Top Steam Turbine Companies

Steam Turbine Market size was valued at USD 24.58 Billion in 2024 and is poised to grow from USD 25.71 Billion in 2025 to USD 36.84 Billion by 2033, growing at a CAGR of 4.6% during the forecast period (2026–2033).

The global steam turbine market is very competitive, with several consolidated companies in the main product segments engaged in the business. Manufacturers have started to invest in R&D due to more stringent regulations and tightening emission standards. Some of the vital global players of the steam turbine market are General Electric, Siemens Energy, Mitsubishi Power, Toshiba Energy Systems & Solutions, and Ansaldo Energia. These companies focus intensely on innovation, strategic partnering, and global-competitive selling to stimulate market expansion and competition. 'General Electric Company (United States)', 'Siemens AG (Germany)', 'Mitsubishi Hitachi Power Systems, Ltd. (Japan)', 'Toshiba Energy Systems & Solutions Corporation (Japan)', 'Ansaldo Energia S.p.A. (Italy)', 'Bharat Heavy Electricals Limited (BHEL) (India)', 'Doosan Skoda Power (Czech Republic)', 'Harbin Electric Corporation (China)', 'Dongfang Electric Corporation Limited (China)', 'Elliott Group (United States) ', 'MAN Energy Solutions SE (Germany) ', 'Shanghai Electric Group Co., Ltd. (China) ', 'Fuji Electric Co., Ltd. (Japan) ', 'Hangzhou Steam Turbine Co., Ltd. (China) ', 'Power Machines (Russia) ', 'Turboden S.p.A. (Italy) ', 'Triveni Turbine Limited (India)', 'Fuji Electric India Pvt. Ltd. (India)', 'Shin Nippon Machinery Co., Ltd. (Japan)'

Due to urbanization, industrialization, and growing population, the need for electric power is increasing tremendously all over the globe. It is expected that this will revolutionize the global market for steam turbines. The growth of economies, especially of emerging economies, will lead to much need for the expansion of efficient and reliable methods of electricity generation and thus to an increasing demand for steam turbines.

Transition to Combined-Cycle Power Plants: An essential trend in the global steam turbine market is to use combined-cycle power plants. These power plants increase the overall efficiency of a plant by combining a gas and steam turbine, which reflects a better fuel usage and reduces the release of greenhouse gases, aligns with the aim of sustainability and results in the global steam turbine market growth.

Asia Pacific dominates the global steam turbine market due to its rapid industrialization, large-scale infrastructure projects, and growing energy demand. China and India are vastly investing in power generation to be able to support the expanding populations and expanding economies. Also, the region is looking at better energy efficiency routes and cleaner energy transitions, which has an encouraging effect on the uptake of advanced steam turbine technologies. The demand for traditional and combined-cycle steam turbines in coal, nuclear and gas power plants is huge, which makes its use an attraction in the increasing investment in renewable energy integration. The dominance of the Asia Pacific market has been fueled by these very factors and supported by strong government backing to underpin energy infrastructure.