Steam Turbine Market Forecast 2035
According to recent analysis, the global steam turbine market is expected to grow from USD 19.3 Billion in 2025 to USD 26.3 Billion by 2035, registering a robust CAGR of 3.1% during the forecast period. The growth is being driven by increasing electricity demand, efficiency improvements, and the need for reliable low-carbon baseload power across thermal, nuclear and hybrid renewable-thermal plants.
The increasing need for low-carbon baseload power and efficiency upgrades is changing the steam turbine landscape. For example, in 2025, Rosatom announced turbines with laser-hardened rotors, GE scaled advanced high-efficiency platforms, and Siemens Energy launched hydrogen-ready turbine offerings. Meanwhile, companies like Toshiba Energy Systems, Mitsubishi Power, and Doosan Škoda Power are adding more nuclear and thermal portfolio options. The Steam Turbine Market is entering a phase of steady growth that should continue to 2035, reportedly fueled by nuclear investments, thermal plant retrofits, and grid stability requirements.
“Key Driver, Restraint, and Growth Opportunity Defining the Steam Turbine Market”
Demand for steam turbines is rising at a consistent rate; nuclear expansion, coal-to-clean transitions, and hybridization of renewable sources with thermal projects are accelerating steam turbine adoption. Next-generation steam turbines are being manufactured with improved rotor metallurgy, digital twin monitoring, and hydrogen-ready configurations to allow for greater efficiency, reliability, and durable use in baseload generation at the large scale of GigaWatts.
The challenge becomes one of high capital cost and long construction timelines and deals with the regulatory and financing barriers to transitioning a thermal fleet. Competition among original equipment manufacturers remains constrained to a small number of players globally, which adds to the barriers to entry for new entrants.
Simultaneously, there are strong opportunities arising from government decarbonization strategies, nuclear lifter extension projects, and security of the supply investment opportunities. It is anticipated that the major roadmaps in China, India, and Europe, is expected to be a catalyst for turbine modernization projects and continue to develop and foster the long-term service revenue opportunities that is expected to allow steam turbines to develop greater world market size until 2035.
"Impact of Global Tariff Policies on the Steam Turbine Market Growth and Strategy"
The global supply of components and equipment for steam turbines impacts the entire steam turbine market; policies impacting tariffs greatly affect downstream project costs and timelines. Tariffs on metals, machinery, and turbine components that are imported have forced original equipment manufacturers (OEMs) and utilities to begin manufacturing locally, enter into long-term procurement contracts, and comply with surrounding industrial policies. The pressure of tariffs favors established players with global supply chains, while small competitors face entry barriers.
By distinction, companies are innovating modular and configurable turbine designs to increase cost efficiencies and reduce dependency on imports. Tariffs also encourage strategic relationships with local suppliers and governments to reduce policy risk and maintain continuity during the associated life cycle of large-scale power projects.
Regional Analysis of Steam Turbine Market
- In the global steam turbine market, Asia Pacific has a leading share of nearly ~45% in 2025, encompassing steady growth until 2035. The region's leading share of the due to ongoing expansion of thermal power and nuclear power infrastructure, government policies that support the expansion of energy security and strong investment capacity. The proliferation of high-efficiency turbines and hydrogen-ready turbines in China, India, Japan, and South Korea is expected to continue to cement Asia Pacific's edge in reliable low-carbon energy implementation.
- For instance, Rosatom, GE, and Siemens Energy cooperatively increased manufacturing and service capabilities in Asia Pacific in 2025, which is expected to facilitate a faster rollout of advanced turbines, lengthen the operational lifespan of the plants, and increased baseload.
Key players in the global steam turbine market include prominent companies such as Ansaldo Energia S.p.A., Baker Hughes (a GE company), Bharat Heavy Electricals Limited (BHEL), Dongfang Electric Corporation (DEC), Doosan Škoda Power, Elliott Group (Ebara Corporation), Fuji Electric Co., Ltd., General Electric (GE), Harbin Electric Corporation, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions SE, Mitsubishi Power, Ltd., Nanjing Turbine & Electric Machinery (Group) Co., Ltd., OJSC Power Machines, Peter Brotherhood Ltd., Shanghai Electric Group Company Limited, Siemens Energy AG, Toshiba Energy Systems & Solutions Corporation, Triveni Turbine Limited, ZheJiang Steam Turbine Co., Ltd., and other key players, along with several other key players contributing to market growth through innovation, strategic partnerships, and global expansion.
