Global gas and steam turbines market to reach $23.4 billion by 2030, forecasts GlobalData

The global gas and steam 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 $23.4 billion by 2030, forecasts GlobalData, a leading intelligence and productivity platform.

GlobalData’s lates report, “Steam and Gas Turbines Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast to 2030,” highlights the market’s imminent expansion, with Asia-Pacific (APAC) emerging as a cornerstone of global growth.

Bhavana Sri Pullagura, Senior Power Analyst at GlobalData, comments: “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 decarbonization 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 $4.6 billion. Europe, Middle East, and Africa (EMEA) is expected to follow with around $2.8 billion, and the Americas with about $1 billion. The APAC market is projected to sustain this momentum, reaching $7.4 billion by 2030.

Robust growth is also anticipated in the steam turbine market, where APAC expected to command 76.9% of the global share in 2025. The region’s market value is forecast to increase from $7.6 billion in 2025 to $11.9 billion by 2030, driven by modernization initiatives, upgrades, and life-extension projects—particularly in areas with aging 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 ongoing expansion of coal power in key markets like China and India.

Meanwhile, EMEA is likely to witness varied trends, with Europe experiencing a decrease in coal steam installations due to ambitious decarbonization policies. In the Americas, market activity will be buoyed by retrofits and life-extension programs, reflecting a mature and transitioning landscape.

Pullagura concludes: “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.”