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Power Generation Steam Turbine Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2025-2034

Publisher Global Market Insights
Published Sep 08, 2025
Length 239 Pages
SKU # GMI20513096

Description

The Global Power Generation Steam Turbine Market was valued at USD 1.04 billion in 2024 and is projected to grow at a CAGR of 23.9% to reach USD 2.92 billion by 2034.

Market growth is driven by expanding energy infrastructure, increasing demand for efficient power generation systems, and the integration of renewable and hybrid technologies. The ongoing shift toward cleaner and more efficient power solutions, such as combined-cycle and cogeneration systems, has accelerated the adoption of advanced steam turbines across industrial and utility applications. Governments worldwide are implementing stricter emission standards, promoting the transition from coal-fired to supercritical and ultra-supercritical plants, as well as combined-cycle configurations that maximize energy efficiency while reducing greenhouse gas emissions. These advancements, coupled with rising electricity consumption in emerging economies, are strengthening the market outlook for modern, high-efficiency steam turbine systems.

Among technology segments, the cogeneration segment generated USD 630.5 million in 2024 and is projected to reach USD 1.40 billion by 2034, driven by its dual ability to generate electricity and recover waste heat for additional thermal energy applications. This capability significantly enhances overall system efficiency, making cogeneration an ideal solution for industries seeking to reduce energy costs and carbon emissions. Cogeneration steam turbines are increasingly deployed in refineries, chemical plants, paper mills, and district heating systems, where continuous power and heat supply are critical.

In terms of capacity, the 3 MW – 50 MW range accounted for a substantial share in 2024, valued at USD 860.2 million, owing to its extensive use in medium-scale industrial and utility projects that balance cost, performance, and energy output. Steam turbines within this range are highly flexible, offering optimal efficiency for industrial cogeneration, biomass plants, and small independent power producers (IPPs). They are increasingly preferred for applications in industrial parks, sugar mills, and food processing plants, where consistent energy output and scalability are key operational priorities.

Asia Pacific Power Generation Steam Turbine Market generated USD 673 million in 2024, supported by rapid industrialization, large-scale infrastructure investments, and growing energy demand across China, India, and Southeast Asia. The region’s focus on modernizing its thermal and cogeneration plants, along with supportive government initiatives promoting efficient power generation technologies, continues to drive robust market growth.

Key Players in the Global Power Generation Steam Turbine Market include Siemens Energy, GE Vernova, Mitsubishi Heavy Industries, Doosan Škoda Power, Fuji Electric, Ansaldo Energia, and Bharat Heavy Electricals Limited (BHEL). Leading manufacturers in the power generation steam turbine market are strengthening their presence through strategic collaborations, product innovation, and digital integration. Companies like Siemens Energy and GE Vernova are expanding their combined-cycle and modular turbine portfolios to improve thermal efficiency and operational flexibility. Regional partnerships and localized manufacturing enable faster deployment and compliance with emission norms.

