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Steam Turbine Market to Reach Significant Growth at 5.0% CAGR through 2031, Driven by Rising Power Demand and Combined Cycle Efficiency | DataM Intelligence
Steam Turbine Market
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Key Mergers and Acquisitions
✦ January 2026: Siemens acquired a specialized turbine blade technology firm to enhance its high-efficiency steam turbine designs for combined cycle power plants.
✦ December 2025: Mitsubishi Heavy Industries, Ltd. completed a strategic acquisition of a regional energy solutions provider to expand its steam turbine service and upgrade portfolio in Asia-Pacific.
✦ November 2025: General Electric secured a licensing agreement with an advanced materials innovator to integrate next-generation coatings into its large-capacity steam turbines for improved durability and performance.
Key Industry Developments
☑️ January 2026: General Electric, Siemens, and Mitsubishi Heavy Industries, Ltd. launched upgraded high-efficiency steam turbines (>150 MW) with enhanced combined cycle integration, targeting new power plant projects in Asia-Pacific and North America.
☑️ December 2025: MAN Energy Solutions and Elliott Group expanded their cogeneration turbine offerings with improved fuel flexibility and lower emissions, gaining contracts from industrial and utility clients.
☑️ November 2025: Power Machines and Ansaldo Energia strengthened partnerships with Asian energy firms for steam turbine installations in large-scale power and utility projects.
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Market Segmentation Analysis
By Capacity: More than 150 MW holds the largest share due to high demand in large-scale power plants and utility applications for electricity generation; 5 MW to 150 MW grows steadily for industrial and cogeneration use; Up to 5 MW expands in distributed and small-scale power projects.
By Plant Type: Combined Cycle dominates with superior efficiency and lower emissions, widely adopted in new power plants; Steam Cycle remains significant in traditional thermal plants; Cogeneration grows rapidly for industrial energy recovery and sustainability goals.
By End-User: Power and Utility sector leads with massive installations for electricity generation; Industrial grows steadily for process steam and cogeneration; Others (Residential, Commercial, Institutional) expand in smaller-scale and district heating applications.
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Competitive Landscape / Key Players
✦ General Electric - In January 2026, launched upgraded large-capacity steam turbines with enhanced combined cycle efficiency, and expanded service contracts for utility and industrial clients in North America and Asia-Pacific.
✦ Siemens - Acquired a turbine blade technology firm in January 2026 to improve steam turbine performance, while rolling out next-gen models in December 2025 for high-efficiency power generation.
✦ Mitsubishi Heavy Industries, Ltd. - Completed acquisition of an energy solutions provider in December 2025 and expanded steam turbine installations in Asia-Pacific utility projects with focus on reliability and low emissions.
✦ MAN Energy Solutions - Advanced cogeneration turbine systems in December 2025 with improved fuel flexibility, targeting industrial and power sectors in Europe and emerging markets.
✦ Elliott Group - Strengthened its steam turbine service and upgrade offerings in late 2025, securing contracts for retrofitting older plants with high-efficiency components.
Regional Insights
North America commands the largest market share in the global Steam Turbine market, supported by extensive power generation infrastructure, high demand for efficient combined cycle plants, strong presence of leading OEMs like GE and Siemens, ongoing upgrades of aging facilities, and investments in reliable utility-scale turbines.
Asia-Pacific remains the fastest-growing region, fueled by rapid electricity demand growth in China, India, and Southeast Asia, massive new power plant construction, increasing adoption of high-capacity steam turbines, government support for energy security and efficiency, and aggressive expansion by global and local manufacturers.
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