Authors:
Ankit Gupta, Shubham Chaudhary
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Power Generation Steam Turbine Market Size & Share 2026-2035
Report ID: GMI14845
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Published Date: November 2026
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Power Generation Steam Turbine Market Size
The power generation steam turbine market was valued at USD 4.10 billion in 2025 and is estimated to advance to USD 4.35 billion in 2026, expanding at 4.7% CAGR (2026-2035) to reach USD 6.50 billion by 2035.
Power Generation Steam Turbine Market Key Takeaways
Market Leader: Siemens Energy led with over 27% market share in 2025.
Leading Players: Top 5 players in this market include Siemens Energy, GE Vernova, Mitsubishi Power (MHI), Dongfang Electric, BHEL, which collectively held a market share of 69% in 2025.
The power generation steam turbine market is being supported by contracted investment in dispatchable industrial power and heat systems rather than broad utility thermal expansion. Procurement is increasingly tied to feedstock-constrained biomass projects, municipal waste-processing concessions, and refinery or petrochemical cogeneration schemes, where equipment availability, lifecycle service capability, and delivery certainty carry substantial commercial weight.
GMI Analyst View
Based on input from leading industry participants, the power generation steam turbine market is expected to reach 12,800 MW of annual installed capacity by 2035, reflecting the structural expansion of Biomass, Waste-to-Energy, and Oil & Gas cogeneration application volumes across a decade of sustained demand-side growth.
Power Generation Steam Turbine Market Trends, Growth Drivers & GMI Forecast Outlook
The market's outlook rests on three differentiated demand channels: policy-backed biomass generation, concession-led waste conversion, and industrial cogeneration. Their investment cases are insulated to varying degrees from merchant-power economics, although material availability, bid discipline, and the relative cost of competing generation technologies will shape order timing.
Key Drivers
Evidence anchors use cited external data; demand implications and forecast conditions represent GMI analysis.
Bioenergy additions translate into turbine demand only when plants move from announced capacity to commissioning, making execution capacity across boiler, turbine, balance-of-plant, and grid-interconnection packages consequential. This favors suppliers that can coordinate equipment interfaces and retain service coverage after commissioning. The resulting order flow is particularly durable where biomass projects are supported by offtake arrangements or formal renewable-power obligations rather than merchant-market revenue alone.
The accessible mid-range market is commercially important because it aligns with the project sizes common in industrial cogeneration and municipal waste conversion. International OEMs face less direct access in heavily localized markets, but opportunities remain substantial where developers prioritize delivery track record, operating flexibility, and lifecycle support. In these projects, a supplier's ability to combine turbine supply with responsive field service can be as decisive as initial equipment pricing.
Fuel-flexible cogeneration specifications are also redefining qualification criteria in Gulf industrial projects. Hydrogen co-firing readiness does not eliminate the need for conventional fuel performance, but it can protect a project's optionality as industrial decarbonization requirements develop. That raises the value of tested engineering capability, control-system integration, and long-term service commitments relative to standardized equipment supply.
Key Restraints
Evidence anchors use cited external data; demand implications and forecast conditions represent GMI analysis.
Lower renewable generation costs can narrow the investment case for thermal generation additions where biomass policy support is weak and dispatchable heat demand is limited. The pressure is less direct in waste-processing concessions and integrated industrial facilities, where electricity production is only one part of a broader operational or regulatory requirement. Consequently, steam turbine demand is becoming more dependent on project structures that value waste treatment, process steam, or fuel-resilience benefits alongside power output.
Material inflation poses a different risk: it affects the economics of awarded and late-stage projects even where the underlying demand case remains intact. Turbine suppliers must manage exposure between bid submission, long-lead procurement, and final delivery while preserving technical specifications. This can delay order conversion, particularly in competitively tendered projects with limited scope for price adjustment.
Specialty-alloy sourcing compounds this challenge because a turbine's critical rotating components cannot be readily substituted without engineering, qualification, and performance consequences. OEMs with established supply arrangements and deeper inventories can protect delivery schedules more effectively. Smaller suppliers may remain competitive in localized applications, but are more exposed where buyers require firm completion obligations and extensive warranty coverage.
GMI Analyst View
We see the market's resilience coming from the separation of its demand drivers: regulated waste and biomass projects are governed by policy and concession logic, while industrial cogeneration follows refinery and petrochemical investment cycles. That separation reduces reliance on any single power-generation spending pattern.