The steam turbine market has been segmented as follows:
Steam Turbine Market Analysis, by Design
- Reaction Turbines
- Impulse Turbines
Steam Turbine Market Analysis, by Capacity
- Up to 100 MW
- 101–300 MW
- 301–600 MW
- Above 600 MW
Steam Turbine Market Analysis, by Configuration
- Single Cylinder
- Multi-Cylinder
Steam Turbine Market Analysis, by Fuel Type
- Coal
- Nuclear
- Biomass
- Natural Gas
- Others (Waste-to-Energy, Oil, etc.)
Steam Turbine Market Analysis, by Exhaust Type
- Condensing Turbines
- Non-Condensing (Back-Pressure) Turbines
Steam Turbine Market Analysis, by Application
-
Utility
- Industrial
- Marine
Steam Turbine Market Analysis, by End Use Industry
- Power Generation
- Oil & Gas
- Chemical & Petrochemical
- Paper & Pulp
- Iron & Steel
- Others (District Heating, Sugar Mills, Marine, etc.)
Steam Turbine Market Analysis, by Region
- North America
- Europe
- Asia Pacific
- Middle East
- Africa
- South America
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Table of Contents
- 1. Research Methodology and Assumptions
- 1.1. Definitions
- 1.2. Research Design and Approach
- 1.3. Data Collection Methods
- 1.4. Base Estimates and Calculations
- 1.5. Forecasting Models
- 1.5.1. Key Forecast Factors & Impact Analysis
- 1.6. Secondary Research
- 1.6.1. Open Sources
- 1.6.2. Paid Databases
- 1.6.3. Associations
- 1.7. Primary Research
- 1.7.1. Primary Sources
- 1.7.2. Primary Interviews with Stakeholders across Ecosystem
- 2. Executive Summary
- 2.1. Global Steam Turbine Market Outlook
- 2.1.1. Global Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), and Forecasts, 2021-2035
- 2.1.2. Compounded Annual Growth Rate Analysis
- 2.1.3. Growth Opportunity Analysis
- 2.1.4. Segmental Share Analysis
- 2.1.5. Geographical Share Analysis
- 2.2. Market Analysis and Facts
- 2.3. Supply-Demand Analysis
- 2.4. Competitive Benchmarking
- 2.5. Go-to- Market Strategy
- 2.5.1. Customer/ End-use Industry Assessment
- 2.5.2. Growth Opportunity Data, 2025-2035
- 2.5.2.1. Regional Data
- 2.5.2.2. Country Data
- 2.5.2.3. Segmental Data
- 2.5.3. Identification of Potential Market Spaces
- 2.5.4. GAP Analysis
- 2.5.5. Potential Attractive Price Points
- 2.5.6. Prevailing Market Risks & Challenges
- 2.5.7. Preferred Sales & Marketing Strategies
- 2.5.8. Key Recommendations and Analysis
- 2.5.9. A Way Forward
- 2.1. Global Steam Turbine Market Outlook
- 3. Industry Data and Premium Insights
- 3.1. Global Steam Turbine Industry Overview, 2025
- 3.1.1. Energy & Power Ecosystem Analysis
- 3.1.2. Key Trends for Energy & Power Industry
- 3.1.3. Regional Distribution for Energy & Power Industry
- 3.2. Supplier Customer Data
- 3.3. Source Roadmap and Developments
- 3.4. Trade Analysis
- 3.4.1. Import & Export Analysis, 2025
- 3.4.2. Top Importing Countries
- 3.4.3. Top Exporting Countries
- 3.5. Trump Tariff Impact Analysis
- 3.5.1. Manufacturer
- 3.5.2. Supply Chain
- 3.5.3. End Consumer
- 3.6. Raw Material Analysis
- 3.1. Global Steam Turbine Industry Overview, 2025
- 4. Market Overview
- 4.1. Market Dynamics
- 4.1.1. Drivers
- 4.1.1.1. Rising Power Demand and Renewable Integration Driving Advanced Steam Turbine Deployments
- 4.1.2. Restraints
- 4.1.2.1. High Capital Costs and Efficiency Challenges Restrain Steam Turbine Deployment in Emerging Markets
- 4.1.1. Drivers
- 4.2. Key Trend Analysis
