The global steam turbine aftermarket market was valued at USD 12.50 billion in 2025 and is projected to reach USD 16.02 billion by 2031, expanding at a compound annual growth rate of 4.22%.
Growth is being driven by aging coal and nuclear power fleets, rising electricity demand, and increasing adoption of condition-based maintenance across the power generation sector.
Power producers and industrial operators are increasingly choosing to extend the operating lives of installed steam turbines rather than pursue costly full equipment replacement programs.
Global Energy Monitor reports that OECD countries operate more than 200 GW of coal-fired capacity exceeding 40 years of age, sustaining strong demand for rotor refurbishment, blade and seal replacement, and control-system modernization.
The International Energy Agency projects global electricity demand to increase by nearly 4% annually through 2027, reinforcing the strategic importance of reliable thermal and nuclear generation assets.
With global energy investment forecast to reach USD 3.3 trillion in 2025, owners of existing thermal assets are favoring targeted turbine efficiency improvements and life-extension programs over full replacement.
The Electric Power Research Institute indicates that turbine-generator work is involved in up to 70% of planned steam power plant outages, underlining the critical role of aftermarket services in grid reliability.
Nuclear power is projected to record the fastest growth by fuel type, supported by long plant operating lives, regulated maintenance schedules, life-extension projects, and new reactor development globally.
Asia-Pacific leads all regional markets with a projected CAGR of 4.86% from 2025 to 2031, with China accounting for nearly half of the nuclear reactors currently under construction worldwide.
North America represents a high-value market segment, supported by aging nuclear facilities, mature coal fleets, and combined-cycle gas plants where operators emphasize long-term service agreements and turbine life extension.
Spare parts and consumables represent the largest offering segment, driven by recurring demand for turbine blades, seals, bearings, valves, and gaskets tied to scheduled outages and asset reliability programs.
Market expansion faces headwinds including costly and tightly controlled outage windows, shortages of specialized technicians, and long lead times for major turbine components, particularly in the nuclear workforce.
On the acquisitions front, EthosEnergy acquired Turbine Services, Ltd. in May 2025, expanding its access to replacement parts and strengthening its non-OEM lifecycle support capabilities across key markets.
GE Vernova (NYSE: GEV), Siemens Energy, Mitsubishi Heavy Industries, Shanghai Electric, Doosan Skoda Power, Bharat Heavy Electricals, and EthosEnergy are among the leading competitors in the global aftermarket landscape.
Sulzer also expanded its Vadodara Service Centre in India in February 2025 to increase regional capacity for steam turbine repairs, retrofits, reverse engineering, refurbishment, and parts support across Asia.
Siemens Energy outlined its role in recommissioning Michigan’s Palisades Nuclear Power Plant in April 2025, covering steam turbine and generator replacement, refurbishment, and field services as part of the project scope.
Large turbines exceeding 300 MW account for the leading capacity segment and are expected to post the strongest growth, given their essential role in grid stability and utility investment priorities.
The findings are drawn from the “Global Steam Turbine Aftermarkets Market Research Report 2026-2031,” published by ResearchAndMarkets.com and covering a 196-page analysis of market dynamics, segmentation, and competitive positioning.
