Global Turbine Service Market Growth, Size, Trends Analysis- By Capacity, By End Use - Regional Outlook, Competitive Strategies and Segment Forecast to 2034
Global Turbine Service Market Growth, Size, Trends Analysis- By Capacity, By End Use - Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: May-2025 | Report ID: POAE2535 | Pages: 1 - 250 | Formats*: |
| Category : Power & Energy | |||
Turbine Service Market Introduction and Overview
According to SPER Market Research, the Global Turbine Service Market is estimated to reach USD 22.53 billion by 2034 with a CAGR of 2.75%.
The report includes an in-depth analysis of the Global Turbine Service Market, including market size and trends, product mix, Applications, and supplier analysis. The demand for steam turbines is expected to grow in the coming years due to the anticipated increase in the number of power plants being commissioned to address the energy deficit. In 2022, the U.S. emerged as the leading market in North America, largely driven by the rise in combined-cycle natural gas plants, which are considered reliable sources of energy. U.S. policymakers are increasingly focused on developing sustainable energy generation facilities, a trend that is likely to boost steam turbine installations nationwide. Additionally, the government’s emphasis on energy-efficient and clean power generation is fueling the growth of combined heat and power (CHP) installations. This growing demand for CHP systems is projected to significantly contribute to the expansion of the steam turbine market across North America during the forecast period. However, The steam turbine market faces challenges such as high initial installation costs and the complexity of integrating turbines with renewable energy systems. Additionally, increasing competition from alternative energy sources like solar and wind may impact market growth.
By Capacity:
The steam turbine market is segmented by capacity into up to 150 MW, 151 to 300 MW, and more than 300 MW. In 2024, turbines above 300 MW held the largest market share at XX%. The up to 150 MW segment is expected to grow significantly due to rising demand for industrial CHP units, which offer higher efficiency and serve as sources of power, electricity, and heat. Small steam turbines are also seeing strong growth driven by demand in industries like steel, cement, and chemicals.
By End User:
The market is segmented by end-use into power & utility and industrial sectors. In 2024, the power & utility segment led the market, accounting for XX% of total revenue, and is expected to maintain its dominance. While they can be paired with any combustion fuel, coal has historically been the preferred choice. However, growing environmental concerns have limited coal use, leading to a shift towards cleaner energy sources like natural gas.
By Regional Insights:
In the U.S., steam turbines are widely used in combined heat and power (CHP) applications, where electricity is generated as a byproduct of heat (steam) production. Unlike gas turbines and reciprocating engines, which generate heat as a byproduct of power generation, steam turbines rely on external heat sources. The turbines and generators are powered by high-pressure steam produced by boilers.
In Europe, extraction-condensing steam turbines are used in large industrial CHP applications, especially in combined-cycle plants, providing power to electric grids and steam to industrial users. In Russia, rising demand for power and heat is pushing production limits, driving industrial users to invest in onsite power generation due to increasing electricity prices and security concerns.
Market Competitive Landscape:
The market is moderately consolidated. Some of the market key players are Ansaldo Energia S.p.A, Bharat Heavy Electricals Limited, Doosan Å koda Power, Elliot Group, Fuji Electric Co., Ltd., General Electric, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, Mitsubishi Power Ltd., Siemens Energy, Toshiba Corporation, and Trillium Flow Technologies.
Recent Developments:
In March 2025, Siemens Energy signed a USD 1.6 billion contract with Harbin Electric International for EPC services, covering the design and maintenance of proprietary technology at the Nairyah 2 and Rumah 2 power plants in Saudi Arabia. These power plants were awarded 25-year maintenance contracts to ensure their reliability and efficiency, contributing a total of 3.6 GW to the national grid.
In August 2024, Mitsubishi Power signed a long-term service agreement (LTSA) with PETROS Power Sdn. Bhd. for the operation and maintenance of the 500MW Combined Cycle Power Plant in the Sarawak region of Malaysia. Under the terms of the contract, Mitsubishi Power is solely responsible for providing technical advisory services and ensuring the plant's optimal performance and reliability.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Capacity, By End Use |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa |
| Companies Covered | Ansaldo Energia S.p.A, Bharat Heavy Electricals Limited, Doosan Å koda Power, Elliot Group, Fuji Electric Co., Ltd., General Electric, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, Mitsubishi Power Ltd., Siemens Energy, Toshiba Corporation, and Trillium Flow Technologies. |
Key Topics Covered in the Report:
- Global Turbine Service Market Size (FY’2021-FY’2034)
- Overview of Global Turbine Service Market
- Segmentation of Global Turbine Service Market By Capacity (Up to 150 MW, 151 to 300 MW, More than 300 MW)
- Segmentation of Global Turbine Service Market By End-use (Power & Utility, Industrial)
- Statistical Snap of Global Turbine Service Market
- Expansion Analysis of Global Turbine Service Market
