC.

Asia-Pacific was the largest region in the steam turbine aftermarket market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in steam turbine aftermarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the steam turbine aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the utilities sector, particularly in power generation, grid infrastructure, and renewable energy projects. Higher duties on imported equipment such as turbines, transformers, solar panels, and battery storage systems have increased capital and operational costs for utility providers, forcing them to reconsider project timelines or pass on expenses to consumers through higher energy rates. The water and waste management segments are also affected, with tariffs driving up the cost of essential machinery, piping, and treatment technologies. Additionally, retaliatory tariffs have disrupted global supply chains for critical raw materials like rare earth metals used in clean energy technologies, further complicating the transition to sustainable energy sources. The sector must now prioritize domestic sourcing, digitalization, and efficiency-driven innovations to manage escalating costs while ensuring energy security and regulatory compliance.

Steam turbine aftermarket refers to the range of services, parts, and solutions provided for steam turbines after their initial installation and commissioning. This includes maintenance, repair, refurbishment, upgrades, and component replacement to maintain optimal performance, efficiency, and reliability throughout the turbine’s operational life. Aftermarket services help extend turbine lifespan, minimize unplanned downtime, and support continuous operations in power generation and industrial applications.

The main types of services in the steam turbine aftermarket include spare parts, repairs, and maintenance services. Spare parts are components kept in inventory to replace failed, worn, or damaged parts, ensuring uninterrupted operation and reducing downtime. The technologies supported include combined cycle, fossil, nuclear, and renewable thermal systems, with capacities ranging from below 50 MW to above 600 MW. Service providers include original equipment manufacturers (OEMs) and independent service providers (ISPs), serving end users in power generation, oil and gas, and general industrial sectors.

The steam turbine aftermarket market research report is one of a series of new reports that provides steam turbine aftermarket market statistics, including the steam turbine aftermarket industry global market size, regional shares, competitors with the steam turbine aftermarket market share, detailed steam turbine aftermarket market segments, market trends, and opportunities, and any further data you may need to thrive in the steam turbine aftermarket industry. This steam turbine aftermarket market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The steam turbine aftermarket market includes revenues earned by entities by providing services such as performance upgrades, retrofitting, condition monitoring, and long-term services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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