Market trends and project updates | Turbine technology
Steam and gas turbine markets to grow to $23.4b pa by 2030, says GlobalData
Asia–Pacific is the driver
A recent report* from GlobaData (owner of Modern Power Systems) analyses the markets for steam and gas turbines. It projects that the global gas turbine annual market will reach $11.5 billion by 2030 and the global steam turbine market $11.9 billion by the same year, both driven by the Asia–Pacific (APAC) region. The report analyses market value and capacity for historical (2021- 2025) and forecast (2026-2030) periods, as well as country-wise drivers and factors affecting the markets. It also lists major upcoming projects for each country. The analysis is based on GlobalData’s proprietary databases, as well as primary and secondary research, and in-house expertise. One overall conclusion: the gas and steam turbine markets are poised for substantial growth.
Gas turbine market
The $11.5 billion projection for the global annual gas turbine market in 2030 compares with $8.4 billion in 2025. Market growth is predominantly fuelled by the global shift from coal to gas, increased requirements for grid stability, robust industrial expansion, and heightened electrification efforts, particularly in developing economies. The sector is also witnessing a notable transformation towards low-carbon solutions, with industry priorities now encompassing hydrogen blending technologies, integration of carbon capture systems, and the adoption of advanced digital tools for optimising operational efficiency.
Policy frameworks at the international and national levels are exerting significant influence over the market’s trajectory. The Paris Agreement, for instance, continues to shape national energy strategies, incentivising the deployment of lower-emission thermal generation and transitional fuels. In Europe, the REPowerEU platform is steering investments towards energy security, diversification of natural gas sources, and the enhancement of hydrogen infrastructure, thus driving the development of hydrogen-ready gas turbine facilities. Meanwhile, legislative measures such as the Inflation Reduction Act in the US have fostering new investment in carbon capture and storage and overall efficiency improvements. This bolsters the outlook for the adoption of advanced gas turbine technologies. Across Asia and the Middle East, government- led transition plans are reinforcing the role of high-efficiency combined-cycle gas plants as a bridge from legacy coal systems to a renewable- centric future, sustained by various regulatory and incentive mechanisms.
New steam turbine rotor. Photo: Triveni
Regional analysis reveals that APAC leads the global gas turbine market in terms of growth and new capacity additions, propelled by robust industrialisation, urban development, and rising electricity needs in countries such as China, India, and throughout southeast Asia. Policy measures aimed at reducing reliance on coal and improving air quality underpin APAC’s position as the most dynamic demand centre.
In the Americas, particularly North America, the market is characterised by the modernisation of ageing thermal assets, reliable access to natural gas, and strong demand for flexible power generation — in particular to integrate renewable capacity and enable the expansion of datacentres. Across EMEA (Europe, Middle East, and Africa), the market landscape is varied: Europe emphasises the deployment of decarbonised, hydrogen-ready gas systems under strict emissions standards; the Middle East continues substantial investment in high-efficiency gas- fired plants to support industrial and economic diversification; and select parts of Africa prioritise targeted expansion tied to electrification efforts and broader energy access goals.
Steam turbine market
The global steam turbine market recorded a value of $10 billion in 2025 and is expected to grow to $11.9 billion by 2030. The market is driven by initiatives focused on modernisation, upgrades, retrofits, and life-extension projects, particularly in areas with ageing thermal infrastructure.
International decarbonisation efforts, particularly those arising from the Paris Agreement, are significantly shaping steam turbine investment patterns. Coal phase-out policies, the introduction of emissions performance benchmarks, and the adoption of carbon pricing mechanisms are collectively constraining new coal-based steam turbine installations in many Organisation for Economic Co-operation and Development (OECD) nations. In Europe, the REPowerEU strategy is promoting the diversification of energy sources, enhancing efficiency, and encouraging the adoption of renewable and hydrogen technologies. While these measures are reducing dependence on conventional coal-fired steam cycles, they are simultaneously sustaining demand for advanced, high-efficiency combined heat and power (CHP) solutions. In the US, the IRA provides support for carbon capture, utilisation and storage (CCUS), and industrial decarbonisation programmes, creating targeted opportunities for the retrofit and upgrade of existing steam turbine systems. Across Asia and parts of the Middle East, national strategies continue to back supercritical and ultra-supercritical coal power plants for energy security, alongside efforts to advance emissions reduction technologies. Regionally, APAC leads the global steam turbine market both in terms of installed capacity and new asset additions. This dominance is driven by ongoing coal power expansion in key markets such as China and India, and the proliferation of industrial CHP facilities. APAC continues to be the largest single
www.modernpowersystems.com | July/August 2026 | 37
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