- Problems and Obstacles in Global Turbine Service Market
- Competitive Landscape in the Global Turbine Service Market
- Details on Current Investment in Global Turbine Service Market
- Competitive Analysis of Global Turbine Service Market
- Prominent Players in the Global Turbine Service Market
- SWOT Analysis of Global Turbine Service Market
- Global Turbine Service Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1. Introduction
- 1.1. Scope of the report
- 1.2. Market segment analysis
2. Research Methodology
- 2.1. Research data source
- 2.1.1. Secondary Data
- 2.1.2. Primary Data
- 2.1.3. SPER’s internal database
- 2.1.4. Premium insight from KOL’s
- 2.2. Market size estimation
- 2.2.1. Top-down and Bottom-up approach
- 2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
- 4.1. Driver, Restraint, Opportunity and Challenges analysis
- 4.1.1. Drivers
- 4.1.2. Restraints
- 4.1.3. Opportunities
- 4.1.4. Challenges
5. Market variable and outlook
- 5.1. SWOT Analysis
- 5.1.1. Strengths
- 5.1.2. Weaknesses
- 5.1.3. Opportunities
- 5.1.4. Threats
- 5.2. PESTEL Analysis
- 5.2.1. Political Landscape
- 5.2.2. Economic Landscape
- 5.2.3. Social Landscape
- 5.2.4. Technological Landscape
- 5.2.5. Environmental Landscape
- 5.2.6. Legal Landscape
- 5.3. PORTER’s Five Forces
- 5.3.1. Bargaining power of suppliers
- 5.3.2. Bargaining power of buyers
- 5.3.3. Threat of Substitute
- 5.3.4. Threat of new entrant
- 5.3.5. Competitive rivalry
- 5.4. Heat Map Analysis
6. Competitive Landscape
- 6.1. Global Turbine Service Market Manufacturing Base Distribution, Sales Area, Product Type
- 6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Turbine Service Market
7. Global Turbine Service Market, By Capacity, (USD Million) 2021-2034
7.1. Up to 150 MW
7.2. 151 to 300 MW
7.3. More than 300 MW
8. Global Turbine Service Market, By End-use, (USD Million) 2021-2034
- 8.1. Power & Utility
- 8.2. Industrial
9. Global Turbine Service Market, (USD Million) 2021-2034
- 9.1. Global Turbine Service Market Size and Market Share
10. Global Turbine Service Market, By Region, 2021-2034 (USD Million)
- 10.1. Asia-Pacific
- 10.1.1. Australia
- 10.1.2. China
- 10.1.3. India
- 10.1.4. Japan
- 10.1.5. South Korea
- 10.1.6. Rest of Asia-Pacific
- 10.2. Europe
- 10.2.1. France
- 10.2.2. Germany
- 10.2.3. Italy
- 10.2.4. Spain
- 10.2.5. United Kingdom
- 10.2.6. Rest of Europe
- 10.3. Middle East and Africa
- 10.3.1. Kingdom of Saudi Arabia
- 10.3.2. United Arab Emirates
- 10.3.3. Qatar
- 10.3.4. South Africa
- 10.3.5. Egypt
- 10.3.6. Morocco
- 10.3.7. Nigeria
- 10.3.8. Rest of Middle-East and Africa
- 10.4. North America
- 10.4.1. Canada
- 10.4.2. Mexico
- 10.4.3. United States
- 10.5. Latin America
- 10.5.1. Argentina
- 10.5.2. Brazil
- 10.5.3. Rest of Latin America
11. Company Profile
- 11.1. Ansaldo Energia S.p.A
- 11.1.1. Company details
- 11.1.2. Financial outlook
- 11.1.3. Product summary
- 11.1.4. Recent developments
- 11.2. Bharat Heavy Electricals Limited
- 11.2.1. Company details
- 11.2.2. Financial outlook
- 11.2.3. Product summary
- 11.2.4. Recent developments
- 11.3. Doosan Å koda Power
- 11.3.1. Company details
- 11.3.2. Financial outlook
- 11.3.3. Product summary
- 11.3.4. Recent developments
- 11.4. Elliot Group
- 11.4.1. Company details
- 11.4.2. Financial outlook
- 11.4.3. Product summary
- 11.4.4. Recent developments
- 11.5. Fuji Electric Co., Ltd.
- 11.5.1. Company details
- 11.5.2. Financial outlook
- 11.5.3. Product summary
- 11.5.4. Recent developments
- 11.6. General Electric
- 11.6.1. Company details
- 11.6.2. Financial outlook
- 11.6.3. Product summary
- 11.6.4. Recent developments
- 11.7. Kawasaki Heavy Industries, Ltd.
- 11.7.1. Company details
- 11.7.2. Financial outlook
- 11.7.3. Product summary
- 11.7.4. Recent developments
- 11.8. MAN Energy Solutions
- 11.8.1. Company details
- 11.8.2. Financial outlook
- 11.8.3. Product summary
- 11.8.4. Recent developments
- 11.9. Mitsubishi Power Ltd.
- 11.9.1. Company details
- 11.9.2. Financial outlook
- 11.9.3. Product summary
- 11.9.4. Recent developments
- 11.10. Siemens Energy
- 11.10.1. Company details
- 11.10.2. Financial outlook
- 11.10.3. Product summary
- 11.10.4. Recent developments
- 11.11. Toshiba Corporation
- 11.11.1. Company details
- 11.11.2. Financial outlook
- 11.11.3. Product summary
- 11.11.4. Recent developments
- 11.12. Trillium Flow Technologies
- 11.12.1. Company details
- 11.12.2. Financial outlook
- 11.12.3. Product summary
- 11.12.4. Recent developments
- 11.13. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Turbine Service Market is projected to reach USD 22.53 billion by 2034, growing at a CAGR of of 2.75% during the forecast period.
Turbine Service Market grew in Market size from 2025. The Market is expected to reach USD 22.53 billion by 2034, at a CAGR of 2.75% during the forecast period.
Turbine Service Market CAGR of 2.75% during the forecast period.
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Turbine Service Market size is USD 22.53 billion from 2025 to 2034.
Turbine Service Market is covered By Capacity, By End Use
The North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa is the highest Market share in the Turbine Service Market .
Ansaldo Energia S.p.A, Bharat Heavy Electricals Limited, Doosan Škoda Power, Elliot Group, Fuji Electric Co., Ltd., General Electric, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions, Mitsubishi Power Ltd., Siemens Energy, Toshiba Corporation, and Trillium Flow Technologies.
The report includes an in-depth analysis of the Global Turbine Service Market, including market size and trends, product mix, Applications, and supplier analysis
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