The North America Steam Turbines Market revenue is projected to show steady growth from $5,640 Million in 2020 to $8,900 Million by 2035, supported by investments in modernization, grid expansion, and clean energy. The market experiences incremental growth post-2025 as new technologies and services drive upgrades in conventional and hybrid power assets. Key players’ focus on digital services, combined cycle plants, and efficient retrofit solutions sustains the revenue upswing across all main geographies.
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Power generation remains the dominant application for steam turbines in North America, accounting for the highest market share in 2025 owing to utilities retrofitting aging plants and modernizing infrastructure. The industrial segment, including chemicals and petrochemicals, follows closely as companies invest in on-site cogeneration systems for efficiency and sustainability. The oil & gas sector maintains a solid share as major producers upgrade facilities to enhance reliability. Marine and other niche applications contribute the remaining market share. The diverse applications highlight the adaptability of steam turbine solutions across sectors.
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Who are the key players in North America Steam Turbines Market industry?
The top 5 players in the North America steam turbines market are General Electric, Siemens Energy, Mitsubishi Power Americas, Elliott Group, and Fuji Electric. These companies are recognized for their advanced turbine technologies, wide product portfolios, service networks, and strong presence across power generation and industrial steam turbine applications.
What is the North America Steam Turbines Market growth?
The North America steam turbines market has experienced steady growth due to increasing investments in combined heat and power (CHP) plants and modernization of thermal power infrastructure. For example, Siemens Energy reported notable growth in steam turbines orders in 2023, driven by demand for efficient power generation solutions.
Which segment accounted for the largest North America Steam Turbines Market share?
Power generation remains the leading application segment in the North America steam turbines market. Utilities and independent power producers rely on steam turbines for electricity production in coal, nuclear, and gas-fired plants, making power generation the dominant segment by market share and installed capacity.
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