Power Generation Steam Turbine Market Segment Analysis
By End Use
Biomass
Biomass generated USD 2.26 billion in 2025 and is projected to account for 53.0% of market revenue in 2035. The segment remains anchored by dedicated biomass facilities and industrial plants that convert agricultural, forestry, or process residues into dispatchable electricity and heat. Its installed base also creates recurring demand for overhaul, blade-path work, controls upgrades, and efficiency improvements, tempering the cyclicality of new-build orders.
Oil & Gas
Oil & Gas accounted for 30.0% of market revenue in 2025 and is expected to reach USD 2.02 billion in 2035. Demand is concentrated in refinery, petrochemical, and process-industry cogeneration, where steam turbines must operate reliably alongside complex heat-recovery and utility systems. Project economics favor suppliers with proven performance in continuous-duty service, integrated controls, and long-term maintenance arrangements.
Waste-to-Energy Plants
Waste-to-Energy Plants generated USD 615 million in 2025 and are projected to represent 16.0% of market revenue in 2035. Municipal waste-processing requirements make this segment less dependent on wholesale electricity conditions than conventional generation projects. Turbine selection increasingly reflects the need to maximize energy recovery while accommodating variable waste streams, district-heating requirements, and stringent emissions-control systems.
By Capacity
<=3 MW
The <=3 MW category accounted for 8.0% of market revenue in 2025 and is projected to represent 7.0% in 2035. This tier serves decentralized biomass and smaller industrial waste applications where site constraints, local fuel availability, and off-grid operating needs outweigh the scale economics available to larger units. Suppliers compete through package simplicity, service accessibility, and tolerance for variable operating conditions.
>3-50 MW
The >3-50 MW capacity band generated USD 2.26 billion in 2025 and is expected to reach USD 3.51 billion in 2035. It is the central procurement range for municipal waste conversion, dedicated biomass projects, and industrial cogeneration, balancing output requirements with manageable project capital intensity. Broad supplier availability and practical integration with boiler and heat-recovery systems make this band commercially attractive across diverse end uses.
>50 MW
The >50 MW category is projected to account for 39.0% of market revenue in 2035 and generated USD 1.52 billion in 2025. Demand is concentrated in larger biomass facilities and industrial cogeneration projects where higher unit output can improve site-level economics. These orders place a premium on thermodynamic performance, rotor design, engineering depth, and the supplier's capacity to support extended delivery schedules.
By Technology
Steam Cycle
Steam Cycle technology accounted for 65.0% of market revenue in 2025 and is projected to retain a 63.0% share in 2035. It remains the core configuration for dedicated biomass generation and many larger waste conversion facilities because it can convert a stable thermal source into grid electricity through a familiar and serviceable architecture. Competitive differentiation increasingly centers on efficiency upgrades, flexible operation, and lower lifecycle maintenance burden.
Combined Cycle
Combined Cycle technology is expected to generate USD 1.37 billion in 2035 and represented 20.0% of market revenue in 2025. Growth is tied to industrial and Oil & Gas applications that seek to capture additional energy from exhaust heat while improving fuel utilization. The steam turbine's role in these systems depends on reliable integration with heat-recovery steam generators, balance-of-plant equipment, and plant-wide operating controls.
Cogeneration
Cogeneration generated USD 615 million in 2025 and is projected to represent 16.0% of market revenue in 2035. Its appeal lies in delivering electricity and useful steam from the same thermal input, particularly at refineries, petrochemical sites, and industrial waste-processing facilities. As buyers place greater emphasis on energy productivity and operational resilience, suppliers able to configure equipment around site-specific heat loads gain an advantage.
By Design
Reaction
Reaction turbines generated USD 2.79 billion in 2025 and are projected to retain a 67.0% share in 2035. Their position reflects suitability for applications requiring sustained throughput, high efficiency, and stable operation across major biomass and cogeneration plants. Established service familiarity and performance under condensing conditions also reinforce their role in larger and mid-range projects.
Impulse
Impulse turbines are expected to generate USD 2.15 billion in 2035 and represented 32.0% of market revenue in 2025. Their simpler stage arrangement and practical maintenance characteristics support use in smaller industrial and variable-load applications. They are particularly relevant where operating flexibility, compact package design, and resilience to changing steam conditions matter more than maximum output.
By Exhaust Type
Condensing
Condensing turbines generated USD 2.46 billion in 2025 and are projected to retain a 60.0% share in 2035. They are favored where electricity generation is the principal value stream and plant design can support vacuum exhaust conditions. Biomass utilities and larger waste conversion plants continue to rely on this configuration where maximizing electrical conversion is more important than supplying process steam.
