The global steam turbine market is undergoing a strategic transformation amid accelerating energy transition pressures, intensifying policy mandates, and technological reorientation toward net-zero compatibility. Historically anchored in coal-fired power generation, the market is progressively diversifying into advanced low-carbon applications including nuclear, geothermal, hydrogen, and carbon capture-enabled industrial systems. Steam turbines remain irreplaceable in multiple large-scale baseload generation technologies, particularly where thermal gradients, high temperatures, or mechanical drive applications exist. With emerging innovations in small modular reactors (SMRs), molten salt storage, sCO₂ cycles, and hydrogen compression, steam turbines are not relics of the fossil fuel age but key enablers of future-proof infrastructure. This market segmentation—between retrofitting legacy assets and deploying transition-ready solutions—is redefining competition and value across the global turbine supply chain.
Our analysis values the market size for steam turbines at $17.8 Billion in 2025 and is poised to register a steady growth of 2.8% between 2025 and 2032.
The global steam turbine backlog associated with new coal-fired power plants has declined significantly. GE Vernova reported in Q1 2024 that less than 30% of its active steam turbine order backlog was tied to new coal projects, a dramatic decline from over 50% in 2020. This decline reflects not only decarbonization efforts globally but also a slowdown in coal permitting in South and Southeast Asia. However, selective coal markets like India, Indonesia, and Vietnam still present opportunities for advanced ultra-supercritical (A-USC) steam turbine systems, particularly when tied to future CCS retrofits.
Retrofits are increasingly critical for aging thermal assets. Siemens Energy’s FLEX Upgrade package (launched Q4 2023) enables ramping at 10% load per minute, up from a typical 2-4%, which is vital for grid flexibility amidst renewable intermittency. This retrofit, piloted at a Polish coal plant, exemplifies how steam turbines are being engineered for dynamic response in hybrid grids.
Steam turbines are central to geothermal electricity generation, and the United States is experiencing a renewed surge. The EIA reported a 9.7% YoY increase in 2023 for geothermal output. The DOE’s Enhanced Geothermal Shot aims to expand capacity from ~3.7 GW to over 90 GW by 2050, signaling a long-term demand driver for high-efficiency flash and binary cycle turbines optimized for low-temperature geothermal reservoirs.
A significant share of future steam turbine demand will stem from retrofit upgrades in nuclear plants. In the U.S., 85% of operating nuclear reactors (79 out of 93) have been granted 60-year license extensions. In Europe, France’s EDF plans life extensions for all 56 nuclear reactors, driving demand for steam path modernizations. Steam turbine OEMs are capitalizing on this trend with modular upgrades that enhance reliability, safety margins, and thermal efficiency.
GE Vernova’s BWRX-300 turbine, designed in 2023, represents the first compact steam turbine tailored for small modular reactors (SMRs). The modular format enables factory-built turbine-generator sets that lower installation timelines and cost. As global interest in SMRs accelerates—particularly in Canada, Poland, and the UK—vendors offering compact, scalable steam turbines stand to benefit immensely.
In late 2023, South Korea’s KAERI successfully tested a 10 MWe sCO₂ turbine connected to a nuclear heat source. These turbines are gaining traction for next-generation reactors and CSP applications. sCO₂ cycles offer 5-10% higher thermal efficiency compared to traditional steam cycles, operate at lower footprint, and eliminate water use—a crucial factor in arid or remote regions.
Steam turbines remain the conversion backbone for concentrated solar power (CSP) systems. In Q1 2024, Shanghai Electric commissioned a 100 MW molten salt steam turbine for Dubai’s CSP plant. Operating at 565°C with integrated thermal storage, this setup ensures 24/7 renewable power generation—something wind and PV cannot match alone. As countries seek round-the-clock renewable capacity, CSP-linked steam turbines will proliferate.
As of mid-2024, 14 global combined-cycle gas turbine (CCGT) plants under construction specify "100% hydrogen-ready" steam turbine islands, including the UK’s Keadby 3 and Australia’s Tallawarra B. These setups anticipate future hydrogen blending while still operating efficiently on natural gas, showcasing OEM agility in modular turbine design. Long-term, steam turbines that integrate with H₂-fired GTs will define competitiveness in decarbonized grids.