- 4.3. Regulatory Framework
- 4.3.1. Key Regulations, Norms, and Subsidies, by Key Countries
- 4.3.2. Tariffs and Standards
- 4.3.3. Impact Analysis of Regulations on the Market
- 4.4. Value Chain Analysis
- 4.4.1. Resource Supply
- 4.4.2. Power Generation
- 4.4.3. Transmission & Distribution
- 4.4.4. Storage & Retail
- 4.4.5. End-Use & Sustainability
- 4.5. Cost Structure Analysis
- 4.5.1. Parameter’s Share for Cost Associated
- 4.5.2. COGP vs COGS
- 4.5.3. Profit Margin Analysis
- 4.6. Pricing Analysis
- 4.6.1. Regional Pricing Analysis
- 4.6.2. Segmental Pricing Trends
- 4.6.3. Factors Influencing Pricing
- 4.7. Porter’s Five Forces Analysis
- 4.8. PESTEL Analysis
- 4.9. Global Steam Turbine Market Demand
- 4.9.1. Historical Market Size - (Volume - Thousand Units and Value - USD Bn), 2021-2024
- 4.9.2. Current and Future Market Size - (Volume - Thousand Units and Value - USD Bn), 2025–2035
- 4.9.2.1. Y-o-Y Growth Trends
- 4.9.2.2. Absolute $ Opportunity Assessment
- 4.1. Market Dynamics
- 5. Competition Landscape
- 5.1. Competition structure
- 5.1.1. Fragmented v/s consolidated
- 5.2. Company Share Analysis, 2025
- 5.2.1. Global Company Market Share
- 5.2.2. By Region
- 5.2.2.1. North America
- 5.2.2.2. Europe
- 5.2.2.3. Asia Pacific
- 5.2.2.4. Middle East
- 5.2.2.5. Africa
- 5.2.2.6. South America
- 5.3. Product Comparison Matrix
- 5.3.1. Specifications
- 5.3.2. Market Positioning
- 5.3.3. Pricing
- 5.1. Competition structure
- 6. Global Steam Turbine Market Analysis, by Design
- 6.1. Key Segment Analysis
- 6.2. Global Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, by Design, 2021-2035
- 6.2.1. Reaction Turbines
- 6.2.2. Impulse Turbines
- 7. Global Steam Turbine Market Analysis, by Capacity
- 7.1. Key Segment Analysis
- 7.2. Global Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, by Capacity, 2021-2035
- 7.2.1. Up to 100 MW
- 7.2.2. 101–300 MW
- 7.2.3. 301–600 MW
- 7.2.4. Above 600 MW
- 8. Global Steam Turbine Market Analysis, by Configuration
- 8.1. Key Segment Analysis
- 8.2. Global Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, Configuration, 2021-2035
- 8.2.1. Single Cylinder
- 8.2.2. Multi-Cylinder
- 9. Global Steam Turbine Market Analysis, by Fuel Type
- 9.1. Key Segment Analysis
- 9.2. Global Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, by Fuel Type, 2021-2035
- 9.2.1. Coal
- 9.2.2. Nuclear
- 9.2.3. Biomass
- 9.2.4. Natural Gas
- 9.2.5. Others (Waste-to-Energy, Oil, etc.)
- 10. Global Steam Turbine Market Analysis, by Exhaust Type
- 10.1. Key Segment Analysis
- 10.2. Global Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, by Exhaust Type, 2021-2035
- 10.2.1. Condensing Turbines
- 10.2.2. Non-Condensing (Back-Pressure) Turbines
- 11. Global Steam Turbine Market Analysis, by Application
- 11.1. Key Segment Analysis
- 11.2. Global Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, by Application, 2021-2035
- 11.2.1. Utility
- 11.2.2. Industrial
- 11.2.3. Marine
- 12. Global Steam Turbine Market Analysis, by End Use Industry
- 12.1. Key Segment Analysis
- 12.2. Global Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, by End Use Industry, 2021-2035
- 12.2.1. Power Generation
- 12.2.2. Oil & Gas
- 12.2.3. Chemical & Petrochemical
- 12.2.4. Paper & Pulp
- 12.2.5. Iron & Steel
- 12.2.6. Others (District Heating, Sugar Mills, Marine, etc.)
