Steam Turbine Market Size and Share
Market Overview
| Study Period | 2019 - 2030 |
|---|---|
| Market Size (2025) | USD 18.74 Billion |
| Market Size (2030) | USD 22.11 Billion |
| Growth Rate (2025 - 2030) | 3.36% CAGR |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
|
Steam Turbine Market Analysis by Mordor Intelligence
The Steam Turbine Market size is estimated at USD 18.74 billion in 2025, and is expected to reach USD 22.11 billion by 2030, at a CAGR of 3.36% during the forecast period (2025-2030).
- Over the medium term, the increasing penetration of natural gas for power generation, along with the development of gas transportation infrastructure, is expected to drive significant growth in the global steam turbine market.
- On the other hand, the growing adoption of renewable energy-based power generation poses a significant restraint on the global steam turbine for the power generation market. As more countries and industries prioritize sustainable and eco-friendly energy sources, the reliance on steam turbines may decrease.
- Nevertheless, utilizing thorium as a fuel source presents vital opportunities for the market. Thorium-based reactors, which offer a safer and more efficient alternative to traditional uranium reactors, are gaining traction worldwide. These advancements not only support cleaner energy production but also enhance the sustainability and reliability of power generation systems.
- Asia-Pacific is expected to be the fastest-growing market during the forecast period due to the rising energy demand. This growth is attributed to increasing investments in the countries, including India, China, and Japan.
Global Steam Turbine Market Trends and Insights
The Gas Segment to Witness Significant Growth
- A gas combined-cycle power plant (CCP) uses gas. A steam turbine in this type of plant is expected to produce up to 50% more electricity from the same fuel than a traditional simple-cycle plant. The waste heat from the gas turbine is routed to the nearby steam turbine, which generates extra power.
- Compared to coal-fired power plants, natural gas combined cycle plants produce significantly lower emissions of greenhouse gases, such as carbon dioxide (CO2) and other pollutants like sulfur dioxide (SO2) and nitrogen oxides (NOx). This makes them a cleaner option for electricity generation, contributing to improved air quality and reduced environmental impact.
- The rising global demand for renewable energy has increased the popularity of natural gas power plants. The demand for gas is increasing, especially in Asia-Pacific, due to the shift from coal to natural gas. For instance, according to the Energy Institute Statistical Review of World Energy statistics, in 2023, the total global natural gas consumption was approximately 4,010.2 billion cubic meters, marking a slight increase from 4,008.7 billion cubic meters in 2022. This represents a modest growth rate of about 0.04 percent. This steady rise in consumption is expected to create significant demand for natural gas as a power generation source.
- Natural gas combined cycle plants offer operational flexibility, allowing them to respond quickly to changes in electricity demand. They can ramp up or down their power output relatively quickly, making them well-suited for balancing the intermittent nature of renewable energy sources like solar and wind.
- Urbanization is on the rise, energy demands are escalating, and governments worldwide are pushing for industrialization and infrastructure development. As a result, the global appetite for gas-combined power cycles is surging. In response to this growing electricity demand, numerous countries are channeling investments into these generation facilities.
- For instance, in October 2024, China's Guangdong Energy Group unveiled its 2.4-GW Dongguan Ningzhou gas-fired power plant. Standing as one of China's largest, the plant harnesses steam turbines from Harbin Electric, enhancing efficiency by capturing waste heat from gas turbines. This initiative not only seeks to supplant coal with natural gas but also aligns with China's broader carbon reduction ambitions.
- Many natural gas combined cycle plants can be built or retrofitted at existing sites, leveraging the infrastructure for natural gas supply and electricity transmission. This can expedite the deployment of new power generation capacity.
- For instance, in March 2023, the Asian Development Bank announced that it would set up a 120 MW gas-fired combined cycle power plant in Tripura, India. Similarly, in the same month, the Government of Montenegro signed an MoU with companies like Enerflex Energy Systems and Wethington Energy Innovation from the United States on the construction of a liquefied natural gas (LNG) terminal and a gas-fired power plant. The CCGP plant will likely have a capacity between 240 MW and 440 MW.
- Therefore, natural gas combined cycle power plants offer a balance between efficiency, lower emissions, flexibility, reliability, and cost-effectiveness, making them a popular choice for electricity generation, thus increasing the demand for steam turbines around the globe.
Asia-Pacific Expected to Dominate the Market
- Asia-Pacific is already the largest market for steam turbines and is expected to create significant demand for steam turbines over the coming years. Thermal power generation in the Asia-Pacific contributes to more than 50% of electricity generation.
- China is one of the leading countries in Asia-Pacific, with the highest electricity generation capacity. With its large geographical area and to cater to a large population, the country needs to have increased electricity generation plants with continuous fuel supply for continuous power generation within the nation.
- As of January 2023, the country had the highest number of operating coal thermal power plants worldwide. Till January 2023, China had around 3,092 units of operating coal thermal power plants, 499 under-construction coal power plants, and 112 announced coal power plants. Hence, such a trend will propel the steam turbine market in the coming years.
- According to a joint report by the Centre for Research on Energy and Clean Air (CREA) and Global Energy Monitor (GEM), in 2024, China initiated the construction of 94.5 GW of new coal-power capacity and revived 3.3 GW of previously suspended projects, marking the highest level of activity in the past decade. This uptick, largely fueled by investments in the coal-mining sector, casts doubt on China's commitment to moving away from fossil fuels.
- As per the Central Electricity Authority (CEA), the power-generating industry has grown. In FY2022-23 and FY 2023-24, thermal power plants rose by 2.77%, while renewable energy grew by around 11.11%. Thus, this signifies the increasing growth of renewable energy technologies to reduce reliance on fossil fuels for power generation.
- As per the Central Electricity Authority, nearly 31,040 MW of under-construction thermal power plants in India will be online in the next five years. Among all the under-construction, about 15,120 MW is likely to be operated by the central ministry, while 14,320 MW is expected to be operated by the state ministry. Hence, such upcoming thermal power plants will increase demand for steam turbines in the power generation market in the coming years.
- In 2023, Japan's electricity generation from fossil fuels dropped to about 65 percent, down from 72.4 percent in 2022, as reported by the Energy Institute's Statistical Review of World Energy. Specifically, the share of electricity generated from liquefied natural gas (LNG) fell to roughly 29 percent, a slight decline from 29.9 percent the year before. These changes underscore Japan's commitment to pivoting towards cleaner energy and diminishing its dependence on fossil fuels.
- Furthermore, according to the Institute for Sustainable Energy Policies, Japan's coal-based electricity generation saw an increase, rising to 28.3 percent compared to the previous year's 27.8 percent. Additionally, nuclear power contributed 7.7 percent to electricity generation, increasing from the previous year's 4.8 percent.
- Thus, with the above developments and upcoming thermal power plants, Asia-Pacific is expected to dominate the market during the forecast period.
Competitive Landscape
The steam turbine for the power generation market is semi-consolidated. Some of the major players in the market (in no particular order) include Siemens Energy AG, Mitsubishi Heavy Industries Ltd, Toshiba Corporation, Doosan Enerbility Co Ltd, and GE Vernova Inc.
Steam Turbine Industry Leaders
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Siemens Energy AG
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Mitsubishi Heavy Industries Ltd
-
Toshiba Corporation
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GE Vernova Inc.
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Doosan Enerbility Co Ltd
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- May 2024: GE Vernova completed the sale of a portion of its nuclear, conventional islands technology and services, including its Arabelle steam turbines, to EDF. Arabelle Solutions is a wholly-owned subsidiary of EDF. It is expected to supply equipment for new nuclear power plants and maintain and upgrade equipment in existing ones. Its steam turbines will be used in the EPR, EPR2, and SMR (small modular reactor) series.
- April 2024: Valmet announced it would deliver a steam turbine control system to Energie AG’s waste recycling plant in Wels, Austria. The company is migrating the current turbine controls to the Valmet DNA automation system to have a fully integrated control system for the whole plant. Valmet’s delivery for the 23.5 MW steam turbine includes redundant Valmet DNA turbine control, a new turbine protection system, and a new overspeed protection system.
Global Steam Turbine Market Report Scope
A steam turbine is simply a metal-constructed rotor motor on an axle, which is one of the essential components of a combined cycle power plant and is used to generate electricity. A mix of compressed air with natural gas fuel is used to run the steam turbine, as well as in the HRSG (heat recovery steam generator). It is also an important component of the coal-based thermal turbine power plant, nuclear-based steam turbine power plant, and geothermal-based steam power plant.
The steam turbine for power generation market is segmented by plant type, capacity, and geography. By plant type, the market is segmented into gas, coal, and other plant types (nuclear, CHP, etc.). By capacity, the market is segmented into below 40 MW and above 40 MW. The report also covers the market sizes and forecasts across major regions. Market sizing and forecasts are made for each segment based on revenue (USD).
| Gas |
| Coal |
| Nuclear |
| Other Plant Types |
| Below 40 MW |
| Above 40 MW |
| North America | United States |
| Canada | |
| Rest of North America | |
| Asia-Pacific | China |
| India | |
| South Korea | |
| Japan | |
| Rest of Asia-Pacific | |
| Europe | Germany |
| France | |
| Rest of Europe | |
| Middle East and Africa | United Arab Emirates |
| Saudi Arabia | |
| South Africa | |
| Rest of Middle East and Africa | |
| South America | Brazil |
| Argentina | |
| Rest of South America |
| Plant Type | Gas | |
| Coal | ||
| Nuclear | ||
| Other Plant Types | ||
| Capacity | Below 40 MW | |
| Above 40 MW | ||
| Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}) | North America | United States |
| Canada | ||
| Rest of North America | ||
| Asia-Pacific | China | |
| India | ||
| South Korea | ||
| Japan | ||
| Rest of Asia-Pacific | ||
| Europe | Germany | |
| France | ||
| Rest of Europe | ||
| Middle East and Africa | United Arab Emirates | |
| Saudi Arabia | ||
| South Africa | ||
| Rest of Middle East and Africa | ||
| South America | Brazil | |
| Argentina | ||
| Rest of South America | ||
Key Questions Answered in the Report
How big is the Steam Turbine For Power Generation Market?
The Steam Turbine For Power Generation Market size is expected to reach USD 18.74 billion in 2025 and grow at a CAGR of 3.36% to reach USD 22.11 billion by 2030.
What is the current Steam Turbine For Power Generation Market size?
In 2025, the Steam Turbine For Power Generation Market size is expected to reach USD 18.74 billion.
Who are the key players in Steam Turbine For Power Generation Market?
Siemens Energy AG, Mitsubishi Heavy Industries Ltd, Toshiba Corporation, GE Vernova Inc. and Doosan Enerbility Co Ltd are the major companies operating in the Steam Turbine For Power Generation Market.
Which is the fastest growing region in Steam Turbine For Power Generation Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Steam Turbine For Power Generation Market?
In 2025, the Asia-Pacific accounts for the largest market share in Steam Turbine For Power Generation Market.
What years does this Steam Turbine For Power Generation Market cover, and what was the market size in 2024?
In 2024, the Steam Turbine For Power Generation Market size was estimated at USD 18.11 billion. The report covers the Steam Turbine For Power Generation Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Steam Turbine For Power Generation Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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