How big is the Steam Turbine Market | Industry Analysis, Trends & Forecast 2031

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Code: MTA9260

Publication Date: Sep 2025

What is the size of Steam Turbine Market?

According to 6Wresearch internal database and industry insights, the Global Steam Turbine Market was valued at USD 18.4 Billion in 2024 and is expected to reach USD 23.6 Billion by 2031, growing at a compound annual growth rate of 5.20% during the forecast period (2025-2031).

This growth is driven by increased electricity consumption, improved energy efficiency, and the increased use of steam turbines in industrial applications (power generation and manufacturing).

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Growth Factors for Steam Turbine Industry

Increase in electricity demand due to industrialization and urbanization
Increased emphasis on energy efficiency or at least cleaner sources
Increase in power plants with more efficient steam turbine technology
Improved performance of new turbine designs
The use of steam turbines in other sectors, including desalination and chemical processes.

Steam Turbine Market Trends

The Steam Turbine Market trends include new and developing technologies in the world, and the market is moving towards more efficient high-performance steam turbines, where the reduction of emissions and increasing operational life is central to development. An additional trend is an increase in the use of advanced steam turbine technology in areas like power generation and desalination, and the chemical industry. More efficiency equates to higher demand, but renewable energy needs to be injected to produce cleaner energy.

Emerging Developments in the Steam Turbine Market

The Steam Turbine Market is seeing several developments that are shaping its future. A notable development is the rising demand for high-efficiency turbines that can operate at higher temperatures and pressures, resulting in improved performance. In addition, new developments include the introduction of modular steam turbine systems that can be customized based on specific applications. These innovations are being coupled with smart technologies to enhance real-time monitoring and predictive maintenance, making turbines more efficient and cost-effective for users.