United States Steam Turbine Market 2025 | Growth Drivers, Trends & Market Forecast, Competitive Landscape & Investment Opportunities

Market Size and Growth

Steam Turbine Market is growing at a CAGR of 5.0% during the forecast period (2025-2031).

Key Development:

United States: Recent Industry Developments

✅ In September 2025, General Electric Vernova announced the successful testing of its next-generation flex-fuel steam turbine capable of operating with hydrogen blends up to 50%. The innovation aims to enhance power plant efficiency and lower carbon emissions across the U.S. energy sector.

✅ In August 2025, Siemens Energy commissioned a 350 MW high-efficiency steam turbine system at a combined cycle power plant in Texas. The unit integrates advanced materials for higher temperature resistance, improving thermal efficiency and reducing fuel consumption.

✅ In June 2025, the U.S. Department of Energy (DOE) invested $120 million in research projects focusing on carbon-neutral turbine technologies. The initiative includes pilot studies on supercritical CO2 cycles and next-gen turbine coatings for cleaner power generation.

✅ In May 2025, Elliott Group launched its Eagle Series steam turbine line for small-scale industrial and waste-to-energy applications. The new models are designed to achieve up to 10% higher energy recovery efficiency in decentralized power systems.

Japan: Recent Industry Developments

✅ In September 2025, Mitsubishi Power completed the installation of a high-pressure steam turbine at the Takasago Hydrogen Park demonstration site. The turbine is designed to operate on hydrogen-ammonia fuel blends, marking a major step in Japan's clean-energy transition.

✅ In July 2025, Toshiba Energy Systems and Kyushu Electric Power launched a super-efficient 600 MW reheat steam turbine at the Matsuura Power Station. The unit employs advanced sealing and blade-cooling technology to reduce fuel usage and CO2 output.

✅ In June 2025, Hitachi Zosen Corporation announced a strategic investment in turbine efficiency R&D aimed at supporting Japan's waste-to-energy and biomass projects. The program focuses on improving turbine longevity and reducing maintenance intervals by 20%.

✅ In May 2025, Fuji Electric unveiled its modular compact steam turbine system for industrial cogeneration. The technology targets food processing, paper, and chemical plants seeking flexible and low-carbon heat-to-power solutions.

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A steam turbine is a mechanical device that converts thermal energy from pressurized steam into rotational energy. Widely used in power generation and industrial processes, it enables efficient electricity production and drives mechanical equipment in various sectors.

Recent Mergers and acquisitions:

United States: Recent M&A Developments

✅ In July 2025, Siemens Energy acquired select assets of a U.S.-based turbine maintenance firm to strengthen its aftermarket services portfolio for steam and combined-cycle turbines. The move enhances its operational support and lifecycle management capabilities across North America.

✅ In March 2025, MelCap Partners advised on the sale of Steam Turbine Alternative Resources, Inc. (STAR) to Mangrove Equity Partners, LP. The acquisition expands Mangrove's footprint in industrial field services and turbine component manufacturing, reinforcing its presence in the U.S. energy equipment market.

Japan: Recent M&A Developments

✅ In May 2025, Hitachi Zosen Corporation entered into a strategic partnership with Sumitomo Heavy Industries, Ltd. for joint development of next-generation steam turbines for waste-to-energy and biomass plants. This collaboration aims to boost Japan's domestic clean-energy manufacturing ecosystem and turbine efficiency standards.

Key Players:

=> Power Machines, Elliott Group, Mitsubishi Heavy Industries, Ltd, MAN Energy Solutions, General Electric, DongFang Electric Corporation, Spilling Technologies, G-Team Inc, M+M Turbine-Technik GMBH, Siemens, Ansaldo Energia.

Growth Forecast Projected:

The Global Steam Turbine Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Steam Turbine Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

➥ By Capacity: Up to 5 MW, 5 MW to 150 MW, More than 150 MW

➥ By Plant Type: Steam Cycle, Combined Cycle, Cogeneration

➥ By End-User: Power and Utility, Industrial, Others (Residential, Commercial, and Institutional)

Regional Analysis for Steam Turbine Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

Chapter 1: Sets the stage by outlining the report's coverage, summarizing key market segments by region, product type, and application. Presents a snapshot of market sizes, growth potential across segments, and anticipated industry evolution both short and long term.

Chapter 2: Highlights pivotal market insights and uncovers the most significant emerging trends driving change within the industry.

Chapter 3: Offers an in-depth look at the competitive landscape among Steam Turbine producers, including revenue shares, strategic moves, and recent mergers and acquisitions.

Chapter 4: Presents comprehensive profiles of the market's key players, delving into details such as revenue, profit margins, product portfolios, and company milestones.

Chapters 5 & 6: Analyze Steam Turbine revenue at both regional and country levels, providing quantitative breakdowns of market sizes, growth opportunities, and development prospects worldwide.

Chapter 7: Focuses on different market segments by type, examining their individual sizes and potential, guiding readers toward high-impact, untapped market areas.

Chapter 8: Explores segmentation by application, evaluating industry growth potential in various downstream markets and pinpointing promising sectors for expansion.

Chapter 9: Provides a thorough review of the industry's supply chain mapping out both upstream and downstream activities.

Chapter 10: Concludes with a summary of the report's key findings and highlights the most critical takeaways for industry stakeholders.

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FAQ

Q: What is the growth rate of the Steam Turbine Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 5.0% during the forecast period from 2024 to 2031.

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