Powering the Future: Gas and Steam Turbine Market on the Rise

“Increasing electricity consumption, stringent carbon reduction policies, and technological advancements are driving global adoption of gas and steam turbines as cleaner, more efficient energy solutions for industrial and power generation sectors.”

Boston, Jan. 28, 2026 (GLOBE NEWSWIRE) -- According to the latest BCC Research report, “Gas and Steam Turbine: Global Markets” the gas turbine market is projected to reach $14.2 billion by the end of 2030, growing at a CAGR of 4.3%. In comparison, the steam turbine market is expected to reach $23.3 billion by 2030, at a CAGR of 2.9%.

This report offers an in-depth analysis of the global gas and steam turbine markets, examining technology, capacity, and end-use segments for gas turbines, as well as cycle type, capacity, and end-use sectors for steam turbines. It explores technological advancements, competitive dynamics, and economic trends shaping the industry, along with a patent analysis for deeper insight into market competition. The study includes regional assessments for North America, Europe, Asia-Pacific, and the Rest of the World, highlighting the current and future demand drivers. Using 2024 as the base year and 2025 as the estimated year, it forecasts market values in U.S. dollars through 2030 and concludes with detailed profiles of major companies in the industry.

The factors driving the market’s growth include:

Rising Demand for Electricity: Global electricity consumption is growing due to urbanization, population increase and digitalization. Developing nations are expanding power generation capacity, and steam-turbine technology vital for efficiently meeting this rising demand.

Technological Advances in Steam and Gas Turbines: Modern turbines feature improved designs, advanced materials and digital monitoring systems. These innovations enhance efficiency, reduce emissions and reduce operational costs, making turbines more reliable and sustainable.

Combined-Cycle Power Plants: Combined-cycle plants integrate gas and steam turbines, using waste heat from gas turbines to power steam turbines. This boosts efficiency up to 60% and reduces fuel use and emissions, making them a preferred choice for clean energy generation.

Industrialization: Rapid industrial growth in emerging economies drives demand for continuous, large-scale power. Industries like manufacturing and petrochemicals rely on high-capacity generation, where gas and steam turbines play a critical role.

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Report Synopsis

Innovations:

• The global gas and steam turbine market is highly consolidated, led by prominent companies such as GE Vernova, Mitsubishi Power Ltd., and Siemens Energy, which primarily focus on securing new contracts and agreements.

• GE Vernova: In January 2025, GE Vernova, in support of the Singapore Economic Development Board (EDB), announced its plans to invest $20 million to introduce the development of next-generation repair capabilities and technologies for GE Vernova’s High Efficiency, Air-Cooled (HA) gas turbines at its Advanced Manufacturing Repair Technology (AMRT) Center located at the Global Repair Service Center in Singapore.

• Siemens Energy: In March 2025, Siemens Energy, achieved a contract worth $1.6 billion, with Harbin Electric International as the EPC contractor, to provide key technologies for the Rumah 2 and Nairyah 2 gas-fired power plants in Saudi Arabia.

Emerging startups:

• APUGENIUS
• TURBONIK
• DESTINUS ENERGY

Impact of AI on Gas and Steam Turbine Market
The adoption of AI in the gas and steam turbine market is currently at a nascent stage, but its integration is expected to deliver significant benefits in the coming years. AI is helping improve energy efficiency and reduce emissions, with Siemens Energy reporting that AI integration can boost turbine performance by up to 3.5 MW per unit and reduce NOx emissions by up to 10%. Beyond performance gains, AI is enhancing the design and operational efficiency of turbines through predictive maintenance systems that enable real-time detection of anomalies and minimize downtime.

Additionally, AI technology allows for real-time analysis of large datasets by comparing current data with historical trends, enabling quick identification of deviations in baseline metrics. These capabilities are driving increased adoption of AI in the market due to its cost-saving benefits and improved reliability.

For an in-depth analysis of AI’s impact on this sector, explore the complete AI Impact on the Gas and Steam Turbine Market - BCC Pulse Report

The report addresses the following questions:

1. What are the projected market size and growth rate?

• The estimated market size of the gas turbine market is $14.2 billion by the end of 2030, with a CAGR of 4.3% and the estimated market size of the steam turbine market is $23.3 billion by the end of 2030, with a CAGR of 2.9%.

2. What factors are driving the growth of the market?

• Key drivers include:

• Growing demand for electricity.
• Technological advances in steam and gas turbines.

3. What are the challenges and opportunities of the market?

• Key challenges include:

• Environmental and regulatory concerns.
• High initial investment.

• Key opportunities include:

• Adoption of combined-cycle power plants.
• Growing expansion of industrialization.

4. Which market segments are covered in the report?

• For the gas turbine market, segments are based on by technology, capacity, end-user and region.
• The steam turbine market is segmented by cycle, capacity, end-user and region.

5. Which technology segment will be dominant through 2030?

• The combined cycle segment will continue to dominate the market by the end of 2030. The segment's growth is primarily driven by its ability to produce up to 50% more electricity from the same fuel as a traditional power plant and by its use of natural gas to deliver the cleanest, most efficient power generation.

6. Which region has the largest market share?

• Asia-Pacific is the leading region in terms of demand contribution to the global gas and steam turbine market. The increasing demand for electricity and the region's growing industrialization drive its growth.

Market leaders include:

• ANSALDO ENERGIA
• BAKER HUGHES CO.
• DOOSAN ENERBILITY
• FUJI ELECTRIC CO. LTD.
• GE VERNOVA
• KAWASAKI HEAVY INDUSTRIES LTD.
• MITSUBISHI HEAVY INDUSTRIES LTD.
• SHANGHAI ELECTRIC
• SIEMENS ENERGY
• TOSHIBA AMERICA ENERGY SYSTEMS CORP.

Related report:

Heat Pumps: Global Markets to 2030: The report provides a comprehensive analysis of the global heat pump market, segmented by type, capacity, end-user, and region, with market size in both value and volume. It examines competitive intelligence, including leading companies’ market shares and revenue streams, and explores key market dynamics, emerging technologies, and global developments. Strategic frameworks such as Porter’s Five Forces and SWOT analysis are included, alongside ESG considerations and regulatory policies for sustainable installations across residential, commercial, and industrial sectors. The study also highlights technological advances, economic drivers, and technical standards shaping the industry.

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