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  • Steam Turbine Market Growth Analysis | 2023-2028

    Steam Turbine Market Growth Analysis | 2023-2028

    Steam Turbine Market Growth Analysis | 2023-2028
    Report code - SRCE310 Delivery - 2 Weeks
    Steam Turbine Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis -  See more...

    Market Insights

    The steam turbine market was estimated at USD 15.53 billion in 2022 and is likely to grow at a CAGR of 2.60% during 2023-2028 to reach USD 18.17 billion in 2028.


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    What is a steam turbine?

    Steam turbine is a type of power generation device, high-pressure steam is used to rotate a series of blades mounted on a rotor, which then drives a generator to produce electricity. A steam turbine uses the basic principle of conversion of thermal energy, stored in the form of steam, into mechanical energy by spinning the blades of the turbine using the steam.

    Steam turbines are used in power plants to produce electricity from several fuel sources like coal, natural gas, nuclear, and biomass. Steam turbines also find their utilization in various industrial applications for the production of chemicals and paper. Steam turbines are also used in marine propulsion systems.

    Steam Turbine Market Report Overview

    Market Size in 2022

    USD 15.53 billion

    Market Size in 2028

    USD 18.17 billion

    Market Growth (2023-2028)

    CAGR of 2.60%

    Base Year of Study


    Trend Period


    Forecast Period


    Market Dynamics

    The steam turbine market is driven by a host of factors, some of which are noted below:

    • The use of steam turbines for power generation has seen a significant increase in demand with the growing demand for electricity in developed as well as developing countries.
    • Governments across the globe are promoting the use of renewable energy sources like wind, solar, and hydroelectric power and are providing subsidies and benefits for using renewable energy sources.
    • Steam turbines increase energy efficiency and cost savings of power generation systems, that generate both electricity and heat.
    • The demand for steam turbines is driven by increasing industrialization and urbanization in developing countries that use steam turbines in the petrochemical, pulp paper, and cement industries.
    • Steam turbines have been made more efficient and reliable due to the development of advanced materials and design techniques, hence driving their adoption in several applications.
    • There has been a growing focus on the development of low-scale thermal power plants, which is significantly fueling the market growth.
    • The growing preference for optimizing energy across industries, there would be a surge in the overall market.


    • Rapid growth in demand for electricity: Rapid population growth drives increased electricity demand, and steam turbines are well positioned to offer reliable, efficient electricity generation to meet the demand.
    • The rapid growth of the renewable energy industry: Steam turbines, which are rapidly expanding in the renewable energy sector, are changing biomass and geothermal power plants and opening up new market prospects.
    • Government initiatives for clean and efficient energy: In response to increasing climate change and air pollution, governments throughout the world are pushing efficient, clean energy sources like steam turbines, which will help the industry expand over the years.


    • Higher prices of steam turbines: The capital-intensive nature of steam turbines may prevent certain players from entering the industry.
    • Rising threat posed by competing technologies: Steam turbines face competition from gas and solar technologies, which are becoming more efficient and cost-competitive, potentially threatening the market.
    • Rising regulatory obstacles: Regulatory restrictions, rising expenses, and industry evolution in the upcoming years might provide difficulties for market participants.


    • High cost of steam turbines: Steam turbines are a capital-intensive investment, limiting market entry for some players. Their cost varies based on size, power output, and complexity, but they are generally more expensive than gas turbines.
    • Competition from other technologies: Steam turbines face competition from gas turbines and solar photovoltaics, which are becoming more efficient and cost-competitive. Gas turbines are less expensive and faster to deploy, while solar photovoltaics are affordable and emit no emissions. This could pose a threat to the steam turbine market.
    • The complexity of steam turbines: The complexity of steam turbines makes it more difficult to design, manufacture, and maintain them, which adds costs and delays.
    • Impact on the environment: Steam turbines generate emissions from fossil fuels like coal or natural gas, contributing to climate change and air pollution and causing concern among stakeholders.


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    Segment Analysis

    By Design Type

    The market is segmented into reaction and impulse. The impulse design steam turbines occupied the highest market share in 2022 and are estimated to remain dominant during the forecast period. The major factors driving the segment's growth are low maintenance and operation costs and their compact size. Similarly, the key reason why reaction design steam turbines are used is their high efficiency.

    By Technology Type

    The market is segmented into steam cycle, combined cycle, and cogeneration, among which, the steam cycle technology dominated the market in 2022 and is expected to generate the largest demand over the forecast period. It is estimated that the increasing installation of coal-fired plants in the South East Asian countries in recent years will escalate the demand for steam turbines with steam cycle technology, during the forecast period.

    By End-Use Type

    The market is segmented into industrial and utility. Over the years, The industrial sector accounted for the largest share of the market in 2022 and is expected to remain the largest market for steam turbines during the forecast period. These engines are majorly installed in heavy industries such as chemical plants and refineries, among others. Also, there have been large investments towards the development and setup of new industrial facilities, in recent years, which is fueling the market growth for steam turbines.


