Steam Turbine Service Market Size

Steam Turbine Service Market registered a profitable valuation of USD 19.7 billion in 2024 and is projected to register USD 44.6 billion by 2037, expanding at a CAGR of 6.5% during the forecast period, i.e., 2025-2037. In 2025, the industry size of steam turbine service is assessed at USD 20.9 billion. The market’s growth is attributed to surging demands for electricity globally and continued reliance on steam turbines in power generation and industrial applications. Aging power generation infrastructure drives demand for maintenance and upgrades benefitting the adoption of steam turbine services. Emerging economies that are reliant on coal and nuclear power as primary energy sources are positioned to provide greater opportunities in the market.

The International Energy Agency (IEA) estimates global energy demands to grow annually at an average of 3.4% from 2024 to 2026. The electricity demands are poised to be driven by electrification projects in residential and transport sectors, and rapid expansion of data centers. For instance, around 42% of all electricity generation in the U.S. in 2022 was from steam turbines. The heightened use drives demand for steam turbine MRO services. Additionally, the rapid expansion of the industrial sector for various applications such as chemical production and refinery operations increases the use of steam turbines. The increased application creates a burgeoning demand to retrofit steam turbines for efficiency improvements creating multiple opportunities in the global steam turbine service sector.

The global shift towards clean energy production is poised to boost the revenue growth of the steam turbine service sector. Globally, the push to reduce carbon emissions has intensified with net-zero goals. To align with global decarbonization goals, industries are driving demand for steam turbine services to meet regulatory standards. Industries are investing to retrofit existing infrastructure boosting the sector’s growth. For instance, in June 2024, GE Power announced an order for renovation & modernization of steam turbines in Gujarat, India. Additionally, advancements in digitalization can boost the predictive maintenance of steam turbines, increasing demands for services. The steam turbine services sector is poised to leverage the favorable trends and maintain its robust growth curve by the end of the forecast period.