India Steam Turbine Market Rises Amid Industrial Growth – Global Revenues to Reach $23.48B by 2030
According to Arizton's latest research, the global steam turbine market is projected to grow at a CAGR of 3.15% during 2024–2030, with APAC leading growth opportunities, particularly in China, Vietnam, and Southeast Asia. In India, the steam turbine market was valued at USD 1.57 billion in 2024 and is poised for significant expansion over the next five years, driven by SEZ development and favorable government initiatives.
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Global Steam Turbine Market Highlights:
Market Size – Revenue (2030): USD 23.48 Billion
CAGR – Revenue (2024-2030): 3.15%
Market Size – Shipments (2030): 589 Units
Market Size – Capacity (2030): 98.36 GWe
Largest Region (2024): APAC
Powering a Greener Future – Steam Turbines Align with Renewable Energy
The steam turbine market is entering a new era of sustainability through seamless integration with renewable energy systems, most notably biomass. Modern turbine technologies now support combined heat and power (CHP) configurations, maximizing energy efficiency by generating both electricity and thermal energy for industrial and urban use. These advancements address strict emissions and water usage regulations, supporting the global shift toward cleaner power generation.
Tailored turbine solutions are increasingly powering district heating systems in cities, bringing renewable heat to homes and businesses. Industry leaders such as Siemens Energy, GE, and Mitsubishi Heavy Industries are at the forefront, engineering turbines that strengthen the role of biomass in the global energy mix and reinforce steam turbines as a vital bridge to a low-carbon future.
APAC Steam Turbine Market
Industrial & SEZ Expansion: Accelerated development of industrial parks and special economic zones across APAC, particularly in India, is boosting demand for high-capacity, reliable power solutions, with steam turbines playing a vital role in ensuring uninterrupted energy supply for sectors such as metals, chemicals, and refining.
Renewable Integration in Emerging Markets: In Southeast Asia, steam turbines are being deployed in off-grid or semi-grid renewable projects, including biomass-fired plants and CSP-backed systems, supporting localized energy access and reducing dependency on fossil fuel imports, a trend increasingly relevant for India's rural and industrial energy strategies.
Smart, AI-Enabled Turbines and Scalable Designs Redefine the Steam Turbine Market
The steam turbine market is entering a new era, driven by IoT connectivity, AI-powered analytics, and advanced materials that optimize performance, reduce downtime, and enable predictive maintenance. Growing adoption of modular and standardized designs is streamlining manufacturing, lowering costs, and speeding up delivery timelines. Demand is increasingly shifting toward smart turbines with real-time digital monitoring, offering seamless integration into evolving energy systems.
Moreover, Industry leaders such as Siemens Energy, GE, and Mitsubishi Heavy Industries are spearheading modernization efforts, strengthening supply chain resilience, ensuring regulatory compliance, and mitigating geopolitical risks, while delivering scalable, high-efficiency solutions to meet the world's rising energy demands.
APAC Dominates the Steam Turbine Market, Led by Key Regions Across East, Southeast, and South Asia
The Asia-Pacific (APAC) region continues to dominate the global steam turbine market, fueled by rapid industrialization, urban infrastructure expansion, and rising electricity demand across key economies such as China, India, Indonesia, and Vietnam. Market growth is further propelled by the adoption of advanced technologies, including IoT-enabled monitoring, AI-driven optimization, and digital control systems, which boost turbine efficiency and operational reliability.
The shift towards cleaner power generation is reshaping the market, with combined-cycle gas plants, biomass integration, and hybrid systems gaining traction. Government-led initiatives, such as Japan's stricter pollution regulations and India's increased nuclear investments, are driving demand for low-emission and high-efficiency steam turbines. Regional energy cooperation frameworks, including the ASEAN Plan of Action on Energy Cooperation, further support the clean energy transition.
However, the surge in solar PV capacity in India and China, along with tightening air quality standards, is accelerating coal plant retirements and limiting new fossil-based projects. Despite these shifts, East Asia remains the largest market, led by China's massive coal, nuclear, and hybrid power capacity. Meanwhile, Southeast and South Asia, particularly Vietnam, Indonesia, Bangladesh, and India, are emerging as high-growth markets, driven by rising energy needs and sustained investments in steam turbine-based power generation.
Key Company Profiles
General Electric (GE)
Siemens A.G.
Mitsubishi Heavy Industries (MHI)
Shanghai Electric
Doosan Skoda Power
Toshiba America Energy Systems Corporation (TAES)
HYUNDAI HEAVY INDUSTRIES TURBOMACHINERY CO.,LTD.
Bharat Heavy Electricals Limited
MAN Energy Solutions USA
Ansaldo Energia
Other Prominent Company Profiles
Dongfang Electric Corporation (DEC)
JSC Atomenergomash (AEM)
Kawasaki Heavy Industries, Ltd.
WEG
Triveni Turbine Ltd.
Nanjing Steam Turbine Motor (Group) Co., Ltd.
Hangzhou Turbine Power Group Co., Ltd.
Fuji Electric Co., Ltd.
Power Machines
MAPNA Group
Shandong Qingneng Steam Turbine Co.,Ltd.
Ural Turbine Works
Turbimaq
China Chang Jiang Energy Corporation
Baker Hughes Company
Ebara Elliott Energy
Kanadevia Corporation
Turboatom
Chola Turbo Machinery International
M+M Turbinen-Technik
Andritz
Kessels
Arani Power Systems Ltd
Turtle Turbines
TurboTech Precision Engineering
Kirloskar Ebara Pumps Limited
Shin Nippon Machinery Co., Ltd.
Industrial Boilers America
NG Metalúrgica S.A.
Fincantieri
Harbin Turbine Company Limited
NCON Turbo Tech Pvt. Ltd
Trillium Flow Technologies
Chart Industries
De Pretto Industrie S.r.l.
Market Segmentation & Forecast
Unit-Size
Large Steam Turbine
Medium Steam Turbine
Small Steam Turbine
Design
Impulse Turbine
Reaction Turbine
Others
Technology
Steam Cycle
Combined Cycle
Cogeneration (CHP)
Others
Fuel Type
Coal
Gas
Nuclear
Others
Turbine Pressure
High Pressure
Medium Pressure
Low Pressure
Ultra High-Pressure
End-Use Industry
Power Generation
Oil & Gas
Industrial Manufacturing
District Heating & Cooling
Mining & Metal Processing
Marine
Others
Geography
APAC
China
India
Japan
South Korea
Australia
Indonesia
Taiwan
North America
The U.S.
Canada
Europe
Germany
Russia
UK
France
Italy
Spain
Poland
Netherlands
Middle East & Africa
Saudi Arabia
UAE
Egypt
South Africa
Latin America
Brazil
Mexico
Argentina
Other Related Reports that Might be of Your Business Requirement
Southeast Asia Industrial Motors Market Research Report 2024-2029
https://www.arizton.com/market-reports/southeast-asia-industrial-motors-market
Pump Market - Global Outlook & Forecast 2024-2029
https://www.arizton.com/market-reports/pump-market-size-analysis
What Key Findings Will Our Research Analysis Reveal?
How big is the global steam turbine market?
What is the growth rate of the global steam turbine market?
Who are the key players in the global steam turbine market?
What are the significant trends in the steam turbine market?
Which region dominates the global steam turbine market share?
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