Steam Turbine Aftermarket Market Report 2026

Steam Turbine Aftermarket Market Overview

• Steam Turbine Aftermarket market size has reached to $4.28 billion in 2025 • Expected to grow to $5.77 billion in 2030 at a compound annual growth rate (CAGR) of 6.1% • Growth Driver: Rising Electricity Demand Fueling The Growth Of The Market Due To Increasing Need For Efficient And Reliable Power Generation • Asia-Pacific was the largest region in 2025 and North America is the fastest growing region.

What Is Covered Under Steam Turbine Aftermarket Market?

Steam turbine aftermarket refers to the range of services, parts, and solutions provided for steam turbines after their initial installation and commissioning. It includes maintenance, repair, refurbishment, upgrades, and replacement of components to ensure optimal performance, efficiency, and reliability throughout the turbine’s operational life. The aftermarket helps extend the lifespan of steam turbines, reduce unplanned downtime, and support operational continuity in power generation and industrial applications. The main types of services in the steam turbine aftermarket include spare parts, repair, and services. Spare parts are components or pieces kept in inventory to replace failed, worn-out, or damaged parts of machinery, equipment, or systems, ensuring continued operation and minimizing downtime. The multiple technologies include combined cycle, fossil, nuclear, and renewable thermal, and it offers different capacities such as less than 50 MW, 50 MW to 100 MW, 100 MW to 300 MW, 300 MW to 600 MW, and 600 MW and above. The various service providers are original equipment manufacturers (OEMs) and independent service providers (ISPs), and they are used by several end-users such as power generation, oil and gas, and general industries.

What Is The Steam Turbine Aftermarket Market Growth Forecast?

The steam turbine aftermarket market size is expected to see strong growth in the next few years. It will grow to $5.77 billion in 2030 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to increasing focus on asset optimization, rising investments in digital service platforms, growing demand for reliability improvement programs, expansion of long-term service agreements, increasing adoption of condition-based maintenance. Major trends in the forecast period include increasing adoption of predictive maintenance services, rising demand for turbine life extension solutions, growing focus on efficiency upgrade retrofits, expansion of remote monitoring and diagnostics, higher utilization of oem-led service contracts.

What Are The Drivers Of The Steam Turbine Aftermarket Market?

The growing electricity demand is expected to propel the growth of the steam turbine aftermarket market going forward. Electricity is the movement of electric charges that can be used to generate energy for light, heat, and power. Electricity demand is rising due to the rapid growth of digital technologies and electronic devices, which require a continuous and increasing power supply to support modern lifestyles and businesses. The steam turbine aftermarket supports electricity demand management by providing maintenance and upgrades that improve turbine efficiency, ensuring a stable and reliable power supply to meet changing energy needs. For instance, in April 2023, according to a report published by the Energy Information Administration, a US-based government agency, the United States is projected to experience a growth in energy consumption across all forms, with an anticipated increase ranging from 0% to 15% from 2022 to 2050. Therefore, the growing electricity demand is driving the growth of the steam turbine aftermarket industry. The increasing renewable energy adoption is expected to propel the growth of the steam turbine aftermarket market going forward. Renewable energy is power produced from sources that naturally replenish, such as sunlight, wind, water, and plants, and can be used sustainably. Renewable energy adoption is rising due to increasing environmental concerns, as governments and businesses seek cleaner energy sources to reduce greenhouse gas emissions and combat climate change. The steam turbine aftermarket supports renewable energy by providing maintenance and upgrades that enhance the efficiency and reliability of steam turbines used in biomass and geothermal power plants. For instance, in October 2024, according to the International Energy Agency (IEA), a France-based intergovernmental organization, the world is expected to install more than 5,500 gigawatts (GW) of renewable energy capacity from 2024 to 2030. Therefore, the increasing renewable energy adoption is driving the growth of the steam turbine aftermarket industry.

Key Players In The Global Steam Turbine Aftermarket Market

Major companies operating in the steam turbine aftermarket market are Siemens Energy AG, Mitsubishi Heavy Industries Ltd., General Electric Company (GE Power), Toshiba Energy Systems & Solutions Corporation, Doosan Enerbility Co. Ltd., Kawasaki Heavy Industries Ltd., Shanghai Electric Group Co. Ltd., Bharat Heavy Electricals Limited, Voith GmbH & Co. KGaA, Sulzer Ltd., Babcock International Group Plc, Triveni Turbine Limited, Sumitomo Heavy Industries Ltd., Fuji Electric Co. Ltd., SIFCO Industries Inc., Allied Power Group LLC, MAN Energy Solutions SE, Ansaldo Energia S.p.A., Hitachi Energy Ltd., ANDRITZ AG

What Are Latest Mergers And Acquisitions In The Steam Turbine Aftermarket Market?

In May 2024, Électricité de France S.A., a France-based electric utility company, acquired GE Steam Power's nuclear activities from GE Vernova Inc. for an undisclosed amount. Through this acquisition, EDF aims to strengthen its nuclear capabilities by acquiring advanced steam turbine technologies and service expertise, enabling the company to supply, maintain, and upgrade equipment for existing and new nuclear power plants while supporting European energy security and decarbonization goals. GE Vernova Inc. is a US-based energy technology company that provides steam turbine aftermarket services.

What Defines the Steam Turbine Aftermarket Market?

The steam turbine aftermarket market includes revenues earned by entities by providing services such as performance upgrades, retrofitting, condition monitoring, and long-term services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

How is Market Value Defined and Measured?

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.

What Key Data and Analysis Are Included in the Steam Turbine Aftermarket Market Report 2026?

The steam turbine aftermarket market research report is one of a series of new reports from The Business Research Company that provides market statistics, including Market Report 2026?global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the steam turbine aftermarket Market Report 2026? The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the Market Report 2026?