Steam Turbine Aftermarket Projected to Hit $16 Billion by 2031
Event summary
- The global steam turbine aftermarket was valued at $12.50 billion in 2025 and is forecast to reach $16.02 billion by 2031, growing at a CAGR of 4.22%.
- Aging coal and nuclear fleets are driving long-term opportunities for maintenance, refurbishment, spare parts, and lifecycle extension.
- Asia-Pacific remains the largest regional market, expected to grow at a CAGR of 4.86% during 2025–2031.
- Utilities are shifting to condition-based maintenance strategies powered by continuous monitoring and asset analytics.
The big picture
The steam turbine aftermarket is poised for steady growth as aging infrastructure and higher plant utilization drive demand for maintenance and modernization. The shift towards condition-based maintenance and the increasing complexity of flexible power systems are reshaping operating requirements, creating long-term service opportunities. Asia-Pacific remains a key region for growth, with significant investments in turbine repairs, spare parts, and lifecycle support.
What we're watching
- Aging Infrastructure
- How the demand for turbine overhauls and refurbishments will evolve as coal and nuclear plants extend their lifecycles.
- Maintenance Trends
- Whether condition-based maintenance strategies will become the industry standard, reducing downtime and enhancing plant availability.
- Regional Dynamics
- The pace at which Asia-Pacific's dominance in the steam turbine aftermarket will grow, driven by its large installed base of coal-fired power plants and expanding nuclear capacity.
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