Global Steam Turbines Market to Reach US$21.5 Billion by 2030

The global market for Steam Turbines estimated at US$17.5 Billion in the year 2024, is expected to reach US$21.5 Billion by 2030, growing at a CAGR of 3.5% over the analysis period 2024-2030. Up to 150 MW, one of the segments analyzed in the report, is expected to record a 4.0% CAGR and reach US$5.3 Billion by the end of the analysis period. Growth in the 151-300 MW segment is estimated at 3.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$4.7 Billion While China is Forecast to Grow at 5.1% CAGR

The Steam Turbines market in the U.S. is estimated at US$4.7 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.3 Billion by the year 2030 trailing a CAGR of 5.1% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.6% and 2.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR.

Global Steam Turbines Market - Key Trends and Drivers Summarized

How Are Steam Turbines Powering Industrial and Energy Sectors?

Steam turbines are mechanical devices that convert thermal energy from steam into mechanical energy, which is then used to generate electricity, drive machinery, or support industrial processes. These turbines play a crucial role in power generation, manufacturing, oil and gas refining, and marine propulsion, offering reliable performance and high efficiency. Steam turbines are classified into different types, including condensing, non-condensing, reheat, and extraction turbines, each designed to meet specific operational requirements. As the demand for energy-efficient technologies and reliable power sources grows across industries, steam turbines continue to be a vital component in global energy production and industrial applications.

What Are the Key Segments in the Steam Turbines Market?

Key types include condensing steam turbines, non-condensing steam turbines, reheat steam turbines, and extraction steam turbines, with condensing turbines holding the largest market share due to their widespread use in power generation plants for electricity production. Capacity segments cover small (<150 MW), medium (151–300 MW), and large (>300 MW) turbines, with medium-capacity turbines representing a significant segment driven by demand from industrial cogeneration and combined heat and power (CHP) plants. Applications of steam turbines span power generation, chemical processing, oil refining, and marine propulsion, with power generation leading the market as it utilizes steam turbines for base-load and peak-load power generation.

How Are Steam Turbines Integrated Across Energy and Industrial Sectors?

In power generation, steam turbines are used in thermal power plants, including coal, nuclear, and natural gas-fired facilities, where they convert steam produced by burning fuel or nuclear reactions into mechanical energy to drive generators. In the industrial sector, steam turbines are used in cogeneration and combined heat and power (CHP) plants, providing both electricity and process steam for manufacturing, chemical processing, and refining operations, enhancing energy efficiency. The oil and gas sector uses steam turbines for processes like crude oil distillation and natural gas processing, where reliable and high-capacity turbines support refinery operations. Additionally, marine propulsion systems employ steam turbines for ship engines, offering efficient and long-range propulsion capabilities.

What Factors Are Driving the Growth in the Steam Turbines Market?

The growth in the Steam Turbines market is driven by several factors, including increasing demand for reliable and efficient power generation technologies across industrial, commercial, and utility sectors. Advancements in turbine design, materials, and thermodynamic efficiency have improved the performance and lifespan of steam turbines, supporting broader adoption across diverse energy applications. The focus on energy efficiency and reduced carbon emissions, particularly in industrial processes and cogeneration plants, has further fueled demand, as steam turbines provide cost-effective solutions for combined power and heat production. Additionally, rising investments in thermal power plants, nuclear energy projects, and infrastructure development, particularly in emerging economies, have contributed to market growth, encouraging the integration of steam turbines in global energy systems.