This report provides a comprehensive analysis of the global Steam Turbine market. Steam turbines are mechanical devices that convert thermal energy from pressurized steam into rotational mechanical power, serving as critical components in power generation and industrial applications. The market is driven by rising global electricity demand, industrialization in emerging economies, and the modernization of aging power infrastructure. The global steam turbine market was valued at approximately USD 26.2 billion in 2025 and is projected to reach USD 34.9 billion by 2036, growing at a CAGR of 2.8% during the forecast period . The Asia-Pacific region dominates the market, accounting for over 70% of global share, led by China and India .
Steam turbines are integral to power plants (thermal, nuclear, geothermal, biomass), combined heat and power (CHP) systems, and industrial processes such as refining, petrochemicals, and manufacturing. They operate on either reaction or impulse design principles, with capacities ranging from small-scale industrial units (<5 MW) to large utility-scale turbines (>200 MW). This study analyzes market dynamics, competitive landscapes, and future growth trajectories across key regions.
This study covers:
Historical Period: 2020-2024
Base Year: 2025
Forecast Period: 2025-2036
The market is segmented by design, type (exhaust configuration), capacity, application, and region.
| Segment | Sub-Segment | Description | Key Insights |
|---|---|---|---|
| By Design | Reaction Turbine | Blades are designed such that steam pressure drops across both stationary and moving blades. | Largest segment (~70% market share); higher efficiency for medium to high-pressure applications . |
| Impulse Turbine | Steam expands in nozzles, converting pressure to velocity; blades are rotated by jet impact. | Suited for high-pressure, high-temperature applications (>150 bar); simpler construction and lower maintenance . | |
| By Exhaust Configuration | Condensing Turbine | Steam exhausts into a condenser, maximizing energy extraction. | Most efficient for power generation; achieves thermal efficiencies up to 45% . |
| Non-condensing (Back-pressure) | Steam exhausts at above-atmospheric pressure for process heating. | Preferred for industrial cogeneration and district heating applications. | |
| By Capacity | < 5 MW | Small-scale turbines for industrial facilities, waste-to-energy, and biomass plants. | Fastest-growing segment (CAGR 4% through 2035) due to decentralized power demand . |
| 5 – 20 MW | Medium-capacity turbines for industrial power generation and CHP. | Steady demand from manufacturing, chemical, and paper industries. | |
| 20 – 200 MW | Large industrial and small utility-scale turbines. | Significant segment for combined-cycle and cogeneration plants. | |
| > 200 MW | Ultra-large turbines for utility-scale thermal, nuclear, and advanced coal plants. | Driven by baseload power demand; advanced ultra-supercritical (A-USC) units achieve efficiencies up to 49.5% . | |
| By Application | Power Generation (Utility) | Electricity generation in thermal, nuclear, geothermal, and biomass power plants. | Largest end-user segment (~86% of market) ; driven by rising electricity demand. |
| Industrial | Captive power generation and cogeneration in oil & gas, chemicals, refining, paper, and food processing. | Significant growth from industrial energy efficiency initiatives and CHP adoption. | |
| Others | Marine propulsion, district heating, waste-to-energy. | Niche applications with steady demand. |
The market is analyzed across key regions with significant power generation and industrial activity.
Asia-Pacific: The dominant region, commanding approximately 70.85% of the global market share in 2025 . China leads with massive coal-fired capacity upgrades, phasing out older plants in favor of advanced ultra-supercritical units achieving 49.5% thermal efficiency . India is pursuing major capacity additions in coal, biomass, and nuclear to meet rapidly rising electricity demand. Japan and South Korea maintain mature markets focused on efficiency upgrades and nuclear applications.
North America: The United States accounts for approximately 52% of the North American market . Growth is driven by refurbishment of aging power infrastructure, combined-cycle plant expansions, and investments in geothermal and biomass projects. The U.S. Department of Energy committed USD 475 million to clean energy infrastructure, including steam turbine efficiency initiatives .
Europe: Steady growth supported by stringent energy efficiency regulations, decarbonization goals, and the EU Green Deal. Demand is driven by biomass, waste-to-energy, and combined heat and power (CHP) projects. Germany, France, and the UK are key markets.
Middle East & Africa: Accounts for approximately 10% of global share . Growth is supported by power generation infrastructure investments, desalination plants, and industrial expansion. Saudi Arabia and the UAE lead regional development.
South America: Moderate growth driven by industrial expansion and power infrastructure investments in Brazil, Argentina, and Colombia.
The market is moderately concentrated, with a mix of global conglomerates and specialized turbine manufacturers. Key players compete on technological innovation (efficiency, hydrogen readiness), service capabilities, and geographic reach. The market has seen consolidation through strategic partnerships, such as the GE-Mitsubishi co-development agreement for advanced combined-cycle steam turbines .
General Electric (GE Vernova) (Global leader; U.S.)
Siemens Energy AG (Global leader; Germany)
Mitsubishi Power (Mitsubishi Heavy Industries Group) (Global leader; Japan)
Kawasaki Heavy Industries, Ltd. (Japan)
Doosan Enerbility Co., Ltd. (South Korea)
Ansaldo Energia S.p.A. (Italy)
MAN Energy Solutions SE (Germany)
Fuji Electric Co., Ltd. (Japan)
Harbin Electric Corporation (China)
Škoda Power (Doosan Skoda Power) (Czech Republic)
Power Machines OJSC (Russia)
Turboatom (Ukraine)
Trillium Flow Technologies (Global)
Hitachi, Ltd. (Japan)
ICM INC (U.S.)
