GlobalData’s latest report, ‘Steam and Gas Turbines Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast to 2030‘, offers comprehensive information and understanding of the global steam and gas turbines market. The report analyses the steam and gas turbine market value and capacity for the historical (2021–2025) and forecast (2026–2030) periods, as well as country-wise drivers and restraints affecting the market.
The report also provides the global steam and gas turbine market share for 2024 and major upcoming projects for each country. The analysis is based on GlobalData’s proprietary databases, as well as primary and secondary research, and in-house expertise. The global steam and gas turbines market is poised for substantial growth, driven by rising demand for efficient energy solutions, stringent environmental regulations, and the transition toward cleaner energy sources. The market is forecast to reach $23.4bn by 2030.
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The turbine market has historically been driven by the pursuit of reliable and efficient energy solutions. Today, a blend of technological advancements and policy shifts toward cleaner energy is reshaping the sector. Global decarbonisation efforts—particularly those stemming from the Paris Agreement—are redirecting investments in the steam turbine space. Policies aimed at coal reduction and stringent emissions benchmarks are limiting new coal-based steam turbine installations in many OECD countries, while simultaneously supporting demand for advanced, high-efficiency combined heat and power (CHP) solutions.
In 2025, the APAC region is projected to lead the gas turbine sector, with an estimated market value of approximately $4.6bn. EMEA is expected to follow with around $2.8bn, and the Americas with about $1bn. The APAC market is projected to sustain this momentum, reaching $7.4bn by 2030.
Robust growth is also anticipated in the steam turbine market, where APAC is expected to command 76.9% of the global share in 2025. The region’s market value is forecast to increase from $7.6bn in 2025 to $11.9bn by 2030, driven by modernisation initiatives, upgrades, and life-extension projects—particularly in areas with ageing thermal infrastructure.
Looking ahead, continued market evolution is anticipated, with a strong focus on sustainability and innovation. The APAC region is expected to remain central to global developments, propelled by the ongoing expansion of coal power in key markets such as China and India.
Meanwhile, EMEA is likely to witness varied trends, with Europe experiencing a decrease in coal steam installations due to ambitious decarbonisation policies. In the Americas, market activity will be buoyed by retrofits and life-extension programs, reflecting a mature and transitioning landscape.
The turbine market is on the brink of transformation, marked by a decisive shift toward sustainable energy and technological advancement. As global energy demands grow, the market’s capacity for adaptation and innovation will be essential. Efforts to reduce carbon emissions and boost energy efficiency will spur the development of next-generation turbine technologies, positioning the sector as a key driver in the evolving global energy ecosystem. Overall, the outlook remains strong, with ample opportunities for growth and advancement across all regions.
