Steam Turbine Market Size

Steam Turbine Market size was valued at USD 18.32 Billion in 2023 and is poised to grow from USD 18.85 Billion in 2024 to USD 23.7 Billion by 2032, growing at a CAGR of 0.029 during the forecast period (2025-2032).

Key vendors in Steam Turbine Market are: 'General Electric Company', 'Siemens AG', 'Mitsubishi Hitachi Power Systems, Ltd.', 'Toshiba Energy Systems & Solutions Corporation', 'Ansaldo Energia S.p.A.', 'Bharat Heavy Electricals Limited (BHEL)', 'Doosan Škoda Power', 'Harbin Electric Corporation', 'Dongfang Electric Corporation Limited', 'Elliott Group', 'MAN Energy Solutions SE', 'Shanghai Electric Group Co., Ltd.', 'Fuji Electric Co., Ltd.', 'Hangzhou Steam Turbine Co., Ltd.', 'Power Machines', 'Turboden S.p.A.', 'Triveni Turbine Limited', 'Fuji Electric India Pvt. Ltd.', 'Shin Nippon Machinery Co., Ltd.', 'Peter Brotherhood Ltd'

The global demand for electricity continues to rise due to population growth, urbanization, and industrialization. Steam turbines play a vital role in power generation, particularly in thermal power plants, as they efficiently convert thermal energy into electrical energy. The increasing energy demand is a significant driver for the steam turbine market.

Growing Focus on Renewable Energy: There is a global shift towards renewable energy sources as countries strive to reduce greenhouse gas emissions and mitigate climate change. Steam turbines play a crucial role in renewable energy applications such as concentrated solar power (CSP), biomass, geothermal, and waste-to-energy plants. The increasing adoption of these renewable energy sources is driving the demand for steam turbines in the market.

North America led the market and is further projected to continue dominating the global market during the forecast period. In the United States, steam turbines are commonly employed in CHP applications. Unlike gas turbines & reciprocating engine CHP systems, heat is produced as a result of the power production process, heat turbine-based generators produce electricity as a byproduct of heat (steam) production. Because steam turbines employ different heat sources, they do not convert fuel to electric energy. High-pressure steam powers turbines and generators, transferring energy from boilers to turbines.