Turbine Motors Market Opportunities-2030
The global turbine motors market size was valued at $194.1 billion in 2020, and is projected to reach $422.2 billion by 2030, with global turbine motors market forecast expected at a CAGR of 8.1% from 2021 to 2030. A turbine motor is a mechanical device that withdraws energy from a moving fluid and converts it into electricity. Four types of turbine motors are available in the market, which include wind turbine, water turbine, steam turbine, and gas turbine. Shift in preference from fossil fuel toward alternative green energy resources and surge in demand of sustainable energy sources are the key factors that drive growth of the global turbine motors growth. Turbine motors are now used in several end-use verticals such as petrochemical, oil &gas industries, and power generation industries.
Governments across the globe are promoting sustainable energy sources, which can reduce carbon emission, unlike conventional power sources. Furthermore, various technologies such as run-of-river, low head turbines, and small hydro plants, which help in generation of kinetic energy that can be used for different purposes are gaining high traction in the market. Thus, surge in demand for such renewable power sources is expected to drive the growth of the turbine motors market. Asia-Pacific witnessed the largest number of hydropower projects, which are under construction, some of which include Wudong-de hydropower station (10.2GW), Seli (400MW), Miyar (120MW), and Baihetan hydropower project (16GW). In 2020, total production of hydropower in China was around 4-5 times than that of the U.S.
Moreover, rise in investment opportunities in new hydropower projects fosters the market growth in Asia-Pacific. Furthermore, surge in use of renewable energy from industry players and robust investments in medium and large hydropower projects positively impact the turbine power market growth. Technological development in recent years is bringing more efficient and more reliable wind turbines and making wind power more cost-effective. Wind turbines are becoming more powerful, with the latest turbine models having larger blade lengths, which can utilize more wind and therefore produce more electricity, bringing down the cost of renewable energy generation. According to the International Renewable Energy Agency (IRENA), 2020, the price of renewable energy source has decreased 30–40% as compared to previous years, and is expected to continue the trend, owing to technological improvements.
By Type
Wind Turbine is projected to create abundant $ opportunity till 2030
Turbine motors possess inexhaustible and clean fuel source. It does not pollute the environment like power plants that rely on combustion of fossil fuels, such as coal or natural gas, which emit particulate matter, nitrogen oxides, and sulfur dioxide, causing health problems and economic damages. Furthermore, turbine motors do not produce atmospheric emissions that cause acid rain, smog, or greenhouse gases.
However, high investment for the manufacturing and installation of turbine motors is expected to restrain the growth of market. Moreover, developing countries still prefer conventional power plants due to least investment and installation cost compared to turbine motors.
By Capacity
Large (Greater than 100 MW) is projected as the most lucrative segment.
The global turbine motors market is segmented on the basis of type, capacity, application, and region.
On the basis of type, the global turbine motors market is segmented into water turbine, steam turbine, gas turbine, and wind turbine. By capacity, it is segregated into small (less than 10mw), medium (10–100mw), and large (greater than 100mw). The applications covered in the study include industrial, commercial, and residential.
By Application
Industrial is projected as the most lucrative segment.
Region wise, the turbine motors market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Europe accounts for the largest share of the market, followed by Asia-Pacific and North America.
The major companies profiled in this turbine motors industry report include Andritz AG, Canyon Industries Inc., General Electric, Gilbert Gilkes & Gordon Ltd., Kirloskar Brothers Ltd., Litostroj Power Group, Norcan Hydraulic Turbine Inc., Siemens AG, Toshiba Hydroelectric Power, Voith Gmbh & Co. Kgaa, Arani Power, Chola Turbo Machinery International Pvt. Ltd., Doosan Škoda Power, Elliott Group, Mitsubishi Hitachi Power Systems Inc., Turbine Generator Maintenance Inc., Turbocam, and Vestas Wind Systems.
By Region
Europe holds a dominant position in 2020
Impact Of Covid-19 On The Global Turbine Motors Market
- Emergence of COVID-19 had a negative impact in the growth of the global turbine motors market for a short period.
- The COVID-19 pandemic is predicted to possess hurdles for turbine equipment manufacturers (OEMs) due to disruption in supply chain and shutting down of manufacturing and energy generating facilities.
- The production and transportation of this heavy machinery is hampered due to improper transportation facilities. Various countries around the world have set target to phase out the hydro thermal power plants and replace most of their required power energy from renewable energy source such as wind, tidal, and solar.
- Thus, the abovementioned factors are expected to restrain the global turbine motors market growth in current times.
