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.
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.
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.
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.
Utility
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