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.

What are the factors driving the North America Steam Turbines Market?

Key drivers include the refurbishment of aging power plants, the push for cleaner electricity generation, and government support for combined heat and power (CHP) projects. For instance, General Electric has benefited from contracts to upgrade existing infrastructure to improve efficiency and reduce emissions across North America.

Which type accounted for the largest North America Steam Turbines Market share?

Condensing steam turbines account for the largest market share in North America, thanks to their high efficiency and widespread use in large-scale power plants. Their ability to maximize electricity output from steam makes them the preferred type for both utility and industrial applications.

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North America Steam Turbines Market Size & Share Analysis - Growth Trends and Forecast (2026 - 2035)

Name: North America Steam Turbines Market
Brand: Bussiness Insights

North America Steam Turbines Market: by Type (Condensing, Non-Condensing, Regenerative, Reheat, Extraction), Application (Power Generation, Oil & Gas, Industrial, Marine, Other Applications), Distribution Channels (Direct, Indirect, Online, Distributors, System Integrators, Others), Technology (Impulse, Reaction, Mixed Pressure, Back Pressure, Combined Cycle, Cogeneration), Organization Size (Small, Medium, Large) and By North America Historical & Forecast Period (2020-2035) Comprehensive Study 2025

Last Updated: 23-07-2025 | Format: PDF | Report ID:10654 | Author: Sophia

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North America Steam Turbines Market Outlook 2025-2035

The North America Steam Turbines Market comprises a broad spectrum of steam turbine technologies, including condensing, non-condensing, regenerative, reheat, and extraction turbines. These technologies are used across diverse applications such as power generation, oil & gas, industrial, marine, and chemical & petrochemical industries. Growth is primarily driven by decarbonization initiatives, modernization of aging power infrastructure, and increasing adoption of advanced combined cycle power plants. The region features a competitive landscape with major players such as General Electric, Siemens Energy, and Mitsubishi Power leading technological advancements and expanding their service portfolios. The market is projected to exhibit steady growth between 2025 and 2035, supported by favorable regulations and rising investments in clean energy projects.

Latest Market Dynamics

Key Drivers

Digitalization and remote monitoring solutions are increasingly being implemented by manufacturers. General Electric has expanded its digital steam turbine offerings in 2024 to support predictive maintenance and operational optimization.
Increasing adoption of small and medium steam turbines for distributed power and industrial applications. Elliott Group, in June 2024, launched a new line specifically designed for industrial and chemical use-cases.

Expansion of renewables and grid modernization projects create opportunities for steam turbine retrofits and hybrid power solutions. In July 2024, Toshiba Energy Systems collaborated with US utilities to integrate steam turbines into solar-plus-storage projects.
Rising focus on industrial cogeneration for energy efficiency and emission reduction. Baker Hughes announced partnerships with petrochemical clients in June 2024 to provide cogeneration steam turbines.

Competition from gas turbines and other flexible power generation technologies challenge steam turbine market growth. MAN Energy Solutions is addressing this by introducing hybrid systems combining gas and steam technologies in North America.
Complex regulatory and permitting processes can slow deployment, especially for large power projects. Doosan Škoda Power has noted delays in several US-based projects as of July 2024 due to permitting hurdles.

High upfront capital expenditure and long payback periods deter some industrial users from adopting steam turbines. Fuji Electric has rolled out financing solutions in 2024 to help clients address these challenges.
Volatility in fossil fuel prices can impact project economics for steam turbines, particularly in oil & gas. Dresser-Rand (Siemens) has focused on aftermarket services to help customers manage cost uncertainties.

In 2025, condensing steam turbines are expected to hold the largest share of the North American market, driven by their widespread use in large-scale power generation. Non-condensing and extraction types also represent significant shares due to growing demand in industrial and co-generation applications. Regenerative and reheat segments are gaining importance as efficiency and emission norms tighten. Market leaders are focusing on advancing efficiency, flexibility, and integration capabilities across all turbine types to address shifting energy demands.

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.

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.