Additional Key Players:
Baker Hughes Co. (Energy technology company)
TMEIC Corporation (Industrial systems)
Threat of New Entrants (Low): Extremely high barriers due to substantial capital requirements, complex engineering expertise, long product development cycles, and established customer relationships. Global leaders benefit from economies of scale and extensive service networks.
Bargaining Power of Buyers (Medium to High): Large utility companies and industrial conglomerates have significant negotiating power. Project awards are often through competitive bidding, with buyers demanding efficiency guarantees, service support, and favorable financing.
Bargaining Power of Suppliers (Medium): Raw material suppliers (specialty steels, alloys) have moderate power. Key components require high-quality materials, but large manufacturers maintain diversified supply chains. Advanced foundry and forging capabilities are concentrated among few global suppliers.
Threat of Substitutes (Medium): Renewable energy sources (solar, wind) pose a long-term threat to fossil-fuel-based steam turbine applications. However, steam turbines remain essential for nuclear, geothermal, biomass, and combined-cycle plants, with no direct substitute for large-scale baseload power and industrial cogeneration.
Rivalry Among Existing Competitors (High): Intense competition among established players. Differentiation is achieved through technological superiority (efficiency, fuel flexibility), service capabilities (long-term agreements, digital monitoring), and project execution track record.
| Strengths | Weaknesses |
|---|---|
| Proven, reliable technology for baseload power generation. | High capital expenditure for new installations. |
| High efficiency in combined-cycle and supercritical configurations. | Environmental concerns associated with coal-fired applications. |
| Long operational lifespan (30-50 years) with proper maintenance. | Dependence on fossil fuel markets in certain segments. |
| Essential for cogeneration and industrial energy efficiency. | Long project lead times and complex supply chains. |
| Opportunities | Threats |
| Expansion of nuclear and geothermal power generation. | Increasing competition from renewable energy sources (solar, wind). |
| Modernization and retrofit of aging power infrastructure. | Stringent environmental regulations and carbon reduction policies. |
| Integration with hydrogen-fired gas turbines and clean energy systems. | Volatility in raw material and energy prices. |
| Growth in waste-to-energy and biomass power plants. | Technological disruption from energy storage and alternative power systems. |
Hydrogen-Ready and Low-Carbon Technologies: Manufacturers are developing turbines capable of co-firing hydrogen with natural gas. In 2024, GE Vernova signed a 25-year service agreement for Asia's first natural gas-hydrogen dual-fuel 9HA plant in China, operating with a 10% hydrogen blend . Mitsubishi Power's Malaysia GTCC plant can co-fire up to 30% hydrogen .
Advanced Ultra-Supercritical (A-USC) Technology: China is aggressively deploying A-USC coal-fired units achieving net thermal efficiencies of up to 49.5%, significantly reducing emissions and fuel consumption per megawatt . This technology is being adopted globally for new coal plants and retrofits.
Digitalization and Predictive Maintenance: The adoption of digital twins, AI-driven analytics, and IoT sensors is transforming turbine operations. Real-time performance monitoring, predictive fault detection, and optimized maintenance scheduling reduce downtime and extend equipment life .
Retrofit and Life Extension Services: With aging power infrastructure globally (many plants exceeding 30 years), there is growing demand for modernization services. Siemens Energy's FLEX Upgrade solutions enable older coal plants to operate more flexibly and efficiently while extending operational life .
Grid Stability Services from Steam Turbines: As grids incorporate higher volumes of inverter-based renewables, the mechanical inertia provided by steam turbine rotors is increasingly valued for stabilizing grid frequency—a service that complements intermittent renewable generation .
Growth in Decentralized and Small-Scale Turbines: Rising interest in small & modular turbine units (≤3 MW) for decentralized power applications, biomass facilities, and waste-to-energy projects, offering faster installation and lower capital expenditure .
Rising Global Electricity Demand: Global electricity demand is projected to grow by 3.4% annually, with China recording 8,392 TWh of electricity use in 2023 (7% increase) and India planning to add 50 GW of coal and biomass capacity by 2030 .
Industrialization in Emerging Economies: Rapid urbanization and industrial expansion in China, India, and Southeast Asia drive demand for both utility-scale power generation and industrial captive power plants.
Modernization of Aging Infrastructure: Utilities are investing in refurbishing existing assets to improve efficiency, reliability, and environmental performance rather than building entirely new plants.
Combined Heat and Power (CHP) Adoption: Industrial sectors (chemicals, refining, paper, food processing) increasingly rely on steam turbines for CHP applications, extracting maximum energy from process steam.
Renewable Energy Integration: Steam turbines remain essential for geothermal, biomass, and concentrated solar power (CSP) plants, benefiting from the global transition to cleaner energy sources.
High Initial Investment Costs: Steam turbine installations can exceed $1 million per megawatt, creating substantial financial barriers, particularly in developing regions .
Environmental and Regulatory Pressures: Stricter emissions regulations (e.g., EU Green Deal, carbon pricing mechanisms) require significant modifications to existing systems and increase compliance costs.
Competition from Alternative Energy Sources: Solar and wind power are increasingly cost-competitive, potentially reducing demand for new fossil-fuel-based steam turbine installations.
Raw Material Price Volatility: Fluctuations in specialty steel and alloy prices impact manufacturing costs and profit margins.
Supply Chain Complexity: Long lead times for critical components and geopolitical trade tensions can disrupt manufacturing and project timelines.
Raw Material Suppliers: Provide specialty steel, nickel-based superalloys, castings, forgings, and electronic components. Foundry and forging capacity is concentrated among global specialists.
Component Manufacturers: Produce turbine blades, rotors, casings, control systems, bearings, and auxiliary equipment. This stage includes both OEM captive production and specialized suppliers.