- 13. Global Steam Turbine Market Analysis and Forecasts, by Region
- 13.1. Key Findings
- 13.2. Global Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, by Region, 2021-2035
- 13.2.1. North America
- 13.2.2. Europe
- 13.2.3. Asia Pacific
- 13.2.4. Middle East
- 13.2.5. Africa
- 13.2.6. South America
- 14. North America Steam Turbine Market Analysis
- 14.1. Key Segment Analysis
- 14.2. Regional Snapshot
- 14.3. North America Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, 2021-2035
- 14.3.1. Design
- 14.3.2. Capacity
- 14.3.3. Configuration
- 14.3.4. Fuel Type
- 14.3.5. Exhaust Type
- 14.3.6. Application
- 14.3.7. End Use Industry
- 14.3.8. Country
- 14.3.8.1. USA
- 14.3.8.2. Canada
- 14.3.8.3. Mexico
- 14.4. USA Steam Turbine Market
- 14.4.1. Country Segmental Analysis
- 14.4.2. Design
- 14.4.3. Capacity
- 14.4.4. Configuration
- 14.4.5. Fuel Type
- 14.4.6. Exhaust Type
- 14.4.7. Application
- 14.4.8. End Use Industry
- 14.5. Canada Steam Turbine Market
- 14.5.1. Country Segmental Analysis
- 14.5.2. Design
- 14.5.3. Capacity
- 14.5.4. Configuration
- 14.5.5. Fuel Type
- 14.5.6. Exhaust Type
- 14.5.7. Application
- 14.5.8. End Use Industry
- 14.6. Mexico Steam Turbine Market
- 14.6.1. Country Segmental Analysis
- 14.6.2. Design
- 14.6.3. Capacity
- 14.6.4. Configuration
- 14.6.5. Fuel Type
- 14.6.6. Exhaust Type
- 14.6.7. Application
- 14.6.8. End Use Industry
- 15. Europe Steam Turbine Market Analysis
- 15.1. Key Segment Analysis
- 15.2. Regional Snapshot
- 15.3. Europe Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, 2021-2035
- 15.3.1. Design
- 15.3.2. Capacity
- 15.3.3. Configuration
- 15.3.4. Fuel Type
- 15.3.5. Exhaust Type
- 15.3.6. Application
- 15.3.7. End Use Industry
- 15.3.8. Country
- 15.3.8.1. Germany
- 15.3.8.2. United Kingdom
- 15.3.8.3. France
- 15.3.8.4. Italy
- 15.3.8.5. Spain
- 15.3.8.6. Netherlands
- 15.3.8.7. Nordic Countries
- 15.3.8.8. Poland
- 15.3.8.9. Russia & CIS
- 15.3.8.10. Rest of Europe
- 15.4. Germany Steam Turbine Market
- 15.4.1. Country Segmental Analysis
- 15.4.2. Design
- 15.4.3. Capacity
- 15.4.4. Configuration
- 15.4.5. Fuel Type
- 15.4.6. Exhaust Type
- 15.4.7. Application
- 15.4.8. End Use Industry
- 15.5. United Kingdom Steam Turbine Market
- 15.5.1. Country Segmental Analysis
- 15.5.2. Design
- 15.5.3. Capacity
- 15.5.4. Configuration
- 15.5.5. Fuel Type
- 15.5.6. Exhaust Type
- 15.5.7. Application
- 15.5.8. End Use Industry
- 15.6. France Steam Turbine Market
- 15.6.1. Country Segmental Analysis
- 15.6.2. Design
- 15.6.3. Capacity
- 15.6.4. Configuration
- 15.6.5. Fuel Type
- 15.6.6. Exhaust Type
- 15.6.7. Application
- 15.6.8. End Use Industry
- 15.7. Italy Steam Turbine Market
- 15.7.1. Country Segmental Analysis
- 15.7.2. Design
- 15.7.3. Capacity
- 15.7.4. Configuration
- 15.7.5. Fuel Type
- 15.7.6. Exhaust Type
- 15.7.7. Application
- 15.7.8. End Use Industry
- 15.8. Spain Steam Turbine Market
- 15.8.1. Country Segmental Analysis
- 15.8.2. Design
- 15.8.3. Capacity
- 15.8.4. Configuration
- 15.8.5. Fuel Type
- 15.8.6. Exhaust Type
- 15.8.7. Application
- 15.8.8. End Use Industry
- 15.9. Netherlands Steam Turbine Market
- 15.9.1. Country Segmental Analysis
- 15.9.2. Design
- 15.9.3. Capacity
- 15.9.4. Configuration
- 15.9.5. Fuel Type
- 15.9.6. Exhaust Type
- 15.9.7. Application
- 15.9.8. End Use Industry
- 15.10. Nordic Countries Steam Turbine Market
- 15.10.1. Country Segmental Analysis
- 15.10.2. Design
- 15.10.3. Capacity
- 15.10.4. Configuration
- 15.10.5. Fuel Type
- 15.10.6. Exhaust Type
- 15.10.7. Application
- 15.10.8. End Use Industry
- 15.11. Poland Steam Turbine Market
- 15.11.1. Country Segmental Analysis
- 15.11.2. Design
- 15.11.3. Capacity
- 15.11.4. Configuration
- 15.11.5. Fuel Type
