The North American steam turbines market is experiencing moderate but sustained growth driven by energy infrastructure upgrades and the decarbonization of power generation assets. Valued at USD 3,250 Million in 2025, the market is projected to reach USD 4,760 Million by 2035, registering a CAGR of 3.9% from 2024 to 2035. Key industry players, such as General Electric and Siemens Energy, play a pivotal role in driving technology advancements, retrofits, and regional expansions. Demand for reliable and flexible power supply is further reinforcing market expansion.
The economic impact of tariffs on "North America Steam Turbines Market".
Market Growth Drivers
1. Grid Modernization and Reliability Needs: North America's aging power infrastructure necessitates extensive refurbishment and modernization. Utilities increasingly invest in advanced steam turbines to replace older units, targeting improved efficiency, reduced emissions, and better load management. Companies like General Electric are engaged with U.S. utilities for supplying and retrofitting high-efficiency turbines that meet modern grid requirements.
2. Industrial Expansion and Co-generation: The rise in industrial manufacturing sectors, especially chemicals and refining, is boosting steam turbine demand for co-generation plants. Industrial giants such as Siemens Energy are actively involved in delivering tailored steam turbine solutions for refineries and process industries, leveraging higher energy efficiency and lower operational costs.
Market Trends
1. Shift Toward Combined Heat and Power (CHP): There is an increasing focus on deploying CHP solutions across municipal and industrial facilities to improve energy efficiency and reduce fuel consumption. Companies including Mitsubishi Power Americas are partnering with municipalities to install steam turbines in CHP systems, enabling enhanced reliability and sustainable operations.
2. Integration with Renewable and Hybrid Systems: The adoption of hybrid power plants is rising, integrating steam turbines with renewable sources like biomass and solar thermal. Firms like Doosan Škoda Power have collaborated with Canadian utilities to provide steam turbines for hybrid plants, supporting decarbonization and grid stability initiatives.
Market Opportunities
1. Decarbonization and Hydrogen Adoption: As North America accelerates its transition to low-carbon energy, opportunities arise for steam turbines capable of operating with hydrogen or biofuels. GE Vernova has announced pilots for flexible turbines to support future fuel adaptability.
2. Modernization of Nuclear Facilities: The repowering and life-extension projects of nuclear power plants present significant opportunities. Companies like Westinghouse are supplying turbines for upgrades in U.S. nuclear fleets, ensuring compliance and enhanced output.
North America Steam Turbines Market Revenue (USD Million), 2020-2035
The chart illustrates a steady increase in market revenue from USD 2,700 Million in 2020 to a projected USD 4,760 Million by 2035. Initial years demonstrate gradual growth, reflecting post-pandemic recovery and refurbishment of aging assets. The pace accelerates after 2025, driven by grid reliability investments, increasing renewable integration, and modernization initiatives. By 2035, strong emphasis on sustainability and industrial co-generation further propels the market. This trajectory highlights the sector's resilience and evolving demand in response to emerging energy challenges and decarbonization policies.
North America Steam Turbines Market Share by Region (%) in 2025
The regional distribution of the North American steam turbines market in 2025 shows the United States dominating with 67% share due to robust industrial infrastructure and ongoing power plant modernization. Canada follows with 18%, leveraging investments in combined heat and power and renewable integration, while Mexico accounts for 9% amid gradual reforms and industrial growth. The remaining 6% is shared among other North American territories and the Caribbean, reflecting niche deployments and specialized projects. This breakdown underscores the primacy of the U.S. market and the emergent potential in Canada and Mexico.
Recent Developments in the North America Steam Turbines Market (Past 6 Months)
1. In February 2024, General Electric Vernova announced the successful commissioning of a new high-efficiency steam turbine at a major U.S. combined-cycle gas plant. The turbine incorporates advanced materials and digital monitoring systems to extend operational life and improve plant flexibility, responding to increasing grid reliability demands.
2. Siemens Energy, in March 2024, secured a contract to retrofit and modernize steam turbines at a Canadian pulp and paper facility aimed at energy savings and decarbonization. The project utilizes Siemens' latest modular turbine designs, marking a strategic focus on industrial co-generation projects in North America.
3. In April 2024, Mitsubishi Power Americas revealed a partnership with a Texas-based renewable developer for a hybrid renewable and steam power project. The initiative involves integrating a steam turbine with a biomass-fueled CHP plant, showcasing the company's commitment to sustainability and grid-supportive solutions across the North American market.
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