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Steam Turbine Market Size, Share, Industry, Forecast and Outlook (2023-2030)

Published: 2023 September 13
SKU : EP313
180 pages
Report Summary
Table of Content
List of Tables & Figures

Global Steam Turbine Market is segmented By Capacity ( Up to 5 MW, 5 MW to 150 MW, and More than 150 MW), By Plant Type (Steam Cycle, Combined cycle, Cogeneration), By End-user (Power and Utility, Industrial, Others (Residential, Commercial and institutional)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030


Steam Turbine Industry Overview

The global steam turbine market reached USD million in 2022 and is projected to witness lucrative growth by reaching up to USD million by 2030. The market is growing at a CAGR of 5.0% during the forecast period (2023-2030).

A steam turbine is a type of rotating heat engine that is particularly suitable for driving an electrical generator. Steam turbines produce nearly 90% of the electricity consumed globally. All current and upcoming thermal power plants share the steam turbine. Additionally, using conventional steam turbines provides the foundation for the power generation of fusion power plants.

Various types of steam turbines are available in the market such as combined cycle, steam cycle, and cogeneration. Combined-cycle steam turbine power station utilizes the exhaust heat from gas turbines to produce steam. The generated steam is then used to fuel a steam turbine, which generates more power for a generator or a mechanical drive. Whereas,  In steam cycle turbines, the rotor is rotated by saturated or superheated pressure steam. Burning fossil fuels, such as natural gas, releases chemical energy that may be used to heat the high-pressure fluid in the boiler tubes and create steam.


Steam Turbine Market Summary





Size Available for Years


Forecast Period


Data Availability

Value (US$) 

Segments Covered

Type, Turbine Power Range, Application and Region

Regions Covered

North America, Europe, Asia-Pacific, South America and Middle East & Africa

Fastest Growing Region


Largest Region

North America

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights.


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Steam Turbine Market Trends

The rising government regulations

Government rules have a significant impact on the expansion of the industry. An international coalition of national standards organizations is known as ISO (the Universal Association for Institutionalization) (ISO part bodies).

To participate in the growth of the steam and turbine industries, universal associations, legislative staff and non-administrative employees are in contact with ISO. On all matters relating to electrotechnical advancements, ISO and the International Electrotechnical Commission (IEC) collaborate closely.

The ISO collaborated with all related organizations to promote the supply of steam turbines and gas extension turbines for mechanical applications. The businesses are looking into the steam turbine market's full potential.

The spike in CHP (combined heat and power installations) around the nation is partly a result of U.S. government's increased focus on developing energy-efficient and clean power-producing facilities. The market is anticipated to increase during the forecast period due to the rising demand for combined heat and power worldwide.

High costs associated with steam turbine

The market is constrained by the high costs of steam turbines. Steam turbines require a significant amount of capital investment for installation, which can deter small-scale businesses and limit the growth of the market. The cost of installation varies depending on the size and capacity of the steam turbine, but it can range from hundreds of thousands to millions of dollars. 

The high cost of installation is due to the complex design of steam turbines and the need for high-quality materials and components. In addition to the initial installation cost, steam turbines also require regular maintenance and repair to ensure their smooth operation. The cost of maintenance and repair can be high, which can further increase the overall cost of ownership is a major hurdle to market growth.

Steam Turbine Market Segment Analysis

The global steam turbine market is segmented based on type, turbine power range, application and region.

Rising demand for turbines offering high efficiency and reduced greenhouse gas emissions

Combined cycle in steam turbines holds the second largest market share at the global level. Combined cycle steam turbines are a type of power generation technology that combines two different power generation cycles, mainly a gas turbine cycle and a steam turbine cycle. The combination is used to increase the efficiency of power generation and reduce greenhouse gas emissions.

The gas turbine cycle operates by compressing and combusting a fuel source such as natural gas to create high-pressure hot gas, which is then expanded through a steam turbine to generate electricity. 

The waste heat from this process is captured and used to generate steam, which is then used to power a steam turbine cycle. The steam turbine cycle operates in a similar way to a traditional steam power plant, where steam is expanded through a turbine to generate electricity. 

The combined cycle process allows for more efficient use of fuel and reduces greenhouse gas emissions compared to traditional power plants. The waste heat from the gas turbine cycle is used to generate steam, which produces additional electricity without any additional fuel consumption.

Source: DataM Intelligence Analysis (2023)

Global Steam Turbine Market Geographical Share

Asia-Pacific’s increase in electricity consumption to pre-pandemic levels

According to a study recently published by the International Energy Agency, the area of Asia-demand Pacific for electricity is predicted to have increased by 8% in 2021 from a low of 2% in 2020.

China and India are the primary drivers of the respective growth, with each country recording a sizable rise of 10%. Except for Japan, the majority of the region's countries are anticipated to experience continued market increase through 2024. After the epidemic in 2021, the demand for energy in the industrial and business sectors has significantly increased. Between 2021 and 2024, all segments of the nation's economy are anticipated to experience an increase in electricity consumption to pre-pandemic levels.

As a result, the dominant market for steam turbines at present is Asia-Pacific and during the next several years, there will likely be a major increase in demand for them.

Source: DataM Intelligence Analysis (2023)

Steam Turbine Manufacturers

The major global players include Power Machines, Elliott Group, Mitsubishi Heavy Industries, Ltd, MAN Energy Solutions, General Electric, DongFang Electric Corporation, Spilling Technologies, G-Team Inc, M+M Turbine-Technik GMBH, Siemens, Ansaldo Energia.

Key Developments

  • On May 2022, GE Steam Power and BHEL agreed to a US$165 million contract for the supply of three of the six nuclear steam turbines needed for NPCIL's domestic nuclear program, which is being developed at Kaiga (Kaiga-5&6) in Karnataka, India and Gorakhpur, Haryana (units 1 through 4 of the GHAVP). The domestic initiative consists of 12 units of 700 MWe being constructed by NPCIL using their pressurized heavy water reactor technology (PHWR). It will provide the nation with 8.4 GW of CO2-free electricity in total, which is more than enough to power over 14 million homes.
  • October 11, 2022, In Ostiglia, Lombardy, Siemens Energy is constructing a combined cycle power plant on a turnkey basis. The facility aims to lower CO2 emissions in Italy and stabilize the grid's fluctuating renewable energy feed-in. The facility is owned and operated by the utility EP Produzione S.p.A. Siemens Energy's HL-class gas turbine technology will be used in the power plant. The flexible use of natural gas is made possible by this technology. In addition to natural gas, the unit is built to burn up to 30% hydrogen. 880 MW of electrical capacity is installed. Spring 2025 is the anticipated completion date.
  • On February 13, 2023, Ansaldo Energia signed a contract for four gas turbines in Azerbaijan. The "Azerbaijan" power plant, located in the city of Mingachevir, will install four of Ansaldo Energia's AE94.3A gas turbines as an additional generation plant (combined cycle). This historical product has over 4 million operating hours. With this new supply, the plant's design will use two gas turbines in place of one steam turbine, greatly improving efficiency while lowering gas consumption.

The global steam turbine market report would provide approximately 61 tables, 55 figures and 207 Pages.

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What is the Steam Turbine Market growth?
The market is growing at a CAGR of 5.0%.
Who are the key players in Steam Turbine Market ?
Major players are G-Team Inc. Company, M+M Turbine-Technik GMBH, Siemens India, Ansaldo Energia Group, Power Machines, Elliott Group, Mitsubishi Hitachi Power Systems Amerucas Inc, MAN Diesel & Turbo SE, General Electric and Dong Fang Turbine Co Ltd.
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