Turbine Manufacturers (OEMs): Core players (GE, Siemens Energy, Mitsubishi Power, Toshiba, etc.) assemble turbines, integrate systems, and perform factory testing.
EPC Contractors & System Integrators: Engineering, procurement, and construction firms integrate steam turbines into power plants and industrial facilities.
Distributors & Aftermarket Service Providers: Manage parts distribution, maintenance, repairs, and upgrades. Long-term service agreements (LTSAs) represent a significant revenue stream.
End-Users:
Utility Companies: Operate thermal, nuclear, geothermal, and biomass power plants.
Industrial Companies: Refineries, chemical plants, paper mills, food processors with captive power and CHP systems.
Other: District heating networks, marine propulsion, desalination plants.
For Manufacturers (OEMs):
Invest in Hydrogen and Low-Carbon Technologies: Prioritize R&D in hydrogen-ready turbines and flexible operation capabilities to align with global decarbonization trends and secure future market share.
Expand Service and Retrofit Offerings: Capitalize on the aging installed base by offering comprehensive modernization solutions, predictive maintenance platforms, and long-term service agreements.
Strengthen Presence in Asia-Pacific: With the region dominating global demand, establish strong local partnerships, manufacturing capabilities, and service networks in China, India, and Southeast Asia.
Develop Small-Scale Modular Solutions: Address growing demand for decentralized power by expanding portfolios in the <5 MW segment for biomass, waste-to-energy, and industrial applications.
For Utility and Industrial End-Users:
Consider Lifecycle Cost Analysis: Evaluate turbine investments based on total cost of ownership, including efficiency gains, maintenance requirements, and fuel savings, rather than initial capital expenditure alone.
Adopt Digital Monitoring Solutions: Implement predictive maintenance and performance analytics to optimize operations, reduce downtime, and extend equipment lifespan.
Explore Retrofit Opportunities: Assess the feasibility of upgrading existing turbines with modern components to improve efficiency and reduce emissions without full replacement.
For Investors:
Target Leaders in Service and Aftermarket: Companies with strong installed bases and long-term service agreements offer stable, recurring revenue streams less sensitive to new build cycles.
Assess Technology Positioning: Favor manufacturers with robust hydrogen-ready portfolios, advanced ultra-supercritical capabilities, and digitalization expertise.
Consider Geographic Diversification: Companies with balanced exposure to mature Western markets (service-led growth) and high-growth Asian markets (new build opportunities) offer favorable risk profiles.
For Policy Makers:
Support Clean Energy Infrastructure: Provide incentives for high-efficiency steam turbine deployments in geothermal, biomass, and waste-to-energy applications.
Facilitate Skilled Workforce Development: Invest in training programs for turbine manufacturing, installation, and maintenance to address anticipated skilled labor shortages.
Table of Contents Global Steam Turbine Sales Market Report 1 Steam Turbine Market Overview 1.1 Product Overview and Scope of Steam Turbine 1.2 Classification of Steam Turbine by Product Category 1.2.1 Global Steam Turbine Market Size (Sales) Comparison by Type 1.2.2 Global Steam Turbine Market Size (Sales) Market Share by Type (Product Category) in 1.2.3 Rated Power (<5MW) 1.2.4 Rated Power (5-20MW) 1.2.5 Rated Power (20-200MW) 1.2.6 Rated Power (>200MW) 1.3 Global Steam Turbine Market by Application/End Users 1.3.1 Global Steam Turbine Sales (Volume) and Market Share Comparison by Application 1.3.1 Power Equipment 1.3.2 Ship Equipment 1.3.3 Other 1.4 Global Steam Turbine Market by Region 1.4.1 Global Steam Turbine Market Size (Value) Comparison by Region 1.4.2 United States Steam Turbine Status and Prospect 1.4.3 Europe Steam Turbine Status and Prospect 1.4.4 China Steam Turbine Status and Prospect 1.4.5 Japan Steam Turbine Status and Prospect 1.4.6 Southeast Asia Steam Turbine Status and Prospect 1.4.7 India Steam Turbine Status and Prospect 1.5 Global Market Size (Value and Volume) of Steam Turbine 1.5.1 Global Steam Turbine Sales and Growth Rate 1.5.2 Global Steam Turbine Revenue and Growth Rate 2 Global Steam Turbine Competition by Players/Suppliers, Type and Application 2.1 Global Steam Turbine Market Competition by Players/Suppliers 2.1.1 Global Steam Turbine Sales and Market Share of Key Players/Suppliers 2.1.2 Global Steam Turbine Revenue and Share by Players/Suppliers 2.2 Global Steam Turbine (Volume and Value) by Type 2.2.1 Global Steam Turbine Sales and Market Share by Type 2.2.2 Global Steam Turbine Revenue and Market Share by Type 2.3 Global Steam Turbine (Volume and Value) by Region 2.3.1 Global Steam Turbine Sales and Market Share by Region 2.3.2 Global Steam Turbine Revenue and Market Share by Region 2.4 Global Steam Turbine (Volume) by Application 3 United States Steam Turbine (Volume, Value and Sales Price) 3.1 United States Steam Turbine Sales and Value 3.1.1 United States Steam Turbine Sales and Growth Rate 3.1.2 United States Steam Turbine Revenue and Growth Rate 3.1.3 United States Steam Turbine Sales Price Trend 3.2 United States Steam Turbine Sales Volume and Market Share