Year-on-year growth in the North America steam turbines market is estimated to average 2.5%–3.2% from 2025 onward, after strong recovery from 2021–2024 post-pandemic disruptions. The highest YOY spike was noted around 2026 (3.5%) with steady growth in subsequent years as replacement demand and investments in cleaner power sources continue. Slower growth from 2031–2035 is expected due to market maturity and rising competition from alternative power generation solutions.

The United States dominates the North American steam turbines market in 2025, accounting for nearly two-thirds of the market due to extensive power generation capacity and active modernization programs. Canada follows with a significant share, driven by investments in green energy and industrial cogeneration, while Mexico continues to expand steam-based capacity through energy reforms and infrastructure upgrades. This regional split reflects the broader investment landscape and regulatory initiatives favoring advanced power technologies.

General Electric leads the North American steam turbines market in 2025, followed by Siemens Energy and Mitsubishi Power, reflecting their robust technological portfolios, extensive service networks, and established presence in both utility and industrial sectors. Other prominent players include Toshiba Energy Systems & Solutions and Elliott Group. The competitive landscape is characterized by continuous innovation, digitalization initiatives, and a focus on lifecycle services, enabling the top players to maintain and expand their market positions.

Utility companies represent the largest share of steam turbine buyers in North America in 2025, followed by major industrial conglomerates, oil & gas operators, and independent power producers (IPPs). The demand profile is shaped by power sector modernization, decarbonization targets, and the rising preference for hybrid energy solutions. This buyer mix highlights the continuous requirement for high-efficiency turbines and customized solutions across industry segments.

Metrics	Details
Years	2020-2035
Base Year	2025
Market Size	Revenue (USD Million)
Regions	United States, Canada, Mexico
Segments	By Type (Condensing, Non-Condensing, Regenerative, Reheat, Extraction, Mixed Pressure), By Application (Power Generation, Oil & Gas, Industrial, Marine, Chemical & Petrochemical, Other Applications), By Distribution Channels (Direct, Indirect, Online, Distributors, System Integrators, Others), By Technology (Impulse, Reaction, Mixed Pressure, Back Pressure, Combined Cycle, Cogeneration), By Organization Size (Small, Medium, Large)
Players	General Electric, Siemens Energy, Mitsubishi Power, Toshiba Energy Systems & Solutions, Elliott Group, MAN Energy Solutions, Doosan Škoda Power, Baker Hughes, Fuji Electric, Dresser-Rand (Siemens), Shin Nippon Machinery, Hangzhou Steam Turbine, Triveni Turbines, Turboden, Peter Brotherhood

June 2024: Siemens Energy begins a major steam turbine modernization project for an aging utility fleet in the Midwest US.
July 2024: Toshiba Energy Systems partners with leading US utilities for the integration of advanced steam turbines in solar-plus-storage power plants.
June 2024: Elliott Group launches a new range of compact steam turbines for industrial and chemical users across North America.
July 2024: Baker Hughes signs cogeneration steam turbine supply contracts with several petrochemical plants in Canada and US Gulf Coast.
August 2024: Mitsubishi Power unveils next-generation high-efficiency steam turbines tailored for cleaner energy applications in North America.

About the Author

Sophia

Lead Industry Analyst

Sophia is a Lead Industry Analyst specializing in market research, industry analysis, and business consulting across Energy & Power. Sophia brings a commercially grounded perspective to sectors shaped by changing demand, innovation, and competitive dynamics, helping turn complex market trends into clear strategic insights for business decision-makers. With 10+ years of experience across research, analytics, and strategic advisory roles, Sophia has helped organizations translate data into actionable growth strategies.

Energy & PowerMarket ResearchIndustry AnalysisStrategic Consulting

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North America Steam Turbines Market Size & Share Analysis - Growth Trends and Forecast (2026 - 2035)

North America Steam Turbines Market Outlook 2025-2035

Latest Market Dynamics

Key Drivers

Key Trends

Key Opportunities

Key Challenges

Key Restraints

North America Steam Turbines Market Share by Type, 2025

North America Steam Turbines Market Share by Applications, 2025

North America Steam Turbines Market Revenue (2020-2035)

North America Steam Turbines Market YOY (%) Growth (2020-2035)

North America Steam Turbines Market Share by Region, 2025

North America Steam Turbines Market Players Share, 2025

North America Steam Turbines Market Buyers Share, 2025

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