Global Turbine Motor Market Share Analysis 2024, Forecast To 2033
12 Nov, 2024
The turbine motor market has experienced notable growth in recent years. It will grow from $2.06 billion in 2023 to $2.22 billion in 2024, at a CAGR of 7.6%. This growth is driven by industrialization, advancements in power generation, the rising demand for renewable energy sources, the expansion of the aviation and aerospace industries, government incentives for energy infrastructure, and the increasing use of combined-cycle power plants. The turbine motor market is expected to experience strong growth, reaching $2.98 billion by 2028 with a CAGR of 7.7%. Growth is attributed to investments in smart grid technologies, sustainable energy demand, transport electrification, energy storage advancements, microgrid system development, and offshore wind projects. Key trends include the adoption of digital twins, focus on energy efficiency, AI integration in turbine operations, advancements in turbine materials, modular turbine systems, hybrid turbine applications, and carbon-neutral technologies.
Major Driver In The Turbine Motor Market
The increase in demand for sustainable energy sources is expected to drive the growth of the turbine motor market. This demand is driven by the global need to reduce greenhouse gas emissions and combat climate change. Turbine motors, which convert energy from wind, water, steam, and gas into electricity, play a vital role in power production in both renewable and non-renewable energy systems. In March 2024, the International Renewable Energy Agency reported that renewable energy accounted for 86% of total capacity expansion in 2023, an increase from 84% in 2022, with the share of renewables in total power capacity growing from 40.4% in 2022 to 43.2% in 2023. The growing demand for sustainable energy sources is expected to drive the turbine motor market's growth.
Request A Free Sample Of The Turbine Motor Market ReportTurbine Motor Market Competitive Landscape
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
Key Turbine Motor Market Trend
Companies in the turbine motor market are introducing innovative products such as gas turbine cogeneration motors that generate both electricity and heat from a single fuel source. In September 2023, Kawasaki Heavy Industries, a Japan-based heavy machinery manufacturer, launched the GPB17MMX, the world's first 1.8 MW hydrogen-fueled gas turbine cogeneration system, featuring micromix combustion and supplemental combustion technologies for stable hydrogen combustion and reduced emissions.
Purchase The Global Turbine Motor Market Report Directly And Get A Swift DeliveryGlobal Turbine Motor Market Segmentation
The turbine motor market 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
By Geography:The regions covered in the turbine motor market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the turbine motor market in 2023.
The Turbine Motor Global Market Report 2024 furnishes information about the global turbine motor market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.