Steam Turbine Market 2025: Industrial Growth, Latest Project, Investment Focus, Future Scope | Top Companies are MAN Energy Solutions, General Electric, DongFang Electric Corporation, Spilling Technologies, G-Team Inc

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

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Latest M&A

1. Mitsubishi Power completed its acquisition of a major European steam turbine manufacturer, strengthening its renewable energy turbine portfolio and expanding technological capabilities.​

2. GE Vernova continues strategic investments including a $600 million expansion in U.S. turbine manufacturing facilities to increase capacity amid rising demand.​

3. Thomassen Amcot Holdings acquired an unused 160 MW steam turbine generator from TC Energy, repurposing it to address demand surges in U.S. power projects through rapid deployment.

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.

Latest News

Siemens Energy secured a long-term service agreement to deliver its SST-400 steam turbine for a fuel-efficient power facility in Michigan, focusing on CO2 emission reductions and grid stability.​

India's steam turbine market is rising rapidly with strong industrial growth and government incentives to expand power generation capacity using efficient turbines, including nuclear.​

Triveni Turbine partnered with Indian Institute of Science (IISc) to launch a Centre of Excellence for advancing energy-efficient steam turbine innovations in India.

Growth Forecast Projection:

The Global Steam Turbine Market is anticipated to rise at a considerable rate during the forecast period, between 2025 and 2032. In 2024, 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 Segmentation:

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))

Regional Analysis for 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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Product Launches

✅ Mitsubishi Power commissioned the world's first ultra-high-temperature (650°C) steam turbine paired with its JAC gas turbine, delivering over 65% net efficiency with readiness for ammonia and hydrogen fuels.​

✅ GE Vernova finalized the BWRX-300 compact steam turbine for small modular reactors (SMRs), optimizing factory-built modular units targeting emerging SMR deployments in Canada, UK, and Poland.​

✅ Innovations in steam turbines include molten salt integration for concentrated solar power and retrofit upgrades such as Siemens' FLEX technology enabling responsive power generation alongside renewables.

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Latest Investments

✅ GE Vernova committed nearly $600 million for U.S. manufacturing expansion over two years including steam turbine production and upgrades in New York.​

✅ Blackstone announced over $1 billion investment in Wolf Summit Energy Project, a combined-cycle gas power plant incorporating state-of-the-art steam turbines in Virginia.​

✅ Ongoing investments focus on hydrogen-ready steam turbines and advanced turbine product lines aligning with clean energy transition policies globally.​

Project Hubs

✅ India is becoming a significant market hub with multiple new power plant projects deploying steam turbines, including nuclear and thermal plants, supported by leading OEMs such as BHEL, Mitsubishi, and Siemens.​

✅ European markets receive turbine innovations aimed at renewables integration and grid decarbonization, with EDF overseeing key turbine acquisitions and operations

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