Steam Turbine Aftermarket Market to Reach USD 16.02 Billion by 2031 – Arizton
What's Keeping the Steam Turbine Aftermarket Growing?
According to Arizton's latest research, 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, growing at a CAGR of 4.22% during the forecast period.
The market continues to benefit from the large installed base of steam turbine assets operating across coal, nuclear, gas, biomass, and industrial facilities. As plant owners extend asset life and prioritize reliable power generation, investment remains focused on maintenance, refurbishment, outage services, modernization, spare parts replacement, and lifecycle support to improve performance and optimize operating costs.
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What is Driving the Market?
Ageing Fleets Continue to Support Aftermarket Spending
Ageing coal and nuclear fleets remain one of the strongest drivers of aftermarket demand. In OECD countries, more than 200 GW of coal-fired capacity is over 40 years old, while 440 operable nuclear reactors with 398 GWe of capacity remained in service globally at the end of 2024. These long-life assets continue to require maintenance, refurbishment, spare parts, and lifecycle extension.
Reliable Operations Make Maintenance More Critical
Nuclear plants generated 2,667 TWh of electricity, with an average capacity factor of 83%, while more than 60% of reactors operated above 80% capacity. Higher utilization is increasing the importance of inspections, outage planning, and high-quality turbine service execution to minimize costly downtime.
Changing Grid Conditions Are Reshaping Service Requirements
The IEA expects variable renewables to account for 37% of global electricity generation by 2030, up from 22% in 2025. More frequent starts, ramps, and part-load operation are changing maintenance requirements and creating additional opportunities for performance upgrades and operational support.
Modernization Remains a Priority
Global energy investment is expected to reach USD 3.3 trillion in 2025, including USD 2.2 trillion directed toward clean energy technologies and infrastructure. As investment priorities evolve, plant owners continue to focus on modernization, lifecycle extension, and performance improvements for critical steam turbine assets.
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Where are the Biggest Opportunities?
Power Generation Leads Aftermarket Investment
Power generation remains the largest application for the steam turbine aftermarket. With global electricity demand increasing by 4.3%, utilities continue investing in outage services, component replacement, performance recovery, and lifecycle extension across existing coal, gas, and nuclear power plants to improve reliability and control operating costs.
Operating Coal Fleets Continue to Generate Service Demand
Coal remained the largest source of global electricity generation, accounting for 35% of total power output, while the world's operating coal fleet reached 2,175 GW. Despite slower investment in new coal projects, this installed base continues to require turbine inspections, overhauls, spare parts replacement, field repairs, and scheduled outage services. Global Energy Monitor also reported 44.1 GW of coal capacity commissioned against 25.2 GW retired, resulting in a net increase of 18.8 GW.
Asia Pacific Offers the Largest Regional Opportunity
Asia Pacific remains the largest and fastest-growing regional market and is expected to grow at a CAGR of 4.86% during 2025–2031. The region's extensive coal-fired power fleet, expanding nuclear capacity, and strong industrial steam demand continue to generate demand for turbine repairs, spare parts, outage services, retrofits, and lifecycle support. China remains the region's largest opportunity, with nearly half of the world's nuclear reactors under construction, supporting long-term demand for turbine-generator inspections, modernization, and lifecycle services.
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