- 15.11.6. Exhaust Type
- 15.11.7. Application
- 15.11.8. End Use Industry
- 15.12. Russia & CIS Steam Turbine Market
- 15.12.1. Country Segmental Analysis
- 15.12.2. Design
- 15.12.3. Capacity
- 15.12.4. Configuration
- 15.12.5. Fuel Type
- 15.12.6. Exhaust Type
- 15.12.7. Application
- 15.12.8. End Use Industry
- 15.13. Rest of Europe Steam Turbine Market
- 15.13.1. Country Segmental Analysis
- 15.13.2. Design
- 15.13.3. Capacity
- 15.13.4. Configuration
- 15.13.5. Fuel Type
- 15.13.6. Exhaust Type
- 15.13.7. Application
- 15.13.8. End Use Industry
- 16. Asia Pacific Steam Turbine Market Analysis
- 16.1. Key Segment Analysis
- 16.2. Regional Snapshot
- 16.3. East Asia Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, 2021-2035
- 16.3.1. Design
- 16.3.2. Capacity
- 16.3.3. Configuration
- 16.3.4. Fuel Type
- 16.3.5. Exhaust Type
- 16.3.6. Application
- 16.3.7. End Use Industry
- 16.3.8. Country
- 16.3.8.1. China
- 16.3.8.2. India
- 16.3.8.3. Japan
- 16.3.8.4. South Korea
- 16.3.8.5. Australia and New Zealand
- 16.3.8.6. Indonesia
- 16.3.8.7. Malaysia
- 16.3.8.8. Thailand
- 16.3.8.9. Vietnam
- 16.3.8.10. Rest of Asia-Pacific
- 16.4. China Steam Turbine Market
- 16.4.1. Country Segmental Analysis
- 16.4.2. Design
- 16.4.3. Capacity
- 16.4.4. Configuration
- 16.4.5. Fuel Type
- 16.4.6. Exhaust Type
- 16.4.7. Application
- 16.4.8. End Use Industry
- 16.5. India Steam Turbine Market
- 16.5.1. Country Segmental Analysis
- 16.5.2. Design
- 16.5.3. Capacity
- 16.5.4. Configuration
- 16.5.5. Fuel Type
- 16.5.6. Exhaust Type
- 16.5.7. Application
- 16.5.8. End Use Industry
- 16.6. Japan Steam Turbine Market
- 16.6.1. Country Segmental Analysis
- 16.6.2. Design
- 16.6.3. Capacity
- 16.6.4. Configuration
- 16.6.5. Fuel Type
- 16.6.6. Exhaust Type
- 16.6.7. Application
- 16.6.8. End Use Industry
- 16.7. South Korea Steam Turbine Market
- 16.7.1. Country Segmental Analysis
- 16.7.2. Design
- 16.7.3. Capacity
- 16.7.4. Configuration
- 16.7.5. Fuel Type
- 16.7.6. Exhaust Type
- 16.7.7. Application
- 16.7.8. End Use Industry
- 16.8. Australia and New Zealand Steam Turbine Market
- 16.8.1. Country Segmental Analysis
- 16.8.2. Design
- 16.8.3. Capacity
- 16.8.4. Configuration
- 16.8.5. Fuel Type
- 16.8.6. Exhaust Type
- 16.8.7. Application
- 16.8.8. End Use Industry
- 16.9. Indonesia Steam Turbine Market
- 16.9.1. Country Segmental Analysis
- 16.9.2. Design
- 16.9.3. Capacity
- 16.9.4. Configuration
- 16.9.5. Fuel Type
- 16.9.6. Exhaust Type
- 16.9.7. Application
- 16.9.8. End Use Industry
- 16.10. Malaysia Steam Turbine Market
- 16.10.1. Country Segmental Analysis
- 16.10.2. Design
- 16.10.3. Capacity
- 16.10.4. Configuration
- 16.10.5. Fuel Type
- 16.10.6. Exhaust Type
- 16.10.7. Application
- 16.10.8. End Use Industry
- 16.11. Thailand Steam Turbine Market
- 16.11.1. Country Segmental Analysis
- 16.11.2. Design
- 16.11.3. Capacity
- 16.11.4. Configuration
- 16.11.5. Fuel Type
- 16.11.6. Exhaust Type
- 16.11.7. Application
- 16.11.8. End Use Industry
- 16.12. Vietnam Steam Turbine Market
- 16.12.1. Country Segmental Analysis
- 16.12.2. Design
- 16.12.3. Capacity
- 16.12.4. Configuration
- 16.12.5. Fuel Type
- 16.12.6. Exhaust Type
- 16.12.7. Application
- 16.12.8. End Use Industry
- 16.13. Rest of Asia Pacific Steam Turbine Market
- 16.13.1. Country Segmental Analysis
- 16.13.2. Design
- 16.13.3. Capacity
- 16.13.4. Configuration
- 16.13.5. Fuel Type
- 16.13.6. Exhaust Type
- 16.13.7. Application
- 16.13.8. End Use Industry
- 17. Middle East Steam Turbine Market Analysis
- 17.1. Key Segment Analysis
- 17.2. Regional Snapshot
- 17.3. Middle East Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, 2021-2035
- 17.3.1. Design
- 17.3.2. Capacity
- 17.3.3. Configuration