by Players 3.3 United States Steam Turbine Sales Volume and Market Share by Type 3.4 United States Steam Turbine Sales Volume and Market Share by Application 4 Europe Steam Turbine (Volume, Value and Sales Price) 4.1 Europe Steam Turbine Sales and Value 4.1.1 Europe Steam Turbine Sales and Growth Rate 4.1.2 Europe Steam Turbine Revenue and Growth Rate 4.1.3 Europe Steam Turbine Sales Price Trend 4.2 Europe Steam Turbine Sales Volume and Market Share by Players 4.3 Europe Steam Turbine Sales Volume and Market Share by Type 4.4 Europe Steam Turbine Sales Volume and Market Share by Application 5 China Steam Turbine (Volume, Value and Sales Price) 5.1 China Steam Turbine Sales and Value 5.1.1 China Steam Turbine Sales and Growth Rate 5.1.2 China Steam Turbine Revenue and Growth Rate 5.1.3 China Steam Turbine Sales Price Trend 5.2 China Steam Turbine Sales Volume and Market Share by Players 5.3 China Steam Turbine Sales Volume and Market Share by Type 5.4 China Steam Turbine Sales Volume and Market Share by Application 6 Japan Steam Turbine (Volume, Value and Sales Price) 6.1 Japan Steam Turbine Sales and Value 6.1.1 Japan Steam Turbine Sales and Growth Rate 6.1.2 Japan Steam Turbine Revenue and Growth Rate 6.1.3 Japan Steam Turbine Sales Price Trend 6.2 Japan Steam Turbine Sales Volume and Market Share by Players 6.3 Japan Steam Turbine Sales Volume and Market Share by Type 6.4 Japan Steam Turbine Sales Volume and Market Share by Application 7 Southeast Asia Steam Turbine (Volume, Value and Sales Price) 7.1 Southeast Asia Steam Turbine Sales and Value 7.1.1 Southeast Asia Steam Turbine Sales and Growth Rate 7.1.2 Southeast Asia Steam Turbine Revenue and Growth Rate 7.1.3 Southeast Asia Steam Turbine Sales Price Trend 7.2 Southeast Asia Steam Turbine Sales Volume and Market Share by Players 7.3 Southeast Asia Steam Turbine Sales Volume and Market Share by Type 7.4 Southeast Asia Steam Turbine Sales Volume and Market Share by Application 8 India Steam Turbine (Volume, Value and Sales Price) 8.1 India Steam Turbine Sales and Value 8.1.1 India Steam Turbine Sales and Growth Rate 8.1.2 India Steam Turbine Revenue and Growth Rate 8.1.3 India Steam Turbine Sales Price Trend 8.2 India Steam Turbine Sales Volume and Market Share by Players 8.3 India Steam Turbine Sales Volume and Market Share by Type 8.4 India Steam Turbine Sales Volume and Market Share by Application 9 Global Steam Turbine Players/Suppliers Profiles and Sales Data 9.1 GE 9.1.1 Company Basic Information, Manufacturing Base and Competitors 9.1.2 Steam Turbine Product Category, Application and Specification 9.1.2.1 Product A 9.1.2.2 Product B 9.1.3 GE Steam Turbine Sales, Revenue, Price and Gross Margin 9.1.4 Main Business/Business Overview 9.2 Siemens 9.2.1 Company Basic Information, Manufacturing Base and Competitors 9.2.2 Steam Turbine Product Category, Application and Specification 9.2.2.1 Product A 9.2.2.2 Product B 9.2.3 Siemens Steam Turbine Sales, Revenue, Price and Gross Margin 9.2.4 Main Business/Business Overview 9.3 Mitsubishi Heavy Industries 9.3.1 Company Basic Information, Manufacturing Base and Competitors 9.3.2 Steam Turbine Product Category, Application and Specification 9.3.2.1 Product A 9.3.2.2 Product B 9.3.3 Mitsubishi Heavy Industries Steam Turbine Sales, Revenue, Price and Gross Margin 9.3.4 Main Business/Business Overview 9.4 Kawasaki Heavy Industries 9.4.1 Company Basic Information, Manufacturing Base and Competitors 9.4.2 Steam Turbine Product Category, Application and Specification 9.4.2.1 Product A 9.4.2.2 Product B 9.4.3 Kawasaki Heavy Industries Steam Turbine Sales, Revenue, Price and Gross Margin 9.4.4 Main Business/Business Overview 9.5 ABB 9.5.1 Company Basic Information, Manufacturing Base and Competitors 9.5.2 Steam Turbine Product Category, Application and Specification 9.5.2.1 Product A 9.5.2.2 Product B 9.5.3 ABB Steam Turbine Sales, Revenue, Price and Gross Margin 9.5.4 Main Business/Business Overview 9.6 UTW 9.6.1 Company Basic Information, Manufacturing Base and Competitors 9.6.2 Steam Turbine Product Category, Application and Specification 9.6.2.1 Product A 9.6.2.2 Product B 9.6.3 UTW Steam Turbine Sales, Revenue, Price and Gross Margin 9.6.4 Main Business/Business Overview 9.7 Weir Group 9.7.1 Company Basic Information, Manufacturing Base and Competitors 9.7.2 Steam Turbine Product Category, Application and Specification 9.7.2.1 Product A 9.7.2.2 Product B 9.7.3 Weir Group Steam Turbine Sales, Revenue, Price and Gross Margin 9.7.4 Main Business/Business Overview 9.8 Elliott 9.8.1 Company Basic Information, Manufacturing Base and Competitors 9.8.2 Steam Turbine Product Category, Application and Specification 9.8.2.1 Product A 9.8.2.2 Product B 9.8.3 Elliott Steam Turbine Sales, Revenue, Price and Gross Margin 9.8.4 Main Business/Business Overview 9.9 Sumitomo Heavy Industries 9.9.1 Company Basic Information, Manufacturing Base and Competitors 9.9.2 Steam Turbine Product Category, Application and Specification 9.9.2.1 Product A 9.9.2.2 Product B 9.9.3 Sumitomo Heavy Industries Steam Turbine Sales, Revenue, Price and Gross Margin 9.9.4 Main Business/Business Overview 9.10 JFE Engineering 9.10.1 Company Basic Information, Manufacturing Base and Competitors 9.10.2 Steam Turbine Product Category, Application and Specification 9.10.2.1 Product A 9.10.2.2 Product B 9.10.3 JFE