How Has the Turbine Motor Market Evolved Historically and What is its Current Size?
The turbine motor market has seen considerable growth due to a variety of factors.
• The size of the turbine motor market has significantly expanded in recent periods. It is projected to rise from $2.22 billion in 2024 to $2.39 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%.
Several factors have contributed to this growth during the historic period, including industrialization, progress in power generation, increased demand for renewable energy sources, expansion in the aviation and aerospace sectors, government initiatives promoting energy infrastructure development, and a surge in the usage of combined-cycle power plants.
What Does Future Hold for The Turbine Motor Market By 2029?
The turbine motor market is expected to maintain its strong growth trajectory in upcoming years.
• Strong expansion is anticipated in the turbine motor market in the forthcoming years, with projections suggesting it will swell to $3.2 billion by 2029, witnessing a compound annual growth rate (CAGR) of 7.6%.
Factors such as increased investments in smart grid technologies, rising demand for green energy, incorporation of electric systems in transportation, advancements in solutions for energy storage, progress in microgrid systems, and augmenting offshore wind projects are all contributing to this growth. Further contributing factors expected in the forecasted period are trends such as increasing utilization of digital twins for turbine fine-tuning, heightened focus on energy efficiency, integration of AI and machine learning into turbine functionalities, progress in turbine materials, modular turbine systems, hybrids of turbine applications amalgamating numerous energy sources, and a thrust on carbon-neutral technologies in power generation.
What Are The Primary Growth Drivers In The Turbine Motor Market?
As sustainable energy sources become more sought after, the turbine motor market is anticipated to expand. This heightened interest in sustainable energy springs from the urgency to mitigate greenhouse gas emissions and tackle climate change. Turbine motors, which transform energy from wind, water, steam, and gas into electricity, are essential components in both renewable and non-renewable energy systems. For example, renewable energy accounted for 86% of total capacity expansion in 2023, as reported by the International Renewable Energy Agency (IRENA) in March 2024, a slight increase from 84% in the previous year. Additionally, the proportion of renewables in total power capability rose nearly three percentage points, jumping from 40.4% in 2022 to 43.2% in 2023. Given these statistics, the escalating demand for sustainable energy sources is clearly boosting the turbine motor market's growth.
What Is The Segmentation Of The Global Turbine Motor Market?
The turbine motormarket covered in this report is segmented –
1) By Type: Water Turbine, Steam Turbine, Gas Turbine, Wind Turbine
2) By Capacity: Small (Less than 10 MW), Medium (10–100 MW), Large (Greater than 100 MW)
3) By Phase: Single Phase, Three Phase
4) By Application: Industrial, Commercial, Residential
Subsegments:
1) By Water Turbine: Pelton Turbine, Francis Turbine, Kaplan Turbine, Bulb Turbine, Crossflow Turbine
2) By Steam Turbine: Condensing Steam Turbine, Back Pressure Steam Turbine, Extraction Steam Turbine, Geothermal Steam Turbine
3) By Gas Turbine: Heavy-Duty Gas Turbine, Aeroderivative Gas Turbine, Industrial Gas Turbine
4) By Wind Turbine: Horizontal Axis Wind Turbine (HAWT), Vertical Axis Wind Turbine (VAWT), Offshore Wind Turbine, Onshore Wind Turbine
Pre-Book The Turbine Motor Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What New Trends Are Influencing The Turbine Motor Market?
Leading businesses in the turbine motor industry are concentrating on pioneering products such as gas turbine cogeneration motors. These motors are a specific kind of energy generating system that concurrently creates heat and electricity from a single fuel source. For instance, in September 2023, Kawasaki Heavy Industries, a company rooted in Japan that manufactures heavy machinery, unveiled the GPB17MMX. This is the first gas turbine cogeneration system in the world with a capacity of 1.8 MW that is completely fueled by hydrogen through dry combustion. This revolutionary system employs an exclusive compressor which uses a unique mix of micromix and supplemental combustion technologies. This allows for stable and efficient combustion of hydrogen while maintaining nitrogen oxide (NOx) emissions beneath regulatory standards.
Who Are the Key Players In The Turbine Motor Market?
Major companies operating in the turbine motor market are:
• Hitachi Ltd.
• Siemens AG
• General Electric Company
• Caterpillar Inc.
• Mitsubishi Corporation
• Baker Hughes Company
• Toshiba Corporation
• Shanghai Electric Group Co. Ltd.
• Vestas Wind Systems A/S
• Andritz AG
• Voith GmbH & Co. Kgaa
• Bharat Heavy Electricals Limited
• Ansaldo Energia S.p.A.
• Suzlon Energy Limited
• Nanjing Turbine & Electric Machinery (Group) Co. Ltd.
• Doosan Škoda Power
• Kirloskar Brothers Ltd.
• TD Power Systems Private Limited
• Gilbert Gilkes & Gordon Ltd.
• Destinus SA
• MAN Energy Solutions SE
What Are The Regional Insights Into The Turbine Motor Market?
Asia-Pacific was the largest region in the turbine motor market in 2024. The regions covered in the turbine motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