- 17.3.4. Fuel Type
- 17.3.5. Exhaust Type
- 17.3.6. Application
- 17.3.7. End Use Industry
- 17.3.8. Country
- 17.3.8.1. Turkey
- 17.3.8.2. UAE
- 17.3.8.3. Saudi Arabia
- 17.3.8.4. Israel
- 17.3.8.5. Rest of Middle East
- 17.4. Turkey Steam Turbine Market
- 17.4.1. Country Segmental Analysis
- 17.4.2. Design
- 17.4.3. Capacity
- 17.4.4. Configuration
- 17.4.5. Fuel Type
- 17.4.6. Exhaust Type
- 17.4.7. Application
- 17.4.8. End Use Industry
- 17.5. UAE Steam Turbine Market
- 17.5.1. Country Segmental Analysis
- 17.5.2. Design
- 17.5.3. Capacity
- 17.5.4. Configuration
- 17.5.5. Fuel Type
- 17.5.6. Exhaust Type
- 17.5.7. Application
- 17.5.8. End Use Industry
- 17.6. Saudi Arabia Steam Turbine Market
- 17.6.1. Country Segmental Analysis
- 17.6.2. Design
- 17.6.3. Capacity
- 17.6.4. Configuration
- 17.6.5. Fuel Type
- 17.6.6. Exhaust Type
- 17.6.7. Application
- 17.6.8. End Use Industry
- 17.7. Israel Steam Turbine Market
- 17.7.1. Country Segmental Analysis
- 17.7.2. Design
- 17.7.3. Capacity
- 17.7.4. Configuration
- 17.7.5. Fuel Type
- 17.7.6. Exhaust Type
- 17.7.7. Application
- 17.7.8. End Use Industry
- 17.8. Rest of Middle East Steam Turbine Market
- 17.8.1. Country Segmental Analysis
- 17.8.2. Design
- 17.8.3. Capacity
- 17.8.4. Configuration
- 17.8.5. Fuel Type
- 17.8.6. Exhaust Type
- 17.8.7. Application
- 17.8.8. End Use Industry
- 18. Africa Steam Turbine Market Analysis
- 18.1. Key Segment Analysis
- 18.2. Regional Snapshot
- 18.3. Africa Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, 2021-2035
- 18.3.1. Design
- 18.3.2. Capacity
- 18.3.3. Configuration
- 18.3.4. Fuel Type
- 18.3.5. Exhaust Type
- 18.3.6. Application
- 18.3.7. End Use Industry
- 18.3.8. Country
- 18.3.8.1. South Africa
- 18.3.8.2. Egypt
- 18.3.8.3. Nigeria
- 18.3.8.4. Algeria
- 18.3.8.5. Rest of Africa
- 18.4. South Africa Steam Turbine Market
- 18.4.1. Country Segmental Analysis
- 18.4.2. Design
- 18.4.3. Capacity
- 18.4.4. Configuration
- 18.4.5. Fuel Type
- 18.4.6. Exhaust Type
- 18.4.7. Application
- 18.4.8. End Use Industry
- 18.5. Egypt Steam Turbine Market
- 18.5.1. Country Segmental Analysis
- 18.5.2. Design
- 18.5.3. Capacity
- 18.5.4. Configuration
- 18.5.5. Fuel Type
- 18.5.6. Exhaust Type
- 18.5.7. Application
- 18.5.8. End Use Industry
- 18.6. Nigeria Steam Turbine Market
- 18.6.1. Country Segmental Analysis
- 18.6.2. Design
- 18.6.3. Capacity
- 18.6.4. Configuration
- 18.6.5. Fuel Type
- 18.6.6. Exhaust Type
- 18.6.7. Application
- 18.6.8. End Use Industry
- 18.7. Algeria Steam Turbine Market
- 18.7.1. Country Segmental Analysis
- 18.7.2. Design
- 18.7.3. Capacity
- 18.7.4. Configuration
- 18.7.5. Fuel Type
- 18.7.6. Exhaust Type
- 18.7.7. Application
- 18.7.8. End Use Industry
- 18.8. Rest of Africa Steam Turbine Market
- 18.8.1. Country Segmental Analysis
- 18.8.2. Design
- 18.8.3. Capacity
- 18.8.4. Configuration
- 18.8.5. Fuel Type
- 18.8.6. Exhaust Type
- 18.8.7. Application
- 18.8.8. End Use Industry
- 19. South America Steam Turbine Market Analysis
- 19.1. Key Segment Analysis
- 19.2. Regional Snapshot
- 19.3. Central and South Africa Steam Turbine Market Size (Volume - Thousand Units and Value - USD Bn), Analysis, and Forecasts, 2021-2035
- 19.3.1. Design
- 19.3.2. Capacity
- 19.3.3. Configuration
- 19.3.4. Fuel Type
- 19.3.5. Exhaust Type
- 19.3.6. Application
- 19.3.7. End Use Industry
- 19.3.8. Country
- 19.3.8.1. Brazil
- 19.3.8.2. Argentina
- 19.3.8.3. Rest of South America
- 19.4. Brazil Steam Turbine Market
- 19.4.1. Country Segmental Analysis
- 19.4.2. Design
- 19.4.3. Capacity
- 19.4.4. Configuration
- 19.4.5. Fuel Type
- 19.4.6. Exhaust Type
- 19.4.7. Application
- 19.4.8. End Use Industry
- 19.5. Argentina Steam Turbine Market