Engineering Steam Turbine Sales, Revenue, Price and Gross Margin 9.10.4 Main Business/Business Overview 9.11 Shin Nippon Machinery 9.12 Alstom 9.13 Turboatom 9.14 Doosan ?koda Power 9.15 Power Machines OJSC 9.16 Toshiba 9.17 MAN Diesel & Turbo 9.18 Mitsubishi Hitachi Power Systems 9.19 BHEL 9.20 Mitsui Engineering & Shipbuilding 9.21 ICM INC 9.22 Shanghai Electric 10 Steam Turbine Maufacturing Cost Analysis 10.1 Steam Turbine Key Raw Materials Analysis 10.1.1 Key Raw Materials 10.1.2 Price Trend of Key Raw Materials 10.1.3 Key Suppliers of Raw Materials 10.1.4 Market Concentration Rate of Raw Materials 10.2 Proportion of Manufacturing Cost Structure 10.2.1 Raw Materials 10.2.2 Labor Cost 10.2.3 Manufacturing Process Analysis of Steam Turbine 10.3 Manufacturing Process Analysis of Steam Turbine 11 Industrial Chain, Sourcing Strategy and Downstream Buyers 11.1 Steam Turbine Industrial Chain Analysis 11.2 Upstream Raw Materials Sourcing 11.3 Raw Materials Sources of Steam Turbine Major Manufacturers in 11.4 Downstream Buyers 12 Marketing Strategy Analysis, Distributors/Traders 12.1 Marketing Channel 12.1.1 Direct Marketing 12.1.2 Indirect Marketing 12.1.3 Marketing Channel Development Trend 12.2 Market Positioning 12.2.1 Pricing Strategy 12.2.2 Brand Strategy 12.2.3 Target Client 12.3 Distributors/Traders List 13 Market Effect Factors Analysis 13.1 Technology Progress/Risk 13.1.1 Substitutes Threat 13.1.2 Technology Progress in Related Industry 13.2 Consumer Needs/Customer Preference Change 13.3 Economic/Political Environmental Change 14 Global Steam Turbine Market Forecast 14.1 Global Steam Turbine Sales Volume, Revenue and Price Forecast 14.1.1 Global Steam Turbine Sales Volume and Growth Rate Forecast 14.1.2 Global Steam Turbine Revenue and Growth Rate Forecast 14.1.3 Global Steam Turbine Price and Trend Forecast 14.2 Global Steam Turbine Sales Volume, Revenue and Growth Rate Forecast by Region 14.2.1 Global Steam Turbine Sales Volume and Growth Rate Forecast by Regions 14.2.2 Global Steam Turbine Revenue and Growth Rate Forecast by Regions 14.2.3 United States Steam Turbine Sales Volume, Revenue and Growth Rate Forecast 14.2.4 Europe Steam Turbine Sales Volume, Revenue and Growth Rate Forecast 14.2.5 China Steam Turbine Sales Volume, Revenue and Growth Rate Forecast 14.2.6 Japan Steam Turbine Sales Volume, Revenue and Growth Rate Forecast 14.2.7 Southeast Asia Steam Turbine Sales Volume, Revenue and Growth Rate Forecast 14.2.8 India Steam Turbine Sales Volume, Revenue and Growth Rate Forecast 14.3 Global Steam Turbine Sales Volume, Revenue and Price Forecast by Type 14.3.1 Global Steam Turbine Sales Forecast by Type 14.3.2 Global Steam Turbine Revenue Forecast by Type 14.3.3 Global Steam Turbine Price Forecast by Type 14.4 Global Steam Turbine Sales Volume Forecast by Application 15 Research Findings and Conclusion 16 Appendix 16.1 Methodology/Research Approach 16.1.1 Research Programs/Design 16.1.2 Market Size Estimation 16.1.3 Market Breakdown and Data Triangulation 16.2 Data Source 16.2.1 Secondary Sources 16.2.2 Primary Sources 16.3 Disclaimer List of Tables and Figures Figure Product Picture of Steam Turbine Figure Global Steam Turbine Sales Volume Comparison (K Units) by Type Figure Global Steam Turbine Sales Volume Market Share by Type (Product Category) in Figure Rated Power (<5MW) Product Picture Figure Rated Power (5-20MW) Product Picture Figure Rated Power (20-200MW) Product Picture Figure Rated Power (>200MW) Product Picture Figure Global Steam Turbine Sales Comparison (K Units) by Application Figure Global Sales Market Share of Steam Turbine by Application in Figure Power Equipment Examples Table Key Downstream Customer in Power Equipment Figure Ship Equipment Examples Table Key Downstream Customer in Ship Equipment Figure Other Examples Table Key Downstream Customer in Other Figure Global Steam Turbine Market Size (Million USD) by Regions Figure United States Steam Turbine Revenue (Million USD) and Growth Rate Figure Europe Steam Turbine Revenue (Million USD) and Growth Rate Figure China Steam Turbine Revenue (Million USD) and Growth Rate Figure Japan Steam Turbine Revenue (Million USD) and Growth Rate Figure Southeast Asia Steam Turbine Revenue (Million USD) and Growth Rate Figure India Steam Turbine Revenue (Million USD) and Growth Rate Figure Global Steam Turbine Sales Volume (K Units) and Growth Rate Figure Global Steam Turbine Revenue (Million USD) and Growth Rate Figure Global Market Major Players Steam Turbine Sales Volume (K Units) Table Global Steam Turbine Sales (K Units) of Key Players/Suppliers Table Global Steam Turbine Sales Share by Players/Suppliers Figure Steam Turbine Sales Share by Players/Suppliers Figure Steam Turbine Sales Share by Players/Suppliers Figure Global Steam Turbine Revenue (Million USD) by Players/Suppliers Table Global Steam Turbine Revenue (Million USD) by Players/Suppliers Table Global Steam Turbine Revenue Share by Players/Suppliers Table Global Steam Turbine Revenue Share by Players Table Global Steam Turbine Revenue Share by Players Table Global Steam Turbine Sales (K Units) and Market Share by Type Table Global Steam Turbine Sales Share (K Units) by Type Figure Sales Market Share of Steam Turbine by Type Figure Global Steam Turbine Sales Growth Rate by Type Table Global Steam Turbine Revenue (Million USD) and