Steam Turbine Aftermarket Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2026-2031.
CHICAGO, July 22, 2026 /PRNewswire/ -- According to new research by Arizton, the global steam turbine aftermarket was valued at USD 12.50 billion in 2025 and is forecast to reach USD 16.02 billion by 2031, growing at a CAGR of 4.22% during the forecast Period.
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Browse in-depth TOC on the Steam Turbine Aftermarket Market
Pages- 197
Region- 5
Countries- 24
Company- 49
Segment-5
Steam Turbine Aftermarkets Market Report Scope
Market Size (2031) | USD 16.02 Billion |
Market Size (2025) | USD 12.50 Billion |
CAGR (2025-2031) | 4.22 % |
Historic Year | 2022- 2024 |
Base Year | 2025 |
Segments Covered | Offering Type, Capacity, Fuel Type, End-Use Industry, and Geography |
Geographic Analysis | North America, Europe, APAC, Latin America, & Middle East & Africa |
Steam Turbine Aftermarket: Investment Priorities in Focus
- Ageing coal and nuclear fleets continue to create long-term opportunities across the steam turbine aftermarket. In OECD countries, more than 200 GW of coal-fired capacity is over 40 years old, while 440 operable nuclear reactors with 398 GWe of capacity remained in service globally at the end of 2024, supporting demand for maintenance, refurbishment, spare parts, and lifecycle extension.
- Higher plant utilization is increasing the cost of unplanned turbine outages. Nuclear plants generated 2,667 TWh of electricity in 2024, with an average capacity factor of 83%, while more than 60% of reactors operated above 80% capacity, increasing demand for inspections, outage planning, and reliable service execution.
- More flexible power systems are changing steam turbine operating requirements. The IEA expects variable renewables to account for 37% of electricity generation by 2030, up from 22% in 2025, increasing starts, ramps, and part-load operation across steam turbine fleets.
- Modernization spending is becoming more focused on high-value steam turbine assets. The IEA expects USD 3.3 trillion in global energy investment in 2025, including USD 2.2 trillion for clean energy, encouraging plant owners to prioritize modernization, lifecycle extension, and performance upgrades for critical assets.
- Growing Steam Turbine Installations are Creating Long-Term Service Opportunities: Global steam turbine shipments are expected to reach 589 units by 2030, expanding the installed base that will require maintenance, upgrades, spare parts, and digital lifecycle services. Asia-Pacific remains the largest market for new installations, while modernization projects across North America, Europe, Latin America, and the Middle East are broadening future aftermarket demand.
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The Strategic Shifts Reshaping the Global Steam Turbine Aftermarket
Fleet Life Extension over Replacement: Aging coal and nuclear plants continue to drive overhaul demand as operators extend asset lifecycles instead of investing in costly replacements. Global Energy Monitor's Boom and Bust Coal 2025 report notes that OECD countries operate over 200 GW of coal capacity exceeding 40 years of age, sustaining demand for rotor, blade, seal, casing, and control system refurbishment.
Shift to Condition-Based Maintenance: Utilities are replacing fixed maintenance schedules with condition-based strategies powered by continuous monitoring, diagnostics, and asset analytics to improve outage planning, reduce downtime, and enhance plant availability.
Surging Global Electricity Demand: The IEA's Electricity 2025 report projects global electricity demand to grow at close to 4% annually through 2027, supporting continued investment in turbine maintenance, modernization, and outage services.
Capital Discipline and Efficiency Optimization: The IEA's World Energy Investment 2025 report forecasts USD 3.3 trillion in global energy investment in 2025, including USD 2.2 trillion for clean technologies and USD 1.1 trillion for fossil fuels. As investment shifts toward clean energy, plant owners are prioritizing cost-effective turbine upgrades and refurbishment over full replacement.
Asia Pacific Region is Creating the Biggest Service Opportunities
Asia Pacific remains the largest and fastest-growing regional market for the steam turbine aftermarket and is expected to grow at a CAGR of 4.86% during 2025-2031. The region's large installed base of coal-fired power plants, expanding nuclear capacity, and strong industrial steam demand continue to generate recurring opportunities for turbine repairs, spare parts, outage services, retrofits, and lifecycle support. China remains the region's biggest opportunity, with nearly half of the world's nuclear reactors under construction, according to the World Nuclear Association, while its extensive coal-fired fleet continues to create long-term demand for turbine-generator inspections, modernization, and lifecycle services.
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Major Players in the Steam Turbine Aftermarket Market
Key Company Profile
- General Electric (GE)
- Siemens A.G.
- Mitsubishi Heavy Industries (MHI)
- Shanghai Electric
- Doosan Skoda Power
- Toshiba America Energy Systems Corporation (TAES)
- Hyundai Heavy Industries Turbomachinery Co., Ltd. (HHI-TMC)
- Bharat Heavy Electricals Ltd. (BHEL)
- Everllence
- Ansaldo Energia
Other Company Profiles
- Dongfang Electric Corporation
- JSC Atomenergomash (AEM)
- Kawasaki Heavy Industries
- WEG
- Triveni Turbine
- Nanjing Turbine & Electric Machinery
- Hangzhou Turbine
- Fuji Electric Co., Ltd.
- Power Machines
- MAPNA Group
- Shandong Qingneng Steam Turbine
- Ural Turbine Works
- Turbimaq
- Ukrainian Energy Machines
- Baker Hughes
- Ebara Elliott Energy
- Chola Turbo Machinery
- M+M Turbinen-Technik
- TurboTech Precision Engineering
- EthosEnergy
- Arani Power Systems
- Turtle Turbines
- NG Metalurgica S.A.
- Fincantieri
- Harbin Turbine Company Limited
- NCON Turbo Tech
- Trillium Flow Technologies
- Chart Industries
- De Pretto Industrie S.R.L.
- Mechanical Dynamics & Analysis (MD&A)
- Sulzer Ltd
- Bilfinger
- Allied Power Group
- Goltens
- Power Services Group
- Reliable Turbine Services
- Shin Nippon Machinery Co. Ltd.
The Steam Turbine Aftermarkets Market Size, Share & Trends Analysis Report By
- Offering Type: Spare Parts & Consumables, Maintenance & Repair Services, Upgrades & Retrofits, Digital Solutions, and Others
- Fuel Type: Coal, Gas, Nuclear, and Others
- End-Use Industry: Power Generation, Oil & Gas, Industrial Manufacturing, District Heating & Cooling, Mining & Metal Processing, Marine, and Others
- Capacity: Large Turbines (>300 MW), Medium Turbines (151-300 MW), and Small Turbines (=150 MW)
- Geography: North America, Europe, APAC, Latin America, and Middle East & Africa
What Key Findings Will Our Research Analysis Reveal?
- What is the growth rate of the global steam turbine aftermarkets market?
- How big is the global steam turbine aftermarket market?
- Which region dominates the global steam turbine aftermarket market?
- What are the key trends in the global steam turbine aftermarkets market?
- Who are the major players in the global steam turbine aftermarkets market?
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Source: Arizton Advisory & Intelligence
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