Key Benefits For Stakeholders
- As per turbine motors market analysis, Europe accounted for the largest share of the market in 2020, owing to shift in preferences toward the use of renewable sources in the region.
- In terms of type, the wind turbine segment accounted for the largest market share in 2020, and is projected to grow at a CAGR of 8.7% from 2021 to 2030, due to decrease in wind energy prices owing to the technological development.
- By capacity, Large (greater than 100MW) segment generated the largest revenue in 2020, and is expected to grow at a CAGR of 8.0%.
- Depending on application, industrial segment accounted for the highest revenue in 2020, and is expected to grow at a CAGR of 7.7%.
Key Market Segments
By Type
- Water Turbine
- Impulse Turbine
- Reaction Turbine
- Steam Turbine
- Impulse Turbine
- Reaction Turbine
- Gas Turbine
- Open Cycle Gas Turbine
- Combined Cycle Gas Turbine
- Wind Turbine
- Onshore
- Offshore
By Capacity
- Small (Less than 10MW)
- Medium (10–100MW)
- Large (Greater than 100MW)
By Application
- Industrial
- Petrochemical
- Oil and Gas
- Power Generation
- Others
- Commercial
- Residential
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Turbine Motors Market Report Highlights
| Aspects | Details |
 By Type |
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 By Capacity |
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 By Application |
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 By Region |
|
 Key Market Players | CANYON INDUSTRIES INC., Vestas Wind System, CHOLA TURBO MACHINERY INTERNATIONAL PVT. LTD, KIRLOSKAR BROTHERS LTD, TURBOCAM, DOOSAN ŠKODA POWER, GENERAL ELECTRIC, VOITH GmbH & CO. KGAA, MITSUBISHI HITACHI POWER SYSTEMS INC., TOSHIBA HYDROELECTRIC POWER, ELLIOTT GROUP, LITOSTROJ POWER GROUP, GILBERT GILKES & GORDON LTD., ARANI POWER, TURBINE GENERATOR MAINTENANCE INC., NORCAN HYDRAULIC TURBINE INC., ANDRITZ AG, SIEMENS AG |
Analyst Review
The global turbine motors market is expected to gain huge traction during the forecast period due to shift in preferences toward the use of sustainable and renewable energy sources.
Easily available conventional alternatives and high initial investment cost of turbine motors as compared with traditional techniques are likely to hamper the growth of the turbine motors market during the upcoming years. However, decrease in renewable energy prices due to technological advancements, increase in urbanization & economic development, and shift in preferences toward the use of renewable energy are some of the key factors expected to drive the demand for the turbine motors market during the forecast period. In addition, government subsidies toward promoting the use of renewable energy projects are expected to drive the global turbine motors sales.
The COVID-19 pandemic has negatively impacted the global turbine motors market for a short span due to disruption in supply chain and shutting down of manufacturing and energy generating facilities, thereby hampering the global turbine motors market.
Moreover, companies are inheriting acquisition strategies to boost the growth of the turbine motors market throughout the forecast period.
Increase in demand for renewable and sustainable energy sources, reduction in fossil-based energy generation, technological advancement for the development of more reliable and efficient turbine motors are the key factors driving the growth of turbine motors market
Major applications of turbine motors include power generation in industries such as petrochemical, oil and gas etc. Application of turbine motor also includes commercial and residential use for power generation.
The report sample for global turbine motors market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
Companies are inheriting partnership and acquisition strategies to support the growth of the turbine motors market throughout the forecast period.
Asia Pacific significantly China and India will provide more business opportunities for turbine motors market in coming years
The top ten market players are selected based on two key attributes - competitive strength and market positioning
Wind turbine segment accounted for largest turbine motor market share.
Andritz AG, Canyon Industries Inc., General Electric, Gilbert Gilkes & Gordon Ltd., Kirloskar Brothers Ltd, Litostroj Power Group, Norcan Hydraulic Turbine Inc., Siemens AG, Toshiba Hydroelectric Power, Voith Gmbh& Co. Kgaa, Arani power, Chola Turbo Machinery International Pvt. Ltd., Doosan Škoda Power, Elliott Group, Mitsubishi Hitachi Power Systems Inc., Turbine Generator Maintenance Inc., Turbocam, and Vestas Wind Systems.
Decrease in wind energy prices owing to the technological development, government initiatives and subsidies towards the use of renewable energy are the key trends expected to create increased growth opportunities throughout the forecast period.
The expected market value of turbine motors by 2028 is US$ 361.6 billion
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