Global Steam Turbine Supply, Demand and Key Producers, 2026-2032
Description
The global Steam Turbine market size is expected to reach $ 16990 million by 2032, rising at a market growth of 4.1% CAGR during the forecast period (2026-2032).
A steam turbine is a device that converts thermal energy from steam into mechanical energy, which is then often transformed into electrical energy. This is achieved by directing high-pressure, high-temperature steam onto a series of blades mounted on a rotor, causing it to spin. Steam turbines are widely used in power generation and industrial processes due to their efficiency and reliability.
The global steam turbine market is a critical component of energy infrastructure, catering to diverse applications such as power generation, industrial processing, and cogeneration. Key industries driving demand include power utilities, oil and gas, chemical processing, and manufacturing.
Key Market Drivers
Rising Energy Demand: Increasing global energy consumption, particularly in developing countries, is driving demand for steam turbines in power plants. Industrial Expansion: Growing industrial activities require efficient turbines for mechanical drives and combined heat and power (CHP) applications. Renewable Energy Integration: Steam turbines are increasingly used in renewable applications like concentrated solar power (CSP) and biomass plants. Modernization and Replacement: Upgrading outdated turbines with advanced, efficient designs in developed regions is a significant market driver.
Market Restraints
Competition from Alternative Technologies: Gas turbines, wind, and solar PV pose significant competition. High Initial Costs: The capital-intensive nature of turbine installation and maintenance can hinder adoption. Environmental Regulations: Stricter policies against fossil fuel emissions impact coal-fired steam turbine adoption.
Opportunities
Emerging Economies: Industrialization and energy infrastructure development in Asia-Pacific, Africa, and Latin America present significant growth opportunities. Clean Energy Transition: Expanding use in geothermal, biomass, and waste-to-energy applications aligns with global decarbonization goals. Advancements in Efficiency: Development of supercritical and ultra-supercritical turbines enhances performance and reduces emissions.
This report studies the global Steam Turbine production, demand, key manufacturers, and key regions.
This report is a detailed and comprehensive analysis of the world market for Steam Turbine and provides market size (US$ million) and Year-over-Year (YoY) Growth, considering 2025 as the base year. This report explores demand trends and competition, as well as details the characteristics of Steam Turbine that contribute to its increasing demand across many markets.
Highlights and key features of the study
Global Steam Turbine total production and demand, 2021-2032, (MW)
Global Steam Turbine total production value, 2021-2032, (USD Million)
Global Steam Turbine production by region & country, production, value, CAGR, 2021-2032, (USD Million) & (MW), (based on production site)
Global Steam Turbine consumption by region & country, CAGR, 2021-2032 & (MW)
U.S. VS China: Steam Turbine domestic production, consumption, key domestic manufacturers and share
Global Steam Turbine production by manufacturer, production, price, value and market share 2021-2026, (USD Million) & (MW)
Global Steam Turbine production by Type, production, value, CAGR, 2021-2032, (USD Million) & (MW)
Global Steam Turbine production by Application, production, value, CAGR, 2021-2032, (USD Million) & (MW)
This report profiles key players in the global Steam Turbine market based on the following parameters - company overview, production, value, price, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include General Electric, Siemens, Dongfang Turbine, Shanghai Electric, Hangzhou Steam Turbine(HTC), Harbin Electric Corporation, Mitsubishi Hitachi Power Systems, MAN Energy Solutions, Fuji Electric, Ebara Elliott, etc.
This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals.
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the World Steam Turbine market
Detailed Segmentation:
Each section contains quantitative market data including market by value (US$ Millions), volume (production, consumption) & (MW) and average price (USD/KW) by manufacturer, by Type, and by Application. Data is given for the years 2021-2032 by year with 2025 as the base year, 2026 as the estimate year, and 2027-2032 as the forecast year.
Global Steam Turbine Market, By Region:
United States
China
Europe
Japan
South Korea
ASEAN
India
Rest of World
Global Steam Turbine Market, Segmentation by Type:
Non-Condensing Steam Turbine
Condensing Steam Turbine
Global Steam Turbine Market, Segmentation by Application:
Power Generation
Industrial
Others
Companies Profiled:
General Electric
Siemens
Dongfang Turbine
Shanghai Electric
Hangzhou Steam Turbine(HTC)
Harbin Electric Corporation
Mitsubishi Hitachi Power Systems
MAN Energy Solutions
Fuji Electric
Ebara Elliott
Doosan
Ansaldo
Kawasaki Heavy Industries
Power Machines
Key Questions Answered:
1. How big is the global Steam Turbine market?
2. What is the demand of the global Steam Turbine market?
3. What is the year over year growth of the global Steam Turbine market?
4. What is the production and production value of the global Steam Turbine market?
5. Who are the key producers in the global Steam Turbine market?
6. What are the growth factors driving the market demand?
A steam turbine is a device that converts thermal energy from steam into mechanical energy, which is then often transformed into electrical energy. This is achieved by directing high-pressure, high-temperature steam onto a series of blades mounted on a rotor, causing it to spin. Steam turbines are widely used in power generation and industrial processes due to their efficiency and reliability.
