Turbine Market: Global Opportunity Analysis and Industry Forecast, 2022-2029 Market

Turbine Market Outlook - 2027

A turbine is a rotary mechanical machine that produces continuous electricity in which a wheel or rotor, typically with vanes are made to revolve by a fast-moving flow of water, gas, air, steam, or other fluid. Turbines are classified into four types depending upon the fluid used such as wind turbine, gas turbine, steam turbine, and water turbine. The major function of the turbine is to convert energy from the high-pressure steam to mechanical energy in the form of shaft rotation. Turbine is used in wind power, propulsion, heat engines, and others. The efficiency of the turbine depends upon the amount of net input energy supplied to it in the form of fuel. The type of turbines used in industrial processes depends upon the type of energy used to power the turbine. Turbines can be used to produce rotating power in the transportation sector. Thus, multiple benefits associated with turbine are expected to drive the growth of the global market during the forecast period.

COVID-19 impact analysis

The global market for turbine is severely impacted by the outbreak of the COVID-19 pandemic. The decline in oil& gas prices and halting of industrial activities of transportation and petrochemicals hamper the turbine market growth. This is attributed to the fact that the pandemic has forced many industries in the market to nearly stop their operations to comply with the government regulations such as social distancing. Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap. Thus, insufficiency in raw material supply will further affect the production rate of turbine market, which negatively impact the turbines supply chain management. The less production rate of transports will cause a temporary decline in demand for turbines.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The adoption of combined cycle gas turbines and integrated gasification combined cycle in the oil & gas industry is the major driving factor of the turbine market. Furthermore, generation of electricity in an eco-friendly manner notably contributes toward the growth of the global market. Moreover, the thermal efficiency of steam turbines is higher than of a reciprocating engine, which boosts its demand, globally. However, the major restraints of steam turbines include high maintenance cost, longer start-up, and less responsiveness to changes in power demand compared with reciprocating engines.

New product launches to flourish the market

New products that exhibit improved capabilities have been launched by leading market players. Manufacturers have taken the necessary steps to improve the accuracy of devices and overall functionality. For instance, Longtin launched new series of gas turbine with large 100 meter rotor, which enhances energy production. The gas turbine combined cycle is the recent development in the industry that has the potential to conduct secondary power generation by a steam turbine and utilizing the exhaust heat expelled after rotating the gas turbines. The J series gas turbine can achieve a temperature in the 1,600 degree class.
Some manufactures utilize design induction generators of more than 50KW rated power to reduce cost and improve reliability. Furthermore, to eliminate noise pollution, peak motor speeds are being pursued. The major market manufacturers are attempting to make turbines more visually attractive with the help of recent technologies.

Surge in energy consumption and use of turbines in industrial applications 

Manufacturers have been focusing on producing new products for specific applications as there are varying demands based on the utilization. Each type of turbines has unique applications in different industries. For instance, the cross-flow turbines have been generally used in mini and micro hydropower units for electricity generation. Massive power can be generated by turbines as compared to other power generation equipment.

Key benefits of the report

• This study presents the analytical depiction of the global turbine industry along with the current trends and market estimation to determine the imminent investment pockets.
• The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the turbine market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the turbine market growth scenario.
• The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years.
• This report helps users in comprehending the key product segments and their future.

 Turbine Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights