Steam Turbine Market Report 2026

The steam turbine market size has grown marginally in recent years. It will grow from $17.11 billion in 2025 to $17.44 billion in 2026 at a compound annual growth rate (CAGR) of 1.9%. The growth in the historic period can be attributed to growth of coal and gas based power generation, expansion of large scale thermal power plants, increasing electricity demand from industrial sectors, development of nuclear power infrastructure, need for reliable base load power generation.

The steam turbine market size is expected to see marginal growth in the next few years. It will grow to $18.78 billion in 2030 at a compound annual growth rate (CAGR) of 1.9%. The growth in the forecast period can be attributed to rising investments in clean and efficient power generation, modernization of aging power plant infrastructure, increasing adoption of cogeneration systems in industries, growth of waste to energy and biomass plants, rising electricity demand in emerging economies. Major trends in the forecast period include rising demand for high efficiency steam turbines, growing adoption of combined cycle power plants, increasing use of steam turbines in industrial cogeneration, expansion of steam turbines in renewable and waste to energy plants, higher focus on turbine durability and load flexibility.

The growing emphasis on renewable energy is anticipated to drive the expansion of the steam turbine market. Renewable energy, also known as clean energy, ensures stable power supply and fuel diversification, enhancing energy security while reducing the risk of fuel-related hazards. The primary objectives of focusing on renewable energy include promoting economic development, strengthening energy security, increasing access to electricity, and combating climate change. This heightened emphasis on renewable energy is boosting demand for steam turbines, as they provide a means to generate electricity with minimal environmental impact. For example, in January 2024, the U.S. Energy Information Administration, a federal statistical agency, projected U.S. solar power generation to surge by 75%, rising from 163 billion kWh in 2023 to 286 billion kWh by 2025. Over the same period, wind power generation is expected to grow by 11%, increasing from 430 billion kWh in 2023 to 476 billion kWh in 2025. Hence, the increasing focus on renewable energy is set to propel the growth of the steam turbine market.

Leading companies in the steam turbine market are leveraging strategic partnerships to optimize the utilization and energy content of syngas through steam generation. Strategic partnerships involve companies combining their strengths and resources to achieve shared benefits and success. For instance, in June 2023, Imerys S.A., a France-based mining firm, collaborated with E.ON SE, a Germany-based electric utility company. Under this partnership, E.ON will build an advanced energy recovery facility at the Imerys site, aiming to maximize syngas energy content through steam production. The plant will feature a high-efficiency steam turbine with a capacity of up to 29 MWel to generate electricity. While part of the generated power will meet Imerys’ local energy needs, the surplus electricity will be supplied to the public grid, serving around 40,000 households. E.ON also plans to explore the use of residual heat from the plant as a potential source for a district heating network in the future.

In May 2025, EthosEnergy, a U.S.-based power generation service provider, acquired Turbine Services, Ltd., for an undisclosed sum. Through this acquisition, EthosEnergy aims to broaden its turbine maintenance and repair services, strengthen its presence in the U.S. power generation market, improve operational capabilities, and support long-term growth. Turbine Services, Ltd., is a U.S.-based company specializing in turbine maintenance, repair, and overhaul services for the energy sector.

Major companies operating in the steam turbine market are Hitachi Ltd., Siemens AG, General Electric Company, Toshiba Corporation, Shanghai Electric Group Corp, Kawasaki Heavy Industries Ltd., Doosan Enerbility Co. Ltd., Dongfang Electric Corporation Ltd., Fuji Electric Ltd., Harbin Electric Company Limited, Bharat Heavy Electricals Limited, Ansaldo Energia SpA, Power Machines Ltd., NPO Saturn PJSC, Elliott Group Corp, Triveni Turbine Limited, Turboden S.p.A., L&T-MHI Power Turbine Generators Pvt Ltd., Beijing Beizhong Steam Turbine Generator Co. Ltd., CMI Energy India Pvt Ltd, Dresser-Rand Group Inc.

Western Europe was the largest region in the steam turbine market share in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steam turbine market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the steam turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The steam turbine market consists of sales of the steam turbine including back-pressure steam turbines, extraction steam turbines, and condensing steam turbines. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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