Table of Contents

239 Pages
Chapter 1 Methodology
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.1.3 Base estimates and calculations
1.1.4 Base year calculation
1.1.5 Market estimates & forecasts parameters
1.1.6 Key trends for market estimates
1.2 Market definitions
1.3 Forecast model
1.4 Primary research and validation
1.5 Some of the primary sources (but not limited to)
1.6 Data mining sources
1.6.1 Secondary
1.6.1.1 Paid sources
1.6.1.2 Source by region
Chapter 2 Executive Summary
2.1 Industry snapshot
2.2 Business trends
2.3 Design trends
2.4 Exhaust trends
2.5 Application trends
2.6 Capacity trends
2.7 Technology trends
2.8 Regional trends
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Raw material availability & sourcing analysis
3.1.2 Manufacturing capacity assessment
3.1.3 Supply chain resilience & risk factors
3.1.4 Distribution network analysis
3.2 Regulatory landscape
3.2.1 U.S.
3.2.1.1 New Source Performance Standards (NSPS)
3.2.1.2 U.S. EPA CHP Partnership
3.2.1.3 American Recovery and Reinvestment Act
3.2.1.4 Energy Policy Act
3.2.1.5 Clean Air Act (CAA) & EPA Emission Standards
3.2.1.6 ASME Boiler & Pressure Vessel Code (BPVC)
3.2.1.7 Clean Water Act (CWA) & Effluent Discharge Standards
3.2.1.8 OSHA & NFPA Safety Standards
3.2.2 Canada
3.2.2.1 Clean Electricity Regulations (CER)
3.2.2.2 Technical & Equipment standards
3.2.2.3 Existing Canadian performance standards & Effects on Steam Turbines
3.2.3 Mexico
3.2.3.1 Sector governance (SENER, CRE, CENACE) and Implications for Steam Turbines
3.2.3.2 Air-emissions rules (NOM-085)
3.2.4 European Union
3.2.4.1 Directive 2010/75/EU
3.2.4.2 EC Directive 2004/8/EC on CHP promotion in the internal energy market
3.2.4.3 UK
3.2.4.3.1 Steam Turbine Plants: Regulatory, Technical, and Operational Framework
3.2.4.3.2 CHP Quality Assurance Programme (CHPQA)
3.2.4.4 France
3.2.4.4.1 Turbine Equipment Standards & Pressure Equipment Directive (PED) Compliance
3.2.4.4.2 Monitoring, Emission Reporting & BAT-AEL Limits
3.2.4.5 Russia
3.2.4.5.1 Equipment Certification & TR CU 010/2011 Compliance
3.2.4.5.2 National GOST Standards & Performance Testing
3.2.4.5.3 Environmental Regulation & Emission Controls
3.2.4.5.4 Grid Integration & Reliability Standards
3.2.4.6 Germany
3.2.4.6.1 Overview of CHP support in Germany
3.2.4.6.2 German CHP Act- KWKG 2016
3.2.5 Asia Pacific
3.2.5.1 India
3.2.5.1.1 The Environment (Protection) Amendment
3.2.5.1.2 Water Consumption
3.2.5.1.3 Emissions
3.2.5.2 China
3.2.5.3 Japan
3.2.5.3.1 Steam-Turbine Power Plants: Legal Framework and Technical Practice
3.2.5.4 South Korea
3.2.5.4.1 Emissions, ETS and Technical Standards
3.2.5.5 Malaysia
3.2.5.5.1 Environmental Quality Act 1974 (EQA)
3.2.6 Middle East
3.2.6.1 Saudi Arabia
3.2.6.1.1 Power Generation and Grid Integration Regulations
3.2.6.1.2 Engineering and Technical Standards
3.2.6.1.3 Safety and Occupational Regulations
3.2.6.2 UAE
3.2.6.2.1 Environmental Permitting and Emission Rules
3.2.6.2.2 Energy Regulation and Licensing
3.2.6.2.3 Equipment Standards and Design Codes
3.2.7 Latin America
3.2.7.1 Brazil
3.2.7.2 Argentina
3.2.7.2.1 Regulatory Structure and Licensing
3.2.7.2.2 Environmental Permitting and Emissions Control
3.2.7.2.3 Technical Standards and Safety Compliance
3.2.7.3 Chile
3.2.7.3.1 National Energy Commission
3.3 Industry impact forces
3.3.1.1 Rising utilization of cogeneration technology to meet energy demand
3.3.1.2 Growing investment toward generating capacity expansion
3.3.1.3 Robust development across industrial sector
3.3.2 Pitfalls & challenges
3.3.2.1 High initial investment
3.4 Growth potential analysis
3.5 Porter's analysis
3.6 PESTEL analysis
3.7 Cost structure analysis of power generation steam turbine
3.8 Price trend analysis
3.8.1 By region
3.8.2 By capacity
3.9 Emerging opportunities & trends
3.9.1 Digitalization & IoT integration
3.9.2 Emerging market penetration
3.10 Investment analysis & future outlook
Chapter 4 Competitive Landscape, 2025
4.1 Introduction
4.2 Company market share analysis, by region, 2024
4.2.1 North America
4.2.2 Europe
