Steam Turbine Aftermarket Market Report 2026

The steam turbine aftermarket market size has grown strongly in recent years. It will grow from $4.28 billion in 2025 to $4.55 billion in 2026 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to expansion of installed steam turbine base, increasing operational hours of aging turbines, growing reliance on thermal power generation assets, rising demand for planned maintenance cycles, availability of specialized turbine repair expertise.

The steam turbine aftermarket market size is expected to see strong growth in the next few years. It will grow to $5.77 billion in 2030 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increasing focus on asset optimization, rising investments in digital service platforms, growing demand for reliability improvement programs, expansion of long-term service agreements, increasing adoption of condition-based maintenance. Major trends in the forecast period include increasing adoption of predictive maintenance services, rising demand for turbine life extension solutions, growing focus on efficiency upgrade retrofits, expansion of remote monitoring and diagnostics, higher utilization of oem-led service contracts.

Rising electricity demand is expected to drive the growth of the steam turbine aftermarket market in the coming years. Electricity refers to the flow of electric charges that can be harnessed to produce energy for lighting, heating, and power applications. Demand for electricity is increasing due to the rapid expansion of digital technologies and electronic devices, which require a reliable and continuously growing power supply to support modern lifestyles and business operations. The steam turbine aftermarket plays a key role in managing electricity demand by offering maintenance, repair, and upgrade services that enhance turbine efficiency and performance, ensuring a stable and dependable power supply to meet evolving energy requirements. For example, in April 2023, the Energy Information Administration, a US-based government agency, reported that energy consumption in the United States is projected to grow across all energy sources, with an expected increase ranging from 0% to 15% between 2022 and 2050. Consequently, the growing demand for electricity is fueling the expansion of the steam turbine aftermarket market.

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 companies operating in the steam turbine aftermarket market are Siemens Energy AG, Mitsubishi Heavy Industries Ltd., General Electric Company (GE Power), Toshiba Energy Systems & Solutions Corporation, Doosan Enerbility Co. Ltd., Kawasaki Heavy Industries Ltd., Shanghai Electric Group Co. Ltd., Bharat Heavy Electricals Limited, Voith GmbH & Co. KGaA, Sulzer Ltd., Babcock International Group Plc, Triveni Turbine Limited, Sumitomo Heavy Industries Ltd., Fuji Electric Co. Ltd., SIFCO Industries Inc., Allied Power Group LLC, MAN Energy Solutions SE, Ansaldo Energia S.p.A., Hitachi Energy Ltd., ANDRITZ AG.

Asia-Pacific was the largest region in the steam turbine aftermarket market in 2025. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the steam turbine aftermarket market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the steam turbine aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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