Non-Condensing
Non-Condensing turbines are expected to generate USD 2.60 billion in 2035 and represented 40.0% of market revenue in 2025. These systems are structurally aligned with industrial sites that require dependable process steam in parallel with captive electricity. Their demand profile is therefore closely linked to cogeneration investment, especially in refining, petrochemicals, and energy-intensive manufacturing.
GMI Analyst View
We view the segment mix as a gradual shift toward systems that monetize both heat and power. Suppliers with adaptable mid-range platforms, strong controls capability, and service offerings tailored to industrial operations should be better positioned than firms concentrated only in conventional utility-style biomass equipment.
Power Generation Steam Turbine Market Regional Analysis
Asia Pacific Power Generation Steam Turbine Market Analysis
The Power Generation Steam Turbine Market in Asia Pacific generated USD 2.05 billion in 2025 and is expected to reach USD 3.06 billion in 2035. Regional demand combines a substantial biomass installed base with continued investment in municipal waste conversion and industrial cogeneration. Local manufacturing presence, qualification history, and the ability to deliver service across dispersed operating sites are central to supplier competitiveness.
China
China generated USD 820 million in 2025 and is projected to account for 40.0% of the Asia Pacific market in 2035. Its scale is sustained by municipal waste-processing infrastructure and a broad domestic manufacturing ecosystem. The market favors suppliers that can combine competitive equipment delivery with local technical support and aftermarket responsiveness.
India
India is expected to generate USD 458 million in 2035 and represented 15.0% of the Asia Pacific market in 2025. Agricultural processing, industrial captive power, and biomass utilization provide a diversified demand base. Domestic production capability and familiarity with local project execution requirements remain meaningful advantages in turbine procurement.
Japan
Japan represented 12.0% of the Asia Pacific market in 2025 and is expected to generate USD 367 million in 2035. Dedicated biomass plants and fleet modernization support both new-equipment and service demand. Buyers place particular value on operational reliability, performance assurance, and long-term support for mature generating assets.
Europe Power Generation Steam Turbine Market Analysis
Europe accounted for 20.0% of market revenue in 2025 and is expected to generate USD 1.30 billion in 2035. The region combines established biomass infrastructure with a mature waste conversion market, where landfill diversion policies and district-energy needs sustain specialized equipment demand. France was among the leading contributors to the global bioenergy capacity rebound, reinforcing the importance of policy-backed project development across the region.
United Kingdom
The United Kingdom represented 20.0% of the European market in 2025 and is expected to generate USD 260 million in 2035. Large-scale biomass operations and their service requirements underpin demand for high-reliability steam turbine equipment. The commercial opportunity increasingly extends beyond original supply to lifecycle maintenance, availability guarantees, and modernization work.
Germany
Germany is expected to generate USD 234 million in 2035 and represented 18.0% of the European market in 2025. Its waste-processing ecosystem supports demand for mid-range equipment designed for continuous operation and integration with heat-recovery systems. Local service capability and familiarity with formal tender specifications are important in a market with demanding project and environmental requirements.
North America Power Generation Steam Turbine Market Analysis
North America generated USD 492 million in 2025 and is projected to account for 12.0% of market revenue in 2035. Industrial biomass cogeneration in forest-products and agricultural sectors, together with established municipal waste facilities and Gulf Coast industrial projects, supports a steady replacement and service market. New-build activity is more selective than in emerging regions, raising the importance of aftermarket coverage.
United States
The United States generated USD 369 million in 2025 and is expected to generate USD 585 million in 2035. Demand is supported by industrial cogeneration and operating waste conversion facilities where uptime and maintenance planning are critical. Suppliers benefit from installed-base relationships, although permitting complexity and project-development costs can slow new order conversion.
Canada
Canada represented 15.0% of the North American market in 2025 and is expected to generate USD 117 million in 2035. Pulp, paper, and wood-products operations provide a durable foundation for biomass cogeneration demand. Procurement priorities emphasize equipment durability, field-service reach, and compatibility with existing industrial steam systems.
Middle East & Africa Power Generation Steam Turbine Market Analysis
Middle East & Africa generated USD 410 million in 2025 and is projected to account for 13.0% of market revenue in 2035. Regional momentum is led by industrial cogeneration investment in the GCC, complemented by emerging waste conversion projects. The market rewards suppliers that can meet demanding reliability, qualification, localization, and long-term service expectations for large industrial developments.