4.2.3 Asia Pacific
4.2.4 Middle East & Africa
4.2.5 Latin America
4.3 Strategic dashboard
4.3.1 Chart Industries
4.3.1.1 Acquisition
4.3.2 Doosan Å koda Power
4.3.2.1 Installation/supply
4.3.3 Kawasaki Heavy Industries
4.3.3.1 Installation/supply
4.3.3.2 Contract
4.3.4 Mitsubishi Heavy Industries
4.3.4.1 Installation/supply
4.3.5 Shin Nippon Machinery
4.3.5.1 Installation/supply
4.3.5.2 Business expansion
4.3.6 Siemens Energy
4.3.6.1 Installation/supply
4.3.7 Toshiba Energy Systems & Solutions
4.3.7.1 Memorandum of understanding
4.4 Strategic initiatives
4.5 Company benchmarking
4.6 Innovation & sustainability landscape
4.6.1 GE Vernova
Chapter 5 Market Size and Forecast, By Design, 2021 - 2034 (MW & USD Million)
5.1 Key trends
5.2 Reaction
5.3 Impulse
Chapter 6 Market Size and Forecast, By Exhaust, 2021 - 2034 (MW & USD Million)
6.1 Key trends
6.2 Condensing
6.3 Non-Condensing
Chapter 7 Market Size and Forecast, By Application, 2021 - 2034 (MW & USD Million)
7.1 Key trends
7.2 Oil & gas
7.3 Biomass
7.4 Waste-to-energy plants
Chapter 8 Market Size and Forecast, By Capacity, 2021 - 2034 (MW & USD Million)
8.1 Key trends
8.2 50 MW - 100 MW
Chapter 9 Market Size and Forecast, By Technology, 2021 - 2034 (MW & USD Million)
9.1 Key trends
9.2 Steam cycle
9.3 Combined cycle
9.4 Cogeneration
Chapter 10 Market Size and Forecast, By Region, 2021 - 2034 (MW & USD Million)
10.1 Key trends
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 UK
10.3.2 France
10.3.3 Russia
10.3.4 Germany
10.3.5 Spain
10.3.6 Italy
10.4 Asia Pacific
10.4.1 China
10.4.2 Japan
10.4.3 South Korea
10.4.4 India
10.4.5 Australia
10.4.6 Indonesia
10.4.7 Malaysia
10.4.8 Thailand
10.5 Middle East & Africa
10.5.1 Saudi Arabia
10.5.2 UAE
10.5.3 Iran
10.5.4 Egypt
10.5.5 South Africa
10.5.6 Nigeria
10.5.7 Türkiye
10.5.8 Morocco
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Chile
Chapter 11 Company Profiles
11.1 Ansaldo Energia
11.1.1 Financial Data
11.1.2 Product Landscape
11.1.3 SWOT Analysis
11.2 Bharat Heavy Electricals Limited
11.2.1 Financial Data
11.2.2 Product Landscape
11.2.3 SWOT Analysis
11.3 Chart Industries
11.3.1 Financial Data
11.3.2 Product Landscape
11.3.3 Strategic Outlook
11.3.4 SWOT Analysis
11.4 Chola Turbo
11.4.1 Financial Data
11.4.2 Product Landscape
11.4.3 SWOT Analysis
11.5 Doosan Å koda Power
11.5.1 Financial Data
11.5.2 Product Landscape
11.5.3 Strategic Outlook
11.5.4 SWOT Analysis
11.6 EBARA CORPORATION
11.6.1 Financial Data
11.6.2 Product Landscape
11.6.3 SWOT Analysis
11.7 Fuji Electric
11.7.1 Financial Data
11.7.2 Product Landscape
11.7.3 SWOT Analysis
11.8 GE Vernova
11.8.1 Financial Data
11.8.2 Product Landscape
11.8.3 SWOT Analysis
11.9 Hangzhou Turbine Power Group
11.9.1 Financial Data
11.9.2 Product Landscape
11.9.3 SWOT Analysis
11.10 Kawasaki Heavy Industries
11.10.1 Financial Data
11.10.2 Product Landscape
11.10.3 Strategic Outlook
11.10.4 SWOT Analysis
11.11 MAN Energy Solutions
11.11.1 Financial Data
11.11.2 Product Landscape
11.11.3 SWOT Analysis
11.12 Mitsubishi Heavy Industries
11.12.1 Financial Data
11.12.2 Product Landscape
11.12.3 Strategic Outlook
11.12.4 SWOT Analysis
11.13 NCON Turbo Tech
11.13.1 Financial Data
11.13.2 Product Landscape
11.13.3 SWOT Analysis
11.14 Shin Nippon Machinery
11.14.1 Financial Data
11.14.2 Product Landscape
11.14.3 Strategic Outlook
11.14.4 SWOT Analysis
11.15 Siemens Energy
11.15.1 Financial Data
11.15.2 Product Landscape
11.15.3 Strategic Outlook
11.15.4 SWOT Analysis
11.16 Sumitomo Heavy Industries
11.16.1 Financial Data
11.16.2 Product Landscape
11.16.3 SWOT Analysis
11.17 Toshiba Energy Systems & Solutions Corporation
11.17.1 Financial Data
11.17.2 Product Landscape
11.17.3 Strategic Outlook
11.17.4 SWOT Analysis
11.18 Trillium Flow Technologies
11.18.1 Financial Data
11.18.2 Product Landscape
11.18.3 SWOT Analysis
11.19 Triveni Turbine
11.19.1 Financial Data
11.19.2 Product Landscape
11.19.3 SWOT Analysis
11.20 Turbotech Precision Engineering
11.20.1 Financial Data
11.20.2 Product Landscape
11.20.3 SWOT Analysis

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