- 19.5.1. Country Segmental Analysis
- 19.5.2. Design
- 19.5.3. Capacity
- 19.5.4. Configuration
- 19.5.5. Fuel Type
- 19.5.6. Exhaust Type
- 19.5.7. Application
- 19.5.8. End Use Industry
- 19.6. Rest of South America Steam Turbine Market
- 19.6.1. Country Segmental Analysis
- 19.6.2. Design
- 19.6.3. Capacity
- 19.6.4. Configuration
- 19.6.5. Fuel Type
- 19.6.6. Exhaust Type
- 19.6.7. Application
- 19.6.8. End Use Industry
- 20. Key Players/ Company Profile
- 20.1. Ansaldo Energia S.p.A.
- 20.1.1. Company Details/ Overview
- 20.1.2. Company Financials
- 20.1.3. Key Customers and Competitors
- 20.1.4. Business/ Industry Portfolio
- 20.1.5. Product Portfolio/ Specification Details
- 20.1.6. Pricing Data
- 20.1.7. Strategic Overview
- 20.1.8. Recent Developments
- 20.2. Baker Hughes (a GE company)
- 20.3. Bharat Heavy Electricals Limited (BHEL)
- 20.4. Dongfang Electric Corporation (DEC)
- 20.5. Doosan Škoda Power
- 20.6. Elliott Group (Ebara Corporation)
- 20.7. Fuji Electric Co., Ltd.
- 20.8. General Electric (GE)
- 20.9. Harbin Electric Corporation
- 20.10. Kawasaki Heavy Industries, Ltd.
- 20.11. MAN Energy Solutions SE
- 20.12. Mitsubishi Power, Ltd.
- 20.13. Nanjing Turbine & Electric Machinery (Group) Co., Ltd.
- 20.14. OJSC Power Machines
- 20.15. Peter Brotherhood Ltd.
- 20.16. Shanghai Electric Group Company Limited
- 20.17. Siemens Energy AG
- 20.18. Toshiba Energy Systems & Solutions Corporation
- 20.19. Triveni Turbine Limited
- 20.20. ZheJiang Steam Turbine Co., Ltd.
- 20.21. Others Key Players
- 20.1. Ansaldo Energia S.p.A.
Note* - This is just tentative list of players. While providing the report, we will cover more number of players based on their revenue and share for each geography
Our research design integrates both demand-side and supply-side analysis through a balanced combination of primary and secondary research methodologies. By utilizing both bottom-up and top-down approaches alongside rigorous data triangulation methods, we deliver robust market intelligence that supports strategic decision-making.
MarketGenics' comprehensive research design framework ensures the delivery of accurate, reliable, and actionable market intelligence. Through the integration of multiple research approaches, rigorous validation processes, and expert analysis, we provide our clients with the insights needed to make informed strategic decisions and capitalize on market opportunities.
MarketGenics leverages a dedicated industry panel of experts and a comprehensive suite of paid databases to effectively collect, consolidate, and analyze market intelligence.
Our approach has consistently proven to be reliable and effective in generating accurate market insights, identifying key industry trends, and uncovering emerging business opportunities.
Through both primary and secondary research, we capture and analyze critical company-level data such as manufacturing footprints, including technical centers, R&D facilities, sales offices, and headquarters.
Our expert panel further enhances our ability to estimate market size for specific brands based on validated field-level intelligence.
Our data mining techniques incorporate both parametric and non-parametric methods, allowing for structured data collection, sorting, processing, and cleaning.
Demand projections are derived from large-scale data sets analyzed through proprietary algorithms, culminating in robust and reliable market sizing.
The bottom-up approach builds market estimates by starting with the smallest addressable market units and systematically aggregating them to create comprehensive market size projections.
This method begins with specific, granular data points and builds upward to create the complete market landscape.