Saudi Arabia
Saudi Arabia generated USD 103 million in 2025 and is expected to generate USD 211 million in 2035. Downstream industrial expansion supports demand for steam and power systems integrated with petrochemical operations. Mitsubishi Power's Saudi cogeneration order illustrates the relevance of hydrogen-ready specifications and service-backed equipment packages in the country's industrial project pipeline.
UAE
The UAE is projected to account for 15.0% of the Middle East & Africa market in 2035 and generated USD 62 million in 2025. Industrial diversification and energy-intensive manufacturing support demand for captive steam generation. Project sponsors increasingly evaluate equipment against lifecycle performance, fuel flexibility, and the supplier's ability to support complex operating environments.
Latin America Power Generation Steam Turbine Market Analysis
Latin America is expected to generate USD 520 million in 2035 and represented 8.0% of market revenue in 2025. Biomass cogeneration, particularly in agricultural processing, remains the region's principal demand source, while industrial projects provide additional opportunities. The market's service potential is strengthened by installed equipment that requires staged modernization rather than wholesale asset replacement.
Brazil
Brazil generated USD 180 million in 2025 and is expected to generate USD 286 million in 2035. Sugarcane ethanol operations provide a substantial base for bagasse-fired cogeneration and related turbine upgrades. This installed base supports demand for maintenance, performance improvements, and replacement equipment as mills seek to improve energy recovery and operating reliability.
GMI Analyst View
We expect Asia Pacific to remain the market's primary volume center because of its scale in biomass and waste conversion, while Middle East & Africa should gain strategic importance through industrial cogeneration. These regions require different commercial playbooks: localized service depth in the former and high-specification project execution in the latter.
Power Generation Steam Turbine Market Share & Competitive Landscape
The power generation steam turbine market share is concentrated with top five companies including GE Vernova, Siemens Energy, Mitsubishi Power, Dongfang Electric and BHEL collectively accounted for approximately 69% of the market share in 2025. Global OEMs with established installed bases, engineering depth, and long-term service capabilities. Siemens Energy held a 27.0% share in 2025, supported by its ability to serve large and mid-range industrial applications through integrated equipment and service offerings. Its competitive position is reinforced by broad experience in biomass, waste conversion, and cogeneration projects requiring proven lifecycle support.
GE Vernova accounted for 12.0% of market revenue in 2025. Its position is supported by combined-cycle capability, an extensive global service footprint, and experience integrating steam turbine equipment with wider power-block systems. The company is well placed where developers prioritize equipment interoperability, operational performance, and aftermarket continuity.
Mitsubishi Power accounted for 12.0% of market revenue in 2025. The company's strengths include high-efficiency turbine engineering, a substantial presence in Asian biomass applications, and fuel-flexible cogeneration capability for industrial projects. Its positioning in hydrogen-ready solutions is relevant to customers seeking to preserve future operating optionality without compromising current project requirements.
Dongfang Electric and BHEL retain strong regional positions through local manufacturing, domestic customer relationships, and familiarity with procurement preferences. Their competitiveness is particularly pronounced where localization requirements, cost sensitivity, and proximity of service operations influence supplier selection. Other participants accounted for 31.0% of market revenue in 2025, indicating continued scope for specialized regional suppliers in projects where delivery speed, local engineering support, and application-specific expertise can offset the scale advantages of larger OEMs.
Competitive intensity is shaped by access to qualified component supply, installed-base service contracts, technology credentials, and the financial capacity to manage extended project schedules. In higher-specification cogeneration and waste conversion projects, supplier selection increasingly depends on demonstrated integration capability and contractual confidence across equipment delivery, commissioning, and long-term maintenance.
Recent Industry Developments
Mitsubishi Power completes woody biomass project in Hyuga, Japan. Mitsubishi Power completed a turnkey woody biomass facility in Hyuga, Miyazaki Prefecture, incorporating a circulating fluidized bed boiler, steam turbine, generator, and auxiliary systems. The project provides a reference for the company's integrated biomass power capability in Japan.
Doosan Skoda Power contracted for Reunion Island waste-to-energy project. Doosan Skoda Power secured an agreement to supply a steam turbine package for the Pierrefonds Waste-to-Energy plant on Reunion Island. The development strengthens the company's positioning in waste conversion applications that require integrated turbine, generator, and auxiliary equipment supply [5]Turbomachinery Magazine. "Doosan Skoda Powers Reunion Island with Steam Turbine-Equipped Plant." turbomachinerymag.com.
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