According to our latest study on "Steam Turbine Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Type, Source, End User, Capacity" 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 & Africa and North America, respectively. The steam turbine market in Asia Pacific is one of the most dynamic and rapidly evolving regions, supported by strong industrial growth, rising electricity demand, and ongoing investments in thermal and cogeneration power assets. China, India, Japan, and South Korea, among other countries, rely on steam turbines across power generation, petrochemicals, oil and gas, and various heavy manufacturing sectors. While renewable energy capacity is expanding, steam turbines retain an essential role in baseload power systems and in industrial processes that require reliable mechanical power. In May 2025, high- and low-pressure cylinders for the steam turbine of Haiyang Unit 3 (a nuclear power reactor in Shandong Province) were successfully installed, according to the China Nuclear Energy Association. In January 2025, Kyushu Electric Power announced that it would replace the steam turbines at its Genkai-3 and Genkai-4 nuclear units with newly designed advanced turbines. This upgrade is intended to improve reliability and efficiency. The region's mix of aging thermal plants and new high-efficiency combined-cycle and industrial facilities creates steady demand for new turbine installations and refurbishment services.

Rapid urbanization and industrialization in emerging economies are driving sustained electricity consumption, encouraging utilities to upgrade or replace older coal- and gas-fired units with more efficient steam turbine technologies. Many countries are also promoting waste-to-energy and biomass projects, where steam turbines are integral to power conversion. In October 2023, India's Prime Minister dedicated the first 800 MW unit of NTPC's Telangana Super Thermal Power Project (TSTPP) to the nation. The plant uses ultra-supercritical technology, which is more efficient and reduces fuel consumption. The NTPC-TSTPP expansion is also under environmental review for scaling: the Ministry of Environment's expert appraisal committee discussed plans in early 2024 to expand Phase I from 1,600 MW (2