A12368 | Pages: 465 | Jul 2021 | 1950 Views | ||
Author(s) : Prakhar Jain , Eswara Prasad | Tables: 452 | Charts: 68 |
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Pandemic disrupted the entire world and affected many industries.
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Request Now !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.
Emergence of COVID-19 had a negative impact in the growth of the global turbine motors market, owing to the hurdles faced by manufacturers (OEMs) with disruption in supply chain, and shutdown of manufacturing and energy generating facilities.
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.
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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.
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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.
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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.
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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.
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Key Benefits For Stakeholders
Key Market Segments
By Type
By Capacity
By Application
By Region
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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.
A. 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
A. 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.
A. 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.
A. Companies are inheriting partnership and acquisition strategies to support the growth of the turbine motors market throughout the forecast period.
A. Asia Pacific significantly China and India will provide more business opportunities for turbine motors market in coming years
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning
A. Wind turbine segment accounted for largest turbine motor market share.
A. 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.
A. 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.
A. The expected market value of turbine motors by 2028 is US$ 361.6 billion
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