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    By Fuel Type

    The market is segmented into fossil fuel, biomass, and geothermal. Under these, the biomass market segment accounted for a significant market share in 2022 & is expected to grow at a good pace over the forecast period. The major factors that drive the usage of biomass are the various measures taken by industries to reduce the carbon footprint in the atmosphere along with the stringent government regulations to check the industrial emissions.

    By Capacity Type

    The market is segmented into <3 MW, 3-100 MW, and >100 MW, among which, the >100 MW capacity held a significant share of the market in 2022 and is estimated to gain the maximum traction during the forecast period. Over the last decade, there have been robust investments in medium-scale industries, several government measures, and a significant rise in the global economy, which significantly drive the 3-100KW market segment.

    Regional Insights

    Asia-Pacific accounted for the largest share of the global market in 2022 and is expected to be dominant throughout the forecast period. The market growth in this region is majorly attributed to the growing demand for steam turbines in countries such as Thailand, Japan, South Korea, and Indonesia, among others, due to the development of a number of coal-fired plants in these countries.  North America and Europe are also expected to offer promising growth opportunities during the forecast period.


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    Critical Questions Answered in the Report

    • What are the key trends in the global market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The steam turbine market is segmented into the following categories.

    By Design Type

    • Reaction
    • Impulse

    By Exhaust Type

    • Condensing
    • Non-Condensing

    By Fuel Type

    • Fossil Fuel
    • Biomass
    • Geothermal

    By End-Use Type

    • Industrial
      • Refinery
      • Chemical Plant
      • Sugar Plant
      • Pulp & Pape
    • Utility

    By Capacity Type

    • <3 MW
    • 3-100 MW
    • >100 MW

    By Technology Type

    • Steam Cycle
    • Combined Cycle
    • Cogeneration

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)


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    Key Players

    Some of the key players in the steam turbine market are-

    • Ansaldo Energia
    • Elliott Group
    • Fuji Electric Co., Ltd.
    • General Electric
    • Kawasaki Heavy Industries, Ltd.
    • Mitsubishi Power, Ltd.
    • Mitsui E&S Holdings Co., Ltd.
    • Siemens Energy
    • Toshiba America Energy Systems Corp.

    Recent Market JVs and Mergers, Acquisitions and Investments:

    On 24 May 2023, GE Vernova, GE's GE unit, announced to invest $50 million in a Schenectady, New York facility to create a new manufacturing assembly line for its 6.1 MW onshore wind turbine. The assembly line will employ 200 people.

    On 6 December 2022, Mitsubishi Power completed the refurbishment of Unit 1 at the Hartha Thermal Power Station in Iraq, replacing core components to restore the plant's original output of 200 MW. This marks Mitsubishi Power's second project at the Hartha plant, following Unit 4's completion in 2017.

    On 30 November 2022, GE Power India and NGSL completed a steam turbine renovation and modernization project at NTPC's Ramagundam Super Thermal Power Station, achieving a 9.9% improvement in heat rate, a 20-year turbine life extension, and +3.8% thermal efficiency.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Steam Turbine Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Report Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Recent Development

    On 20 February 2023, Triveni Turbines Ltd. plans to increase manufacturing capacity to 350 turbines annually, addressing the growing demand for three product lines. The company expects a 20% growth rate in the below-30 MW range and 40% growth in the above-30 MW-100 MW range.

    Frequently Asked Questions (FAQs)

    Steam turbine is a type of power generation device, high-pressure steam is used to rotate a series of blades mounted on a rotor, which then drives a generator to produce electricity. A steam turbine uses the basic principle of conversion of thermal energy, stored in the form of steam, into mechanical energy by spinning the blades of the turbine using the steam.

    The steam turbine market is likely to reach USD 18.17 billion in 2028.

    The steam turbine market was estimated at USD 15.53 billion in 2022.

    The steam turbine market is likely to grow at a CAGR of 2.60% during 2023-2028.

    Ansaldo Energia, Elliott Group, DONGFANG TURBINE CO.,LTD., Fuji Electric Co., Ltd., General Electric, Kawasaki Heavy Industries, Ltd., Mitsubishi Power, Ltd., Mitsui E&S Holdings Co., Ltd., Siemens Energy, Toshiba America Energy Systems Corp are among the key players in the market.

    Asia-Pacific accounted for the largest share of the market in 2022 and is expected to be dominant throughout the forecast period.

    The steam cycle technology is expected to generate the largest demand in the market over the next five years.

    Several regulations for the promotion of low-carbon fuels in order to reduce environmentally hazardous emissions, a growing focus on the development of low-scale thermal power plants, and a growing preference towards optimizing energy across industries are the factors driving the growth of the market.