India Steam Turbines Market is Expected to Register a 7.61% CAGR Through 2031
Expanding Thermal Power Generation Capacity and Industrial
Growth & Process Heat Demand are likely to propel the market during the
forecast period.
According to
TechSci Research report, “India Steam Turbines Market – By Region,
Competition, Forecast and Opportunities, 2021-2031F”, India Steam Turbines Market was valued at USD 828
Million in 2025 and is expected to reach USD 1297 Million by 2031 with a CAGR
of 7.61% during the forecast period.
Government policies and infrastructure
development initiatives play a crucial role in driving the Indian steam turbine
market. The Indian government has launched several large-scale programs aimed
at boosting power generation, upgrading infrastructure, and encouraging
industrial growth, all of which contribute to increasing demand for steam
turbines.
Programs such as the National
Electricity Plan and the Power for All initiative are focused on ensuring 24/7
power supply across urban and rural areas. These programs necessitate the
construction of new power plants and the modernization of existing ones, both
of which rely heavily on steam turbines for efficient and large-scale
electricity generation. In many cases, government-owned utilities invest in
supercritical and ultra-supercritical technologies that require advanced steam
turbines with high efficiency and environmental compliance.
In addition to central government
efforts, state governments are also investing in power generation and
industrial infrastructure. These investments often include incentives such as
tax breaks, subsidies, and easy financing for energy projects, including
cogeneration plants and waste-to-energy systems that use steam turbines. The
focus on creating industrial corridors and smart cities also supports the
deployment of distributed generation systems, where steam turbines can play a
key role in meeting localized energy needs.
Another critical area of government
influence is the regulatory environment. Through bodies such as the Central
Electricity Authority (CEA) and the Bureau of Energy Efficiency (BEE), the
government enforces energy efficiency norms and emissions standards. These
regulations push plant operators to adopt modern, efficient turbines and
replace aging equipment, leading to increased market demand. Furthermore, the
Atmanirbhar Bharat (self-reliant India) mission promotes domestic
manufacturing, including the production of capital goods such as steam
turbines. This initiative not only enhances supply chain resilience but also
encourages technology transfer and joint ventures with international turbine
manufacturers, leading to improved product availability and competitive
pricing.
Browse over XX Market
data Figures spread through XX Pages and an in-depth TOC on " India Steam Turbines Market.”
Based
on Fuel Type, Coal dominated the Indian steam turbines market primarily because
it remains the backbone of India’s power generation mix. Despite the global
shift towards cleaner energy sources, coal-fired thermal power plants continue
to account for a substantial portion—around 70%—of the country’s total
electricity generation. This heavy reliance is driven by India’s abundant
domestic coal reserves, relatively low extraction costs, and established
infrastructure, making coal a dependable and economical fuel source.
The
extensive network of coal-based thermal power plants extensively uses steam
turbines to convert steam energy into electricity. These plants typically
operate on the steam cycle, where coal combustion produces high-pressure steam
that drives turbines. The large-scale capacity of these plants—from hundreds to
thousands of megawatts—creates sustained demand for high-capacity steam
turbines and their maintenance, upgrades, and replacements.
Additionally,
coal power plants offer the advantage of base-load stability, providing
consistent and reliable electricity essential for supporting India’s rapidly
growing population, urbanization, and industrialization. Renewable sources like
solar and wind, while expanding rapidly, are intermittent and require backup
generation, often fulfilled by coal plants. This interdependency further
solidifies coal’s dominant role.
The
Indian government’s policies have historically supported coal-based power
through favorable fuel linkage agreements, subsidies, and investments in
supercritical and ultra-supercritical technologies that improve efficiency and
reduce emissions. Modernization programs aimed at upgrading old plants with
advanced steam turbines also bolster coal’s market share. Furthermore, the
domestic availability of coal mitigates the risks associated with fuel supply
volatility and foreign exchange fluctuations that affect imported fuels like
natural gas or oil. This factor is particularly important for power producers
seeking stable operational costs.
While
environmental concerns and climate commitments are prompting a gradual shift
toward renewables, coal’s entrenched position in India’s energy landscape
ensures it remains the dominant driver of steam turbine demand for the
foreseeable future. This makes coal-fired power generation the cornerstone of
the Indian steam turbines market.
Based on Region,
North India is the
fastest-growing region in the Indian steam turbines market due to several
interrelated factors driving energy demand, infrastructure development, and
industrial expansion.
North
India comprises several highly populous and industrialized states such as Uttar
Pradesh, Haryana, Punjab, Rajasthan, and Delhi. These states are witnessing
rapid urbanization and economic growth, which significantly increases
electricity demand. To meet this growing need, thermal power plants—primarily
coal-based—continue to play a critical role in the energy mix, relying heavily
on steam turbines for power generation. The region’s substantial coal reserves
also support the sustained operation and expansion of conventional thermal
power infrastructure.
North
India is a hub for diverse industries including textiles, sugar, cement,
chemicals, and steel. These sectors require reliable and efficient captive
power and process steam, driving demand for small- and medium-capacity steam
turbines in cogeneration plants. Industrial growth initiatives and government
incentives in this region encourage the adoption of energy-efficient
technologies, further boosting turbine installations.
The
government’s focus on upgrading and modernizing aging thermal power plants in
North India fuels turbine replacement and retrofit projects. Many plants in the
region are adopting supercritical and ultra-supercritical technologies to
improve efficiency and reduce emissions, necessitating advanced steam turbines
capable of handling higher steam parameters. Additionally, North India is
seeing increased investment in biomass and waste-to-energy projects as part of
its renewable energy diversification. Steam turbines are integral to these
systems, helping convert agricultural residue and urban waste into power,
thereby aligning with the government’s sustainability goals.
Infrastructural
improvements, including better grid connectivity and logistics networks, reduce
operational challenges for turbine manufacturers and service providers.
Combined with favorable government policies and financial incentives, these
factors make North India an attractive and rapidly growing market for steam
turbine deployment.
Major companies
operating in the India Steam Turbines Market are:
- Bharat Heavy
Electricals Limited
- Triveni
Turbines Limited
- Kirloskar
Brothers Limited
- L&T Power Equipment
Limited
- Siemens India
Limited
- Toshiba India
Private Limited
- GE Power India
Limited
- Thermax Limited
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“The Indian steam turbines market
presents significant growth opportunities driven by the expanding demand for
decentralized power generation, industrial cogeneration systems, and renewable
energy applications such as biomass and waste-to-energy plants. Modernization
of aging thermal infrastructure and a strong push for energy efficiency further
enhance market potential. Additionally, government initiatives like
"Atmanirbhar Bharat" are fostering domestic manufacturing, creating
favorable conditions for local turbine producers. Export opportunities in
emerging economies, coupled with the rising need for customized, mid-capacity
turbines in various industries, position India as a competitive hub for both
domestic deployment and global supply of steam turbine solutions.”
said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“India Steam Turbines
Market, By Type (Steam Cycle, Combined Cycle), By Rated
Capacity (1-120 Mw, 121-350 Mw, 351-750 Mw, Above 750 Mw), By Exhaust Type
(Condensing, Non-Condensing), By Fuel Type (Coal, Biomass, Nuclear, Others), By
Region, Competition, Forecast & Opportunities, 2021-2031F”, has evaluated the future growth
potential of India Steam Turbines Market and provides statistics &
information on Market size, structure and future Market growth. The report
intends to provide cutting-edge Market intelligence and help decision-makers make
sound investment decisions. The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
India Steam Turbines Market.
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