Market Share by Type Table Global Steam Turbine Revenue Share by Type Figure Revenue Market Share of Steam Turbine by Type Figure Global Steam Turbine Revenue Growth Rate by Type Table Global Steam Turbine Sales Volume (K Units) and Market Share by Region Table Global Steam Turbine Sales Share by Region Figure Sales Market Share of Steam Turbine by Region Figure Global Steam Turbine Sales Growth Rate by Region in Table Global Steam Turbine Revenue (Million USD) and Market Share by Region Table Global Steam Turbine Revenue Share (%) by Region Figure Revenue Market Share of Steam Turbine by Region Figure Global Steam Turbine Revenue Growth Rate by Region in Table Global Steam Turbine Revenue (Million USD) and Market Share by Region Table Global Steam Turbine Revenue Share (%) by Region Figure Revenue Market Share of Steam Turbine by Region Figure Global Steam Turbine Revenue Market Share by Region in Table Global Steam Turbine Sales Volume (K Units) and Market Share by Application Table Global Steam Turbine Sales Share (%) by Application Figure Sales Market Share of Steam Turbine by Application Figure Global Steam Turbine Sales Market Share by Application Figure United States Steam Turbine Sales (K Units) and Growth Rate Figure United States Steam Turbine Revenue (Million USD) and Growth Rate Figure United States Steam Turbine Sales Price (USD/Unit) Trend Table United States Steam Turbine Sales Volume (K Units) by Players Table United States Steam Turbine Sales Volume Market Share by Players Figure United States Steam Turbine Sales Volume Market Share by Players in Table United States Steam Turbine Sales Volume (K Units) by Type Table United States Steam Turbine Sales Volume Market Share by Type Figure United States Steam Turbine Sales Volume Market Share by Type in Table United States Steam Turbine Sales Volume (K Units) by Application Table United States Steam Turbine Sales Volume Market Share by Application Figure United States Steam Turbine Sales Volume Market Share by Application in Figure Europe Steam Turbine Sales (K Units) and Growth Rate Figure Europe Steam Turbine Revenue (Million USD) and Growth Rate Figure Europe Steam Turbine Sales Price (USD/Unit) Trend Table Europe Steam Turbine Sales Volume (K Units) by Players Table Europe Steam Turbine Sales Volume Market Share by Players Figure Europe Steam Turbine Sales Volume Market Share by Players in Table Europe Steam Turbine Sales Volume (K Units) by Type Table Europe Steam Turbine Sales Volume Market Share by Type Figure Europe Steam Turbine Sales Volume Market Share by Type in Table Europe Steam Turbine Sales Volume (K Units) by Application Table Europe Steam Turbine Sales Volume Market Share by Application Figure Europe Steam Turbine Sales Volume Market Share by Application in Figure China Steam Turbine Sales (K Units) and Growth Rate Figure China Steam Turbine Revenue (Million USD) and Growth Rate Figure China Steam Turbine Sales Price (USD/Unit) Trend Table China Steam Turbine Sales Volume (K Units) by Players Table China Steam Turbine Sales Volume Market Share by Players Figure China Steam Turbine Sales Volume Market Share by Players in Table China Steam Turbine Sales Volume (K Units) by Type Table China Steam Turbine Sales Volume Market Share by Type Figure China Steam Turbine Sales Volume Market Share by Type in Table China Steam Turbine Sales Volume (K Units) by Application Table China Steam Turbine Sales Volume Market Share by Application Figure China Steam Turbine Sales Volume Market Share by Application in Figure Japan Steam Turbine Sales (K Units) and Growth Rate Figure Japan Steam Turbine Revenue (Million USD) and Growth Rate Figure Japan Steam Turbine Sales Price (USD/Unit) Trend Table Japan Steam Turbine Sales Volume (K Units) by Players Table Japan Steam Turbine Sales Volume Market Share by Players Figure Japan Steam Turbine Sales Volume Market Share by Players in Table Japan Steam Turbine Sales Volume (K Units) by Type Table Japan Steam Turbine Sales Volume Market Share by Type Figure Japan Steam Turbine Sales Volume Market Share by Type in Table Japan Steam Turbine Sales Volume (K Units) by Application Table Japan Steam Turbine Sales Volume Market Share by Application Figure Japan Steam Turbine Sales Volume Market Share by Application in Figure Southeast Asia Steam Turbine Sales (K Units) and Growth Rate Figure Southeast Asia Steam Turbine Revenue (Million USD) and Growth Rate Figure Southeast Asia Steam Turbine Sales Price (USD/Unit) Trend Table Southeast Asia Steam Turbine Sales Volume (K Units) by Players Table Southeast Asia Steam Turbine Sales Volume Market Share by Players Figure Southeast Asia Steam Turbine Sales Volume Market Share by Players in Table Southeast Asia Steam Turbine Sales Volume (K Units) by Type Table Southeast Asia Steam Turbine Sales Volume Market Share by Type Figure Southeast Asia Steam Turbine Sales Volume Market Share by Type in Table Southeast Asia Steam Turbine Sales Volume (K Units) by Application Table Southeast Asia Steam Turbine Sales Volume Market Share by Application Figure Southeast Asia Steam Turbine Sales Volume Market Share by Application in Figure India Steam Turbine Sales (K Units) and Growth Rate Figure India Steam Turbine Revenue (Million USD) and Growth Rate Figure India Steam Turbine Sales Price (USD/Unit) Trend Table India Steam Turbine Sales