APAC dominates turbine market as OECD curbs coal installs

The region is expected to hold 76.9% of global steam turbine share in 2025.

The Asia-Pacific (APAC) region dominated the global gas and steam turbine market in both current and projected activity, according to GlobalData.

In 2025, the region’s gas turbine market is valued at about $4.6b and is forecast to reach $7.4b by 2030.

APAC is also expected to account for 76.9% of the global steam turbine market share in 2025. The region’s steam turbine market value is forecast to rise from $7.6b in 2025 to $11.9b by 2030.

The report attributes this growth to modernisation initiatives, upgrades, and life-extension projects linked to ageing thermal infrastructure. It also notes continued coal power expansion in China and India.

This comes as the global gas and steam turbine market is projected to reach $23.4b by 2030, driven by demand for efficient energy systems, environmental regulations, and lower-emission power generation technologies.

GlobalData identifies combined heat and power systems and efficiency upgrades as key areas of demand in the steam turbine segment.

Europe, the Middle East, and Africa is projected to record about $2.8b in the gas turbine market in 2025, whilst the Americas is expected to account for around $1b.

The report states that Europe is expected to see lower coal-related steam turbine installations due to decarbonisation policies, whilst the Americas market is expected to grow through retrofit and life-extension activity across existing assets.

GlobalData states that policy measures targeting emissions and coal reduction have limited new coal-based steam turbine installations in several OECD countries.

Bhavana Sri Pullagura, Senior Power Analyst at GlobalData, said the turbine market is shifting towards higher efficiency solutions and next-generation technologies as energy demand rises.