The LNG sector is emerging as a robust demand center. Over 120 mechanical drive steam turbines (>50 MW each) are required for LNG compression trains currently under construction globally (2024 data). These turbines are essential for reliability-critical applications in mega-scale refrigeration systems, especially along the US Gulf Coast, where projects like Plaquemines LNG and Port Arthur LNG dominate.
A growing number of waste heat to power applications are leveraging steam turbines for onsite electricity generation linked to carbon capture. A 2024 project in Denmark (Equinor, Microsoft, Ørsted) uses waste heat from data centers to power steam turbines that drive carbon capture at a biomass facility—representing the first commercial integration of CCS with steam-driven recovery.
GE Vernova remains one of the most technologically diversified steam turbine OEMs globally. In 2023, it finalized the detailed design for its BWRX-300 SMR-specific turbine, a key milestone in modular nuclear solutions. The firm is also investing in hydrogen-compatible turbines and mechanical drive applications. In LNG, its steam turbines power core refrigeration units for US export projects. Additionally, GE’s continued presence in select Asian coal markets and strong retrofit services bolster its post-fossil strategy.
Siemens Energy has taken an aggressive approach toward flexibility and hybridization. Its FLEX Upgrade positions it as a retrofit leader in Europe, particularly for aging coal assets that must adapt to renewables. Siemens is also a front-runner in hydrogen-ready turbine islands and is involved in key UK decarbonization projects. With a wide base in nuclear and gas-fired steam integration, the company is reshaping turbine technology for dynamic net-zero grids.
Mitsubishi Power achieved a major technical milestone in 2024 by commissioning the world’s first ultra-high-temp (650°C) steam turbine paired with its JAC gas turbine. This gas turbine combined cycle (GTCC) configuration targets over 65% net efficiency and is being positioned for ammonia and hydrogen-ready plants in Japan and the Middle East. The company is also targeting the Asian CSP market and heavy industry retrofits.
In 2024, Elliott Group delivered 70 MW mechanical drive steam turbines for a low-carbon ammonia project in the US Gulf Coast. Known for its robust industrial turbine portfolio, Elliott is increasingly involved in hydrogen, CCS, and petrochemical compression markets where mechanical reliability and high availability are paramount.
With the U.S. DOE targeting 90 GW of geothermal by 2050, turbine manufacturers have the opportunity to design next-generation low-enthalpy and binary turbines. Innovations in dry steam and EGS (enhanced geothermal systems) will require specialized turbine designs suited to unique flow and pressure profiles, creating a rich aftermarket and OEM opportunity pool.
As SMRs shift from paper to deployment, there is strong demand for modular turbine-generator sets that reduce civil works, commissioning time, and O&M complexity. Vendors that offer factory-tested turbine modules for SMRs and Gen IV reactors will be well-positioned to dominate this nascent but potentially huge vertical.
Industrial steam systems integrated with carbon capture, waste heat recovery, or hydrogen compression offer vast untapped potential. Steam turbines in such applications not only generate power but provide critical thermal integration across compressors, boilers, and heaters. Retrofits will lead, but new-builds with CCUS-compatibility will emerge as governments fund industrial decarbonization.
The growing digitalization of industrial assets opens new revenue channels for steam turbine OEMs. Offering digital twins, remote monitoring, and AI-driven O&M optimization adds stickiness and service continuity. Vendors are increasingly bundling long-term service agreements (LTSAs) with performance guarantees for mission-critical applications in nuclear and LNG.
While still in pilot stages, sCO₂ and Brayton cycle turbines are fast maturing and threaten to displace steam in high-efficiency, compact applications. Their dry-cooling capability and better heat integration may eventually sideline steam in small-scale Gen IV nuclear and CSP.
Steam turbines inherently require significant cooling water infrastructure, making them vulnerable in water-scarce geographies. Closed-loop and air-cooled condensers help, but the capex and efficiency penalties limit broad uptake. Technologies that reduce dependency on water may increasingly gain policy preference.