Volume (K Units) by Players Table India Steam Turbine Sales Volume Market Share by Players Figure India Steam Turbine Sales Volume Market Share by Players in Table India Steam Turbine Sales Volume (K Units) by Type Table India Steam Turbine Sales Volume Market Share by Type Figure India Steam Turbine Sales Volume Market Share by Type in Table India Steam Turbine Sales Volume (K Units) by Application Table India Steam Turbine Sales Volume Market Share by Application Figure India Steam Turbine Sales Volume Market Share by Application in Table GE Basic Information List Table GE Steam Turbine Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin Figure GE Steam Turbine Sales Growth Rate Figure GE Steam Turbine Sales Global Market Share Figure GE Steam Turbine Revenue Global Market Share Table Siemens Basic Information List Table Siemens Steam Turbine Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin Figure Siemens Steam Turbine Sales Growth Rate Figure Siemens Steam Turbine Sales Global Market Share Figure Siemens Steam Turbine Revenue Global Market Share Table Mitsubishi Heavy Industries Basic Information List Table Mitsubishi Heavy Industries Steam Turbine Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin Figure Mitsubishi Heavy Industries Steam Turbine Sales Growth Rate Figure Mitsubishi Heavy Industries Steam Turbine Sales Global Market Share (- Figure Mitsubishi Heavy Industries Steam Turbine Revenue Global Market Share Table Kawasaki Heavy Industries Basic Information List Table Kawasaki Heavy Industries Steam Turbine Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin Figure Kawasaki Heavy Industries Steam Turbine Sales Growth Rate Figure Kawasaki Heavy Industries Steam Turbine Sales Global Market Share Figure Kawasaki Heavy Industries Steam Turbine Revenue Global Market Share Table ABB Basic Information List Table ABB Steam Turbine Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin Figure ABB Steam Turbine Sales Growth Rate Figure ABB Steam Turbine Sales Global Market Share Figure ABB Steam Turbine Revenue Global Market Share Table UTW Basic Information List Table UTW Steam Turbine Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin Figure UTW Steam Turbine Sales Growth Rate Figure UTW Steam Turbine Sales Global Market Share (- Figure UTW Steam Turbine Revenue Global Market Share Table Weir Group Basic Information List Table Weir Group Steam Turbine Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin Figure Weir Group Steam Turbine Sales Growth Rate Figure Weir Group Steam Turbine Sales Global Market Share Figure Weir Group Steam Turbine Revenue Global Market Share Table Elliott Basic Information List Table Elliott Steam Turbine Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin Figure Elliott Steam Turbine Sales Growth Rate Figure Elliott Steam Turbine Sales Global Market Share (- Figure Elliott Steam Turbine Revenue Global Market Share Table Sumitomo Heavy Industries Basic Information List Table Sumitomo Heavy Industries Steam Turbine Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin Figure Sumitomo Heavy Industries Steam Turbine Sales Growth Rate Figure Sumitomo Heavy Industries Steam Turbine Sales Global Market Share Figure Sumitomo Heavy Industries Steam Turbine Revenue Global Market Share Table JFE Engineering Basic Information List Table JFE Engineering Steam Turbine Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin Figure JFE Engineering Steam Turbine Sales Growth Rate Figure JFE Engineering Steam Turbine Sales Global Market Share Figure JFE Engineering Steam Turbine Revenue Global Market Share Table Shin Nippon Machinery Basic Information List Table Alstom Basic Information List Table Turboatom Basic Information List Table Doosan ?koda Power Basic Information List Table Power Machines OJSC Basic Information List Table Toshiba Basic Information List Table MAN Diesel & Turbo Basic Information List Table Mitsubishi Hitachi Power Systems Basic Information List Table BHEL Basic Information List Table Mitsui Engineering & Shipbuilding Basic Information List Table ICM INC Basic Information List Table Shanghai Electric Basic Information List Table Production Base and Market Concentration Rate of Raw Material Figure Price Trend of Key Raw Materials Table Key Suppliers of Raw Materials Figure Manufacturing Cost Structure of Steam Turbine Figure Manufacturing Process Analysis of Steam Turbine Figure Steam Turbine Industrial Chain Analysis Table Raw Materials Sources of Steam Turbine Major Players in Table Major Buyers of Steam Turbine Table Distributors/Traders List Figure Global Steam Turbine Sales Volume (K Units) and Growth Rate Forecast Figure Global Steam Turbine Revenue (Million USD) and Growth Rate Forecast Figure Global Steam Turbine Price (USD/Unit) and Trend Forecast Table Global Steam Turbine Sales Volume (K Units) Forecast by Regions Figure Global Steam Turbine Sales Volume Market Share Forecast by Regions Figure Global Steam Turbine Sales Volume Market Share Forecast by Regions in Table Global Steam Turbine Revenue (Million USD) Forecast by Regions Figure Global Steam Turbine Revenue Market Share Forecast by Regions Figure Global Steam Turbine Revenue Market Share Forecast by Regions in Figure United States Steam Turbine Sales Volume (K Units) and Growth Rate Forecast Figure United States Steam Turbine Revenue (Million