Global Steam Turbine Market Size, Share, Growth and Forecast 2032
Global Steam Turbine Market is projected to witness a CAGR of 3.99% during the forecast period 2025-2032, growing from USD 21.64 billion in 2024 to USD 29.59 billion in 2032.
The future of steam turbines is going to be changed with the advancement of technology and changes in market dynamics. One of the most significant trends is the development of ultra-supercritical (A-USC) steam turbines, which operate at higher temperatures and pressures, enhancing thermal efficiency and reducing emissions. This is complemented by innovations in blade design that improve aerodynamic performance.
In addition, new digital technologies such as artificial intelligence and IoT integration are fundamentally transforming operations designed for turbomachinery as it watches for real-time monitoring with predictive maintenance, boosting performance with minimized downtime. Shifts within the global energy domain require increasingly cleaner energies, notably through renewable means such as biomass and concentrated solar power, increasing demand accordingly. Emerging markets are also growing due to rapid industrialization and urbanization, while stiffer emission regulations force industries to adopt superior steam turbine technologies that are sustainable. In addition, the development of combined cycle power plants provides more opportunities for steam turbines to realize efficiency by making use of waste heat. All these trends depict a promising future for steam turbines that will be efficient, flexible, and in line with sustainable energy goals, thus leading to a cleaner and more reliable energy system. Higher construction activities, which are in the form of new power plants, will drive the market growth further. The additional elements and new technology also aid in the overall growth of the steam turbine market.
For instance, in March 2023, Kawasaki Heavy Industries, Ltd. delivered two steam turbine generator sets to the Philippine-based petrochemical company, Petron Corporation. At Bataan Refinery in Luzon, the Philippines, steam turbine sets were erected as part of an off-grid power generation project to provide heat and electricity to the refinery. To boost the steam turbine’s overall output, the condenser cools (condenses) the exhaust (steam) from the steam turbine.
Rising Demand for Electricity and Renewable Energy Integration to Fuel Market Growth
The surge is particularly noticeable in emerging economies, where speedy urbanization and industrialization are resulting in increased demand for energy. Global electricity demand is expected to rise by nearly two-thirds during the forecast period; therefore, new power generation units will be required. This increase in demand is encouraging investments in steam turbines, which power electricity generation in both traditional and renewable energy plants, thus cementing their position in future energy requirements.
As governments around the world up the ante in reducing carbon footprint, there is a rise in the integration of renewable energy sources into the overall power generation mix. As such, steam turbines are gradually being used in biomass, geothermal power plants, and combined heat and power systems to increase energy efficiency and sustainability. It facilitates innovation in the designing of steam turbines and thus widens the scope of numerous applications. Global initiatives about developing environment-friendly sustainable energy products increase its demand, which leads toward a boost in this market; thereby, the company provides its newly developed technology to all industries holding turbines.
For instance, in April 2024, Valmet Corporation announced that it was going to deliver steam turbine automation to Energie AG in Austria. To have a completely integrated control system for the entire facility, the company is moving the current turbine controls to the Valmet DNA automation system. This will also result in better process visibility and simpler and more effective operations.
Government Investment and Technological Advancements to Shape Market Growth
High government investments in the development of infrastructure and power generation projects are boosting the steam turbine market growth. Countries are concentrating on enhancing their energy infrastructure to keep up with increased electricity demand and for more reliability. Investments tend to be targeted toward modernizing existing power plants and constructing new facilities based on state-of-the-art steam turbine technology. Government policies that encourage private sector participation in energy generation stimulate demand for steam turbines, creating a favorable market expansion environment.
With the ongoing advancement of technology, steam turbines are becoming more efficient and effective, gaining acceptance in various applications across industries. For instance, ultra-supercritical technology enables turbines to work at higher temperatures and pressures, which increases thermal efficiency while lowering emissions. Moreover, digital technologies such as real-time monitoring and predictive maintenance optimize turbine operations and minimize downtime. These developments not only enhance the economic feasibility of steam turbines but also serve the rising demand for clean and efficient energy solutions and, thus, propel the market.
Combined Cycle Technology and Rapid Urbanization to Make Power and Utility Segment Lead
Based on the end-user, the power and utility segment is expected to hold the major share of the market. This dominance is primarily driven by the growing electricity demand in major countries around the world, especially in emerging economies, backed by rapid urbanization and industrialization. Power plants using combined cycle technology also use steam turbines for efficient power generation. Moreover, this segment also benefits from new infrastructure developments and investments in new power generation facilities. During the forecast period, the power and utility segment is likely to continue its dominance due to ongoing developments in steam turbine technology and renewable energy integration, as governments strive for sustainable energy solutions to address growing energy demands. Companies supplying to nations for the higher energy supply are also fueling the power and utility segment.
For instance, in November 2023, GE Vernova (The GE Company) announced an order from O2 Power Private Limited to supply, install, and commission 36 units of its workhorse 2.7-132 onshore wind turbines for the 97 MW wind power projects in Maharashtra, India. The deal will help India reach its goal of 500 GW of renewable energy capacity by 2030 and will make it possible to supply renewable energy to a variety of Indian businesses and commercial entities.
Asia-Pacific Becomes the Fastest Growing Region in the Steam Turbine Market
Asia-Pacific is the leading region in the steam turbine market, driven by a combination of rapid industrialization, rising energy demand, and significant investments in power generation infrastructure. Nations such as China and India are leading this expansion as they work to broaden their energy portfolios to cater to the demands of their increasing populations and economies. The region’s emphasis on strengthening energy security and transitioning to cleaner energy alternatives has resulted in a heightened use of steam turbines in both conventional thermal power facilities and renewable energy initiatives.
Additionally, the Asia-Pacific market reaps the benefits of progress in steam turbine technology, featuring innovations that enhance efficiency and lower emissions. Governments in this region are also enacting policies that promote the implementation of advanced steam turbine systems, especially those that facilitate combined heat and power (CHP) and cogeneration processes. This transition meets energy demands and aligns with international sustainability objectives. Consequently, Asia-Pacific is anticipated to sustain its dominant position in the steam turbine sector, providing numerous opportunities for industry participants to take advantage of the rising need for efficient and dependable power generation solutions.
For instance, in May 2022, GE Steam Power (General Electric Company) signed a USD 165 million contract for three nuclear steam turbines with BHEL. This supplies BHEL with the design and manufacturing of three nuclear steam turbines from the Sanand facility in India. This national initiative consists of 12 units of 700 MWe, which are being developed by NPCIL using their proprietary nuclear reactor technology, specifically Pressurized Heavy Water Reactors (PHWR). Altogether, it will provide 8.4 GW of carbon dioxide-free electricity for the nation, sufficient to supply energy to over 14 million households.
Future Market Scenario (2025 – 2032F)
- The shift towards renewable energy sources is likely to drive the development and integration of advanced steam turbines that enhance efficiency and reduce emissions.
- Continuous advancements in steam turbine technology, such as ultra-supercritical systems and digital monitoring, are anticipated to improve performance and operational flexibility.
- Rapid industrialization and urbanization in developing countries are projected to significantly increase the demand for reliable electricity, propelling the steam turbine market growth.
- Stricter environmental regulations and increased government investments in infrastructure are fostering the adoption of steam turbines in power generation and industrial applications.
Report Scope
“Steam Turbine Market Assessment, Opportunities, and Forecast, 2018-2032F”, is a comprehensive report by Markets and Data, that provides in-depth analysis and qualitative and quantitative assessment of the current state of the global steam turbine market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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