The Steam Turbine Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Steam Turbine Market?
The market size of the steam turbine has seen a slight increase in recent years. It is projected to rise from $17.09 billion in 2024 to $17.39 billion in 2025, with a compound annual growth rate (CAGR) of 1.7%. The historic growth trend in the Steam Turbine Global Market Report 2025 market has been a slight but steady increase.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Steam Turbine Industry?
The steam turbine market is predicted to reach a value of $19.06 billion in 2029, growing at a compound annual growth rate (CAGR) of 2.3%.
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What are the Key Growth Drivers Fueling the Steam Turbine Market?
The key drivers in the steam turbine market are:
• Enhancing integration of steam turbines in nuclear power plants
• Rising demand for district heating systems
• Efforts taken to improve energy efficiency in various industries
• Replacement and upgradation in aging infrastructure
Global Market Segmentation: Identifying Major Steam Turbine Industry Segments
The steam turbine market covered in this report is segmented –
1) By Plant Type: Gas, Coal, Nuclear, Other Plant Types
2) By Capacity: Rated Power (<60MW), Rated Power (60-200MW), Rated Power (>200MW)
3) By Technology: Steam Cycle, Combined Cycle, Cogeneration
4) By Design: Reaction, Impulse
5) By End-Use Industry: Power And Utility, Industrial
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What are the Emerging Trends Shaping the Future of the Steam Turbine Market?
The key trends in the steam turbine market are:
• Development of advanced steam turbine controls is an emerging trend.
• There is a focus on upgrading and retrofitting existing steam turbine plants.
• The growth in small-scale and micro steam turbines is a significant trend.
• The introduction of advanced steam turbine materials and collaborations for research in steam turbine technology also shape the future of the market.
Who Are the Top Competitors & Leading Players in the Steam Turbine Market?
Major companies 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.
• Weg SA
• Black & Veatch Corporation
• MAN Energy Solutions SE
• Harbin Electric Company Limited
• Solar Turbines Incorporated
• Bharat Heavy Electricals Limited
• Ansaldo Energia SpA
• Power Machines Ltd.
• Babcock & Wilcox Enterprises Inc.
• NPO Saturn PJSC
• Elliot Group Corp
• Triveni Turbine Limited
• Turboden S.p.A.
• L&T-MHI Power Turbine Generators Pvt Ltd.
• Vericor Power Systems LLC
• Arani Power Systems Ltd.
• Turbine Technology Services Corporation
• Beijing Beizhong Steam Turbine Generator Co Ltd.
• CMI Energy India Pvt Ltd
• Dresser-Rand Group Inc.
Regional Dominance: Which Area Leads the Global Template Market?
Western Europe was the largest region in the steam turbine market share in 2024
