United States Steam Turbine Market 2025: Industry Developments, Future Growth, Share & Industry Insights | Elliott Group, Mitsubishi Heavy Industries, Ltd, MAN Energy Solutions, General Electric

The Steam Turbine Market is estimated to grow at a CAGR of 5.0% during the forecast period 2025-2031.

According to DataM Intelligence Comprehensive Report has released its latest report on the "Steam Turbine Market Size 2025," providing a detailed analysis of market trends, key growth drivers, competitive landscape, and regional insights. The report includes market size (value and volume), CAGR projections, and emerging opportunities that help businesses identify growth areas and build effective strategies. Backed by data-driven insights and future outlook, this study serves as a valuable resource for companies looking to stay competitive and capitalize on market potential.

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Industry Latest News 2025:

✅ 31 Jan 2025 - GE Vernova announces a $90M+ investment in its Schenectady manufacturing campus to expand capacity (including steam-turbine assembly) and create new jobs.

✅ 03 Mar 2025 - GE Vernova completes acquisition of Woodward, Inc.'s Greenville heavy-duty gas-turbine combustion-parts business (closing a supply-chain/production bolt-on).

✅ 12 Mar 2025 - Siemens Energy wins a USD 1.6 billion contract to supply six SGT6-9000HL gas turbines and four SST6-5000 steam turbines (plus generators) for the Rumah-2 and Nairyah-2 combined-cycle power plants in Saudi Arabia.

✅ 28 Feb 2025 - Rolls-Royce SMR selects Siemens Energy as its global turbine-systems partner Siemens to supply the complete steam-turbine/generator package for Rolls-Royce's Generation-3+ SMRs (final contract to be completed by end-2025).

✅ 24 Feb 2025 - GE Power secures multiple steam-turbine orders/services (parts and upgrades) from Indian customers including NTPC and MP Power Generating Company.

✅ 25 Jul 2025 - Wood plc agreed to sell its 50% interest in the RWG joint venture to Siemens Energy Global (transaction moves RWG fully under Siemens Energy ownership).

✅ 12 Sep 2025 - Hanwha Power Systems received Approval-in-Principle (AiP) from ABS for an ammonia-fuel retrofit design for large LNG carriers (major turbine/marine propulsion development from a Korean turbine systems player).

✅ 06 Nov 2025 - Toshiba Energy Systems & Solutions and GE Vernova signed an MoU to advance carbon-reduction and efficiency improvements for turbine-fired power plants in Japan and Asia.

✅ 07 Nov 2025 - Mitsubishi Heavy Industries reported strong H1 FY2025 order intake and highlighted continued orders and supply activity for gas/steam turbine equipment (company update).

Market Geographical Share:

Asia-Pacific holds the largest share of the global steam turbine market, primarily driven by the expanding energy infrastructure in China, India, and Southeast Asian countries. The region's dependence on coal-fired and combined heat and power (CHP) plants, coupled with rapid industrialization, supports steady demand. China remains a dominant producer and consumer, accounting for a significant portion of global installations.

Europe represents a mature market but is witnessing growth in the refurbishment of existing thermal plants and the adoption of biomass and waste-to-energy projects. Countries like Germany, the U.K., and France are investing in upgrading aging turbine systems with more efficient models to meet decarbonization goals.

North America shows moderate market share, supported by natural gas co-generation plants, industrial CHP systems, and the gradual recovery of nuclear power initiatives in the United States. The focus here is on enhancing plant efficiency and extending turbine life through modernization.

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Market Drivers:

✅ Rising Global Energy Demand: Growing population and industrialization, especially in developing economies, are driving the need for stable baseload power generation.

✅ Shift Toward Combined Heat and Power (CHP) Systems: Industries are increasingly adopting CHP to optimize fuel utilization and reduce operational costs.

✅ Upgradation of Aging Power Plants: Modernization and efficiency enhancement projects in older thermal plants are boosting demand for advanced turbine technologies.

✅ Integration with Renewable Energy Sources: Hybrid renewable systems utilizing steam turbines in solar thermal or biomass plants are expanding the market scope.

✅ Nuclear Power Expansion: Several countries are reviving or expanding their nuclear programs, directly supporting steam turbine deployment.

✅ Technological Advancements: Innovations such as supercritical and ultra-supercritical turbines, digital monitoring systems, and improved materials enhance performance and reduce emissions.

✅ Government Policies and Investments: Supportive regulations and public-private partnerships in power infrastructure development further accelerate market growth.

Segments Covered in the Beverage Premix Market:

By Capacity ( Up to 5 MW, 5 MW to 150 MW, and More than 150 MW)

By Plant Type (Steam Cycle, Combined cycle, Cogeneration)

By End-user (Power and Utility, Industrial, Others (Residential, Commercial and institutional))

By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Regional Analysis for Beverage Premix 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)

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Major 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.

✅ Elliott Group - Niche leader for mechanical-drive and industrial steam turbines and aftermarket services (smaller MW segments); steady order flow in industrial/process markets.

✅ Mitsubishi Heavy Industries (MHI) - Major global OEM with a full energy systems portfolio (gas + steam); large orderbook and role in combined-cycle / nuclear segments keeps MHI among top revenue contributors in the market.

✅ MAN Energy Solutions - Focused on utility and industrial steam turbines plus aftermarket/maintenance contracts (strong in Europe); growing service agreements help stabilize market share.

✅ General Electric (GE / GE Vernova / GE Steam Power heritage) - Historically a top global supplier (large utility & nuclear turbines); corporate reorganizations and asset deals (including national restructuring of European assets) have reshaped its footprint but GE technology remains widely installed.

✅ Dongfang Electric Corporation - Large Chinese OEM with broad manufacturing scale for utility-scale steam turbines and strong domestic market share; important player in Asia's new build market.

✅ Spilling Technologies (Spilling) - Specialist with a legacy in small steam turbine/engine technology; recent product strategy shows the steam turbine program has been discontinued and the firm emphasizes steam engines/alternative solutions.

✅ G-Team (G-Team a.s.) - Czech specialist in micro and small steam turbines (up to ~10 MW) focused on industrial energy recovery and CHP - notable in niche, distributed-energy projects.

✅ M+M Turbinen-Technik GmbH - German SME making customised small-to-mid-size steam turbines (energy-recovery/industrial); known for tailored solutions and ~200+ projects rather than mass manufacture.

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