Customer Analysis → Segmental Analysis → Geographical Analysis
The top-down approach starts with the broadest possible market data and systematically narrows it down through a series of filters and assumptions to arrive at specific market segments or opportunities.
This method begins with the big picture and works downward to increasingly specific market slices.
TAM → SAM → SOM
While analysing the market, we extensively study secondary sources, directories, and databases to identify and collect information useful for this technical, market-oriented, and commercial report. Secondary sources that we utilize are not only the public sources, but it is combination of Open Source, Associations, Paid Databases, MG Repository & Knowledgebase and Others.
- Company websites, annual reports, financial reports, broker reports, and investor presentations
- National government documents, statistical databases and reports
- News articles, press releases and web-casts specific to the companies operating in the market, Magazines, reports, and others
- We gather information from commercial data sources for deriving company specific data such as segmental revenue, share for geography, product revenue, and others
- Internal and external proprietary databases (industry-specific), relevant patent, and regulatory databases
- Governing Bodies, Government Organizations
- Relevant Authorities, Country-specific Associations for Industries
We also employ the model mapping approach to estimate the product level market data through the players product portfolio
Primary research/ interviews is vital in analyzing the market. Most of the cases involves paid primary interviews. Primary sources includes primary interviews through e-mail interactions, telephonic interviews, surveys as well as face-to-face interviews with the different stakeholders across the value chain including several industry experts.
| Type of Respondents | Number of Primaries |
|---|---|
| Tier 2/3 Suppliers | ~20 |
| Tier 1 Suppliers | ~25 |
| End-users | ~25 |
| Industry Expert/ Panel/ Consultant | ~30 |
| Total | ~100 |
MG Knowledgebase
• Repository of industry blog, newsletter and case studies
• Online platform covering detailed market reports, and company profiles
- Historical Trends – Past market patterns, cycles, and major events that shaped how markets behave over time. Understanding past trends helps predict future behavior.
- Industry Factors – Specific characteristics of the industry like structure, regulations, and innovation cycles that affect market dynamics.
- Macroeconomic Factors – Economic conditions like GDP growth, inflation, and employment rates that affect how much money people have to spend.
- Demographic Factors – Population characteristics like age, income, and location that determine who can buy your product.
- Technology Factors – How quickly people adopt new technology and how much technology infrastructure exists.
- Regulatory Factors – Government rules, laws, and policies that can help or restrict market growth.
- Competitive Factors – Analyzing competition structure such as degree of competition and bargaining power of buyers and suppliers.
Multiple Regression Analysis
- Identify and quantify factors that drive market changes
- Statistical modeling to establish relationships between market drivers and outcomes
Time Series Analysis – Seasonal Patterns
- Understand regular cyclical patterns in market demand
- Advanced statistical techniques to separate trend, seasonal, and irregular components
Time Series Analysis – Trend Analysis
- Identify underlying market growth patterns and momentum
- Statistical analysis of historical data to project future trends
Expert Opinion – Expert Interviews
- Gather deep industry insights and contextual understanding
- In-depth interviews with key industry stakeholders
Multi-Scenario Development
- Prepare for uncertainty by modeling different possible futures
- Creating optimistic, pessimistic, and most likely scenarios
Time Series Analysis – Moving Averages
- Sophisticated forecasting for complex time series data
- Auto-regressive integrated moving average models with seasonal components
Econometric Models
- Apply economic theory to market forecasting
- Sophisticated economic models that account for market interactions
Expert Opinion – Delphi Method
- Harness collective wisdom of industry experts
- Structured, multi-round expert consultation process
Monte Carlo Simulation
- Quantify uncertainty and probability distributions
- Thousands of simulations with varying input parameters
Our research framework is built upon the fundamental principle of validating market intelligence from both demand and supply perspectives. This dual-sided approach ensures comprehensive market understanding and reduces the risk of single-source bias.
Demand-Side Analysis: We understand end-user/application behavior, preferences, and market needs along with the penetration of the product for specific application.
Supply-Side Analysis: We estimate overall market revenue, analyze the segmental share along with industry capacity, competitive landscape, and market structure.
Data triangulation is a validation technique that uses multiple methods, sources, or perspectives to examine the same research question, thereby increasing the credibility and reliability of research findings. In market research, triangulation serves as a quality assurance mechanism that helps identify and minimize bias, validate assumptions, and ensure accuracy in market estimates.
- Data Source Triangulation – Using multiple data sources to examine the same phenomenon
- Methodological Triangulation – Using multiple research methods to study the same research question
- Investigator Triangulation – Using multiple researchers or analysts to examine the same data
- Theoretical Triangulation – Using multiple theoretical perspectives to interpret the same data
