The steam turbine market size was valued at US$17.79 billion in 2024 and is expected to reach US$21.64 billion by 2031; it is estimated to record a CAGR of 2.75% from 2025 to 2031.

The steam turbine market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2024, followed by the Middle East and Africa and North America, respectively.

The steam turbine market in Australia occupies a modest but niche within the country's broader energy and industrial landscape. Steam turbines in Australia are primarily deployed in thermal power plants-especially in coal, natural-gas, and biomass-fired facilities-where they convert high-pressure steam into mechanical energy to generate electricity. A dual tension influences the market: on one side lies Australia's energy transition toward renewables; on the other, there remains a strong role for reliable baseload generation, which steam-turbine-driven thermal plants continue to provide. Aging steam turbine fleets in existing thermal plants are prompting demand for maintenance, upgrades, and retrofits. In May 2024, the New South Wales (NSW) government and Origin Energy agreed to extend the life of the Eraring Power Station-Australia's largest coal-fired plant-until August 2027. The government underwrites this extension to manage reliability risks as renewables and storage infrastructure scale up.

Steam turbine market future trend: Growing focus on grid support and ancillary services is defining the future trend for the global steam turbine market, especially as grids worldwide contend with rising shares of intermittent renewable generation. Flexible steam turbines, including those in combined cycle and CHP installations, are increasingly recognized for their critical contributions to system stability, grid balancing, and reliable reserve capacity. Modern turbines are engineered or retrofitted to deliver essential services such as rotational inertia, fast frequency response, reactive power, and voltage regulation, functions that become ever more valuable as conventional baseload power declines and renewables surge. Utilities and transmission operators are pursuing innovative programs to upgrade or repurpose legacy steam turbines as synchronous condensers and inertia boosters. In Europe and North America, several operators have converted retired steam assets to synchronous condensers, supporting regional grid initiatives designed to strengthen frequency control and stability in high-renewable environments. Projects such as Germany's grid stability plan and the US PJM Reliability initiatives feature dedicated steam turbine-based solutions to handle periods of wind and solar intermittency.

Baker Hughes Co ; Chart Industries Inc ; GE Vernova Inc ; Siemens Energy AG ; Turtle Turbines (P) Ltd. ; Trillium Flow Technologies ; Triveni Turbine Ltd. ; Dongturbo Electric Company Ltd. (DTEC) ; Arabelle Solutions (EDF) ; M+M Turbinen-Technik GmbH ; Everllence ; Ansaldo Energia S.p.A. are among the key players profiled during this market study. Several other essential market players were also studied and analyzed to get a holistic view of the global steam turbine market and its ecosystem.

The overall steam turbine market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the steam turbine market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the steam turbine market.