USD) and Growth Rate Forecast Figure Europe Steam Turbine Sales Volume (K Units) and Growth Rate Forecast Figure Europe Steam Turbine Revenue and Growth Rate Forecast Figure China Steam Turbine Sales Volume (K Units) and Growth Rate Forecast Figure China Steam Turbine Revenue (Million USD) and Growth Rate Forecast Figure Japan Steam Turbine Sales Volume (K Units) and Growth Rate Forecast Figure Japan Steam Turbine Revenue (Million USD) and Growth Rate Forecast Figure Southeast Asia Steam Turbine Sales Volume (K Units) and Growth Rate Forecast Figure Southeast Asia Steam Turbine Revenue (Million USD) and Growth Rate Forecast Figure India Steam Turbine Sales Volume (K Units) and Growth Rate Forecast Figure India Steam Turbine Revenue (Million USD) and Growth Rate Forecast Table Global Steam Turbine Sales (K Units) Forecast by Type Figure Global Steam Turbine Sales Volume Market Share Forecast by Type Table Global Steam Turbine Revenue (Million USD) Forecast by Type Figure Global Steam Turbine Revenue Market Share Forecast by Type Table Global Steam Turbine Price (USD/Unit) Forecast by Type Table Global Steam Turbine Sales (K Units) Forecast by Application Figure Global Steam Turbine Sales Market Share Forecast by Application Table Research Programs/Design for This Report Figure Bottom-up and Top-down Approaches for This Report Figure Data Triangulation Table Key Data Information from Secondary Sources Table Key Data Information from Primary Sources
The market is segmented by design, type (exhaust configuration), capacity, application, and region.
| Segment | Sub-Segment | Description | Key Insights |
|---|---|---|---|
| By Design | Reaction Turbine | Blades are designed such that steam pressure drops across both stationary and moving blades. | Largest segment (~70% market share); higher efficiency for medium to high-pressure applications . |
| Impulse Turbine | Steam expands in nozzles, converting pressure to velocity; blades are rotated by jet impact. | Suited for high-pressure, high-temperature applications (>150 bar); simpler construction and lower maintenance . | |
| By Exhaust Configuration | Condensing Turbine | Steam exhausts into a condenser, maximizing energy extraction. | Most efficient for power generation; achieves thermal efficiencies up to 45% . |
| Non-condensing (Back-pressure) | Steam exhausts at above-atmospheric pressure for process heating. | Preferred for industrial cogeneration and district heating applications. | |
| By Capacity | < 5 MW | Small-scale turbines for industrial facilities, waste-to-energy, and biomass plants. | Fastest-growing segment (CAGR 4% through 2035) due to decentralized power demand . |
| 5 – 20 MW | Medium-capacity turbines for industrial power generation and CHP. | Steady demand from manufacturing, chemical, and paper industries. | |
| 20 – 200 MW | Large industrial and small utility-scale turbines. | Significant segment for combined-cycle and cogeneration plants. | |
| > 200 MW | Ultra-large turbines for utility-scale thermal, nuclear, and advanced coal plants. | Driven by baseload power demand; advanced ultra-supercritical (A-USC) units achieve efficiencies up to 49.5% . | |
| By Application | Power Generation (Utility) | Electricity generation in thermal, nuclear, geothermal, and biomass power plants. | Largest end-user segment (~86% of market) ; driven by rising electricity demand. |
| Industrial | Captive power generation and cogeneration in oil & gas, chemicals, refining, paper, and food processing. | Significant growth from industrial energy efficiency initiatives and CHP adoption. | |
| Others | Marine propulsion, district heating, waste-to-energy. | Niche applications with steady demand. |
The market is analyzed across key regions with significant power generation and industrial activity.
Asia-Pacific: The dominant region, commanding approximately 70.85% of the global market share in 2025 . China leads with massive coal-fired capacity upgrades, phasing out older plants in favor of advanced ultra-supercritical units achieving 49.5% thermal efficiency . India is pursuing major capacity additions in coal, biomass, and nuclear to meet rapidly rising electricity demand. Japan and South Korea maintain mature markets focused on efficiency upgrades and nuclear applications.
North America: The United States accounts for approximately 52% of the North American market . Growth is driven by refurbishment of aging power infrastructure, combined-cycle plant expansions, and investments in geothermal and biomass projects. The U.S. Department of Energy committed USD 475 million to clean energy infrastructure, including steam turbine efficiency initiatives .
Europe: Steady growth supported by stringent energy efficiency regulations, decarbonization goals, and the EU Green Deal. Demand is driven by biomass, waste-to-energy, and combined heat and power (CHP) projects. Germany, France, and the UK are key markets.
Middle East & Africa: Accounts for approximately 10% of global share . Growth is supported by power generation infrastructure investments, desalination plants, and industrial expansion. Saudi Arabia and the UAE lead regional development.
South America: Moderate growth driven by industrial expansion and power infrastructure investments in Brazil, Argentina, and Colombia.
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