Steam turbine market seen reaching $24 billion by 2035

The global steam turbine market is projected to rise from $17.5 billion in 2025 to $24.0 billion by 2035, supported by combined-cycle gas builds, coal-to-gas switching and industrial cogeneration demand. Asia-Pacific remains the largest regional market, while Europe and North America lean on fleet upgrades, efficiency rules and tax incentives.

Why it matters: - Steam turbines remain a core piece of dispatchable power generation as grids add more variable renewable energy. - Market growth is being driven by combined-cycle gas turbine expansion, coal fleet replacement and industrial cogeneration demand. - Conventional steam-cycle units still matter because coal-fired fleet maintenance in Asia and base-load biomass plants support demand.

What happened: - The global steam turbine market was estimated at $17.5 billion in 2025. - The market is projected to grow to $18.1 billion in 2026 and reach $24.0 billion by 2035. - The forecast implies a 3.2% compound annual growth rate from 2026 to 2035. - The report says the market covers thermal power, nuclear, gas-fired combined-cycle and biomass plants, plus industrial uses in petrochemical, steel and pulp-and-paper facilities. - The market spans small units below 120 MW to 1,000+ MW nuclear-island turbines. - The report includes a sample request link: Get the sample report.

The details: - Combined-cycle configurations held about 48% of 2025 revenue. - That segment is supported by new CCGT installations and heat-recovery steam generators that push plant efficiency above 62%. - The combined-cycle pipeline is estimated at more than 250 GW through 2035. - Cogeneration and CHP is the fastest-growing technology segment, with an estimated 4.5% CAGR through 2035. - Conventional steam-cycle units generated an estimated $6.3 billion in 2025 revenue. - By capacity, the 351–750 MW range is the main utility-scale procurement band. - The sub-120 MW segment is projected to grow at 3.8% CAGR. - The above-750 MW segment is projected to grow at 2.6% CAGR. - Power and utility buyers account for about 68% of end-user share. - Industrial end users are growing at about 3.8% CAGR. - Asia-Pacific held about 42% of the market in 2025 and posted an estimated $7.35 billion in revenue. - Europe held about 24% share. - North America held about 22% share. - The report says the top five players account for about 55% to 60% of revenue and the market has a moderate concentration level. - GE Vernova holds an estimated 14% to 17% share. - Siemens Energy holds an estimated 13% to 16% share. - Mitsubishi Power holds an estimated 10% to 13% share. - Toshiba Energy Systems holds an estimated 6% to 8% share. - Doosan Enerbility and Shanghai Electric each hold about 5% to 7% share. - A sample report and purchase links are included in the source: More market insights and Buy the report.

Between the lines: - The market is benefiting from a global shift away from coal and toward gas-fired generation that still needs steam turbines for efficiency. - The report also points to higher-efficiency ultra-supercritical and advanced ultra-supercritical designs as the next technology step. - Demand is being shaped by policy, including coal retirement plans, clean-electricity tax credits and district-heating rules. - The report says renewable substitution, carbon pricing and supply-chain constraints are major headwinds. - The competition is increasingly tied to digital twins, predictive maintenance and long-term service agreements.

What's next: - Asia-Pacific is expected to post the fastest regional CAGR at 4.1% through 2035. - North America is projected to grow at 2.8% CAGR as CCGT conversions continue. - Europe is likely to keep driving replacement demand through decarbonization and energy-efficiency mandates. - The report highlights future growth opportunities in hydrogen and ammonia co-firing, geothermal, waste-to-energy and digital plant management. - Steam turbine vendors are also expected to keep investing in advanced steam-path technology and hydrogen-ready designs.

The bottom line: - The steam turbine market is on a slow but steady growth path, with utilities and industrial users still needing efficient dispatchable power as energy systems transition.