In nuclear and critical grid applications, the design certification and component testing for steam turbines is time-intensive and highly regulated. This creates barriers for new entrants and constrains innovation speed, especially in markets like the US and EU.
Type
Impulse
Reaction
Technology
Steam Cycle
Combined Cycle
Cogeneration
Applications
Power Generation
Petrochemical
Oil & Gas
Others
End Users
Power & Utility
Industrial
Capacity
Up to 150 MW
151-300 MW
Above 300 MW
Plant Type
Gas
Coal
Nuclear
Other (Biomass, CHP)
Countries Included
North America (US, Canada, Mexico)
Europe (Germany, France, Spain, UK, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, Southeast Asia, Others)
South and Central America (Brazil, Argentina, Chile, Peru, Others)
Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Nigeria, Others)
Siemens Energy AG
Mitsubishi Heavy Industries Ltd.
Toshiba Corporation
GE Vernova Inc.
Doosan Skoda Power
Bharat Heavy Electricals Limited
Ansaldo Energia
Fuji Electric Co., Ltd.
Kawasaki Heavy Industries
MAN Energy Solutions
*- List not Exhaustive
TABLE OF CONTENTS
1 INTRODUCTION TO 2024 FPSO MARKETS
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 RESEARCH METHODOLOGY
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 EXECUTIVE SUMMARY
3.1 Global FPSO Market Size Outlook, $ Million, 2021 to 2030
3.2 FPSO Market Outlook by Type, $ Million, 2021 to 2030
3.3 FPSO Market Outlook by Product, $ Million, 2021 to 2030
3.4 FPSO Market Outlook by Application, $ Million, 2021 to 2030
3.5 FPSO Market Outlook by Key Countries, $ Million, 2021 to 2030
4 MARKET DYNAMICS
4.1 Key Driving Forces of FPSO Industry
4.2 Key Market Trends in FPSO Industry
4.3 Potential Opportunities in FPSO Industry
4.4 Key Challenges in FPSO Industry
5 MARKET FACTOR ANALYSIS
5.1 Competitive Landscape
5.1.1 Global FPSO Market Share by Company
5.1.2 Product Offerings by Company
5.2 Porter’s Five Forces Analysis
6 GROWTH OUTLOOK ACROSS SCENARIOS
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 GLOBAL FPSO MARKET OUTLOOK BY SEGMENTS
7.1 FPSO Market Outlook by Segments
Type
- New-Build
- Conversion
- Redeployed
Application
- Shallow Water
- Deep Water
- Ultra-Deep Water
Hull
- Single Hull
- Double Hull
Mooring System
- Turret System
- Internal Turret
- External Turret
- Spread System
- Tower-Yoke System
- Others
8 NORTH AMERICA FPSO MARKET ANALYSIS AND OUTLOOK TO 2030
8.1 Introduction to North America FPSO Markets in 2024
8.2 North America FPSO Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America FPSO Market size Outlook by Segments, 2021-2030
Type
- New-Build
- Conversion
- Redeployed
Application
- Shallow Water
- Deep Water
- Ultra-Deep Water
Hull
- Single Hull
- Double Hull
Mooring System
- Turret System
- Internal Turret
- External Turret
- Spread System
- Tower-Yoke System
- Others
9 EUROPE FPSO MARKET ANALYSIS AND OUTLOOK TO 2030
9.1 Introduction to Europe FPSO Markets in 2024
9.2 Europe FPSO Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe FPSO Market size Outlook by Segments, 2021-2030
Type
- New-Build
- Conversion
- Redeployed
Application
- Shallow Water
- Deep Water
- Ultra-Deep Water
Hull
- Single Hull
- Double Hull
Mooring System
- Turret System
- Internal Turret
- External Turret
- Spread System
- Tower-Yoke System
- Others
10 ASIA PACIFIC FPSO MARKET ANALYSIS AND OUTLOOK TO 2030
10.1 Introduction to Asia Pacific FPSO Markets in 2024
10.2 Asia Pacific FPSO Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific FPSO Market size Outlook by Segments, 2021-2030
Type
- New-Build
- Conversion
- Redeployed
Application
- Shallow Water
- Deep Water
- Ultra-Deep Water
Hull
- Single Hull
- Double Hull
Mooring System
- Turret System
- Internal Turret
- External Turret
- Spread System
