Steam and Gas Turbines Market to Reach $23.4bn by 2030, Forecasts GlobalData

Why It Matters

The projected growth underscores turbines as a pivotal asset in the global energy transition, offering investors and manufacturers a clear path to capture rising demand for low‑carbon power solutions.

Key Takeaways

• Global steam and gas turbine market projected to hit $23.4 bn by 2030
• APAC gas turbine value expected $4.6 bn in 2025, $7.4 bn by 2030
• Steam turbines in APAC to hold 76.9% share in 2025
• Decarbonisation policies curb coal steam turbines in Europe, boost CHP demand
• Retrofits and life‑extension drive turbine growth in the Americas

Pulse Analysis

The steam and gas turbine market is poised for robust expansion, with GlobalData estimating a $23.4 bn valuation by 2030. This growth is anchored in the Asia‑Pacific region, where rising electricity demand, aging thermal plants, and aggressive modernization programs create a fertile environment for both new installations and upgrades. Gas turbines, prized for their flexibility and lower emissions, are set to capture a $7.4 bn market share in APAC by the decade’s end, reflecting the region’s strategic focus on combined heat and power (CHP) and grid resilience.

Policy dynamics are reshaping the competitive landscape. Europe’s stringent decarbonisation targets are curbing new coal‑based steam turbine projects, prompting a pivot toward high‑efficiency CHP and renewable‑integrated solutions. Meanwhile, the Americas are leveraging retrofits and life‑extension initiatives to extend the lifespan of existing assets, balancing reliability with emissions reductions. These trends illustrate how regulatory pressure is accelerating the adoption of cleaner turbine technologies across mature markets.

Looking forward, innovation will be the market’s engine. Advances in materials science, digital monitoring, and hybrid turbine designs promise higher efficiency and lower carbon footprints. Manufacturers that invest in next‑generation platforms stand to capture a larger share of the projected $23.4 bn market, while investors can expect diversified opportunities ranging from equipment supply to service contracts. As global energy demand climbs, turbines will remain a cornerstone of the transition to a more sustainable power mix.