The global steam turbine market is a critical component of energy infrastructure, catering to diverse applications such as power generation, industrial processing, and cogeneration. Key industries driving demand include power utilities, oil and gas, chemical processing, and manufacturing.
Key Market Drivers
Rising Energy Demand: Increasing global energy consumption, particularly in developing countries, is driving demand for steam turbines in power plants. Industrial Expansion: Growing industrial activities require efficient turbines for mechanical drives and combined heat and power (CHP) applications. Renewable Energy Integration: Steam turbines are increasingly used in renewable applications like concentrated solar power (CSP) and biomass plants. Modernization and Replacement: Upgrading outdated turbines with advanced, efficient designs in developed regions is a significant market driver.
Market Restraints
Competition from Alternative Technologies: Gas turbines, wind, and solar PV pose significant competition. High Initial Costs: The capital-intensive nature of turbine installation and maintenance can hinder adoption. Environmental Regulations: Stricter policies against fossil fuel emissions impact coal-fired steam turbine adoption.
Opportunities
Emerging Economies: Industrialization and energy infrastructure development in Asia-Pacific, Africa, and Latin America present significant growth opportunities. Clean Energy Transition: Expanding use in geothermal, biomass, and waste-to-energy applications aligns with global decarbonization goals. Advancements in Efficiency: Development of supercritical and ultra-supercritical turbines enhances performance and reduces emissions.
This report studies the global Steam Turbine production, demand, key manufacturers, and key regions.
This report is a detailed and comprehensive analysis of the world market for Steam Turbine and provides market size (US$ million) and Year-over-Year (YoY) Growth, considering 2025 as the base year. This report explores demand trends and competition, as well as details the characteristics of Steam Turbine that contribute to its increasing demand across many markets.
Highlights and key features of the study
Global Steam Turbine total production and demand, 2021-2032, (MW)
Global Steam Turbine total production value, 2021-2032, (USD Million)
Global Steam Turbine production by region & country, production, value, CAGR, 2021-2032, (USD Million) & (MW), (based on production site)
Global Steam Turbine consumption by region & country, CAGR, 2021-2032 & (MW)
U.S. VS China: Steam Turbine domestic production, consumption, key domestic manufacturers and share
Global Steam Turbine production by manufacturer, production, price, value and market share 2021-2026, (USD Million) & (MW)
Global Steam Turbine production by Type, production, value, CAGR, 2021-2032, (USD Million) & (MW)
Global Steam Turbine production by Application, production, value, CAGR, 2021-2032, (USD Million) & (MW)
This report profiles key players in the global Steam Turbine market based on the following parameters - company overview, production, value, price, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include General Electric, Siemens, Dongfang Turbine, Shanghai Electric, Hangzhou Steam Turbine(HTC), Harbin Electric Corporation, Mitsubishi Hitachi Power Systems, MAN Energy Solutions, Fuji Electric, Ebara Elliott, etc.
This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals.
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the World Steam Turbine market
Detailed Segmentation:
Each section contains quantitative market data including market by value (US$ Millions), volume (production, consumption) & (MW) and average price (USD/KW) by manufacturer, by Type, and by Application. Data is given for the years 2021-2032 by year with 2025 as the base year, 2026 as the estimate year, and 2027-2032 as the forecast year.
Global Steam Turbine Market, By Region:
United States
China
Europe
Japan
South Korea
ASEAN
India
Rest of World
Global Steam Turbine Market, Segmentation by Type:
Non-Condensing Steam Turbine
Condensing Steam Turbine
Global Steam Turbine Market, Segmentation by Application:
Power Generation
Industrial
Others
Companies Profiled:
General Electric
Siemens
Dongfang Turbine
Shanghai Electric
Hangzhou Steam Turbine(HTC)
Harbin Electric Corporation
Mitsubishi Hitachi Power Systems
MAN Energy Solutions
Fuji Electric
Ebara Elliott
Doosan
Ansaldo
Kawasaki Heavy Industries
Power Machines
Key Questions Answered:
1. How big is the global Steam Turbine market?
2. What is the demand of the global Steam Turbine market?
3. What is the year over year growth of the global Steam Turbine market?
4. What is the production and production value of the global Steam Turbine market?
5. Who are the key producers in the global Steam Turbine market?
6. What are the growth factors driving the market demand?
Table of Contents
130 Pages
- 1 Supply Summary
- 2 Demand Summary
- 3 World Manufacturers Competitive Analysis
- 4 United States VS China VS Rest of the World
- 5 Market Analysis by Type
- 6 Market Analysis by Application
- 7 Company Profiles
- 8 Industry Chain Analysis
- 9 Research Findings and Conclusion
- 10 Appendix
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