- Tower-Yoke System
- Others
11 SOUTH AMERICA FPSO MARKET ANALYSIS AND OUTLOOK TO 2030
11.1 Introduction to South America FPSO Markets in 2024
11.2 South America FPSO Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America FPSO Market size Outlook by Segments, 2021-2030
Type
- New-Build
- Conversion
- Redeployed
Application
- Shallow Water
- Deep Water
- Ultra-Deep Water
Hull
- Single Hull
- Double Hull
Mooring System
- Turret System
- Internal Turret
- External Turret
- Spread System
- Tower-Yoke System
- Others
12 MIDDLE EAST AND AFRICA FPSO MARKET ANALYSIS AND OUTLOOK TO 2030
12.1 Introduction to Middle East and Africa FPSO Markets in 2024
12.2 Middle East and Africa FPSO Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa FPSO Market size Outlook by Segments, 2021-2030
Type
- New-Build
- Conversion
- Redeployed
Application
- Shallow Water
- Deep Water
- Ultra-Deep Water
Hull
- Single Hull
- Double Hull
Mooring System
- Turret System
- Internal Turret
- External Turret
- Spread System
- Tower-Yoke System
- Others
13 COMPANY PROFILES
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
- Altera Infrastructure L.P.
- Bluewater Energy Services B.V.
- Bumi Armada Berhad
- BW Offshore Limited
- Century Energy Services Ltd
- China National Offshore Oil Corporation Limited
- Emerson Electric Co.
- Eni S.p.A.
- Exxon Mobil Corporation
- MISC Berhad
- MODEC, Inc.
- Petróleo Brasileiro S.A. (Petrobras)
- Royal Dutch Shell plc
- Saipem S.p.A.
- SBM Offshore N.V.
- Teekay Corporation
- TotalEnergies SE
- Woodside Petroleum Ltd.
- Yinson Holdings Berhad
14 APPENDIX
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
Type
Impulse
Reaction
Technology
Steam Cycle
Combined Cycle
Cogeneration
Applications
Power Generation
Petrochemical
Oil & Gas
Others
End Users
Power & Utility
Industrial
Capacity
Up to 150 MW
151-300 MW
Above 300 MW
Plant Type
Gas
Coal
Nuclear
Other (Biomass, CHP)
Countries Included
North America (US, Canada, Mexico)
Europe (Germany, France, Spain, UK, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, Southeast Asia, Others)
South and Central America (Brazil, Argentina, Chile, Peru, Others)
Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Nigeria, Others)
USD Analytics calculations identify the revenue generated from steam turbines market as $17.8 Billion in 2025 and is poised to register a steady growth of 2.8% between 2025 and 2032.
The steam turbine market is increasingly being driven by energy transition initiatives, such as the rise of geothermal and nuclear power (especially SMRs), integration with hydrogen-ready combined cycle plants, and the growing demand for retrofits in existing coal and nuclear assets. Industrial sectors such as LNG, petrochemicals, and CCS are also boosting mechanical drive applications.
Steam turbines are evolving through innovations like molten salt integration for concentrated solar power (CSP), high-efficiency turbines for enhanced geothermal systems (EGS), and compatibility with hydrogen-fired gas turbines. Additionally, retrofit technologies like Siemens' FLEX upgrade are making steam turbines more responsive to renewable-dominated grids.
Steam turbines are central to converting geothermal heat into electricity. In the U.S., geothermal output using steam turbines grew 9.7% year-on-year in 2023. With the DOE’s target of 90+ GW of geothermal by 2050, there’s a massive future opportunity for specialized steam turbines in both flash and binary geothermal systems.
Major players include Siemens Energy AG, GE Vernova Inc., Mitsubishi Heavy Industries, Toshiba Corporation, and Doosan Škoda Power. These companies are leading in new-build deployments, retrofits, and advanced turbine technologies across nuclear, hydrogen, geothermal, and LNG sectors.