Steam Turbine Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis

The steam turbine market was estimated at USD 15.53 billion in 2022 and is likely to grow at a CAGR of 2.60% during 2023-2028 to reach USD 18.17 billion in 2028.

Market Drivers
The steam turbine market is driven by a host of factors, some of which are noted below:

The use of steam turbines for power generation has seen a significant increase in demand with the growing demand for electricity in developed as well as developing countries.
Governments across the globe are promoting the use of renewable energy sources like wind, solar, and hydroelectric power and are providing subsidies and benefits for using renewable energy sources.
Steam turbines increase energy efficiency and cost savings of power generation systems, that generate both electricity and heat.