Turbine Motor Market
Growth Factors of Turbine Motor Market
The turbine motor market size was valued at USD 2.32 billion in 2023, and the market is now projected to grow from USD 2.46 billion in 2024 to USD 4.37 billion by 2032, exhibiting a CAGR of 7.43% during the forecast period of 2023-2030.
During covid pandemic most of the business were forced to shift to online selling’s by closing physical stores which boost the turbine motor market growth. This trend will be continued as business recognize the importance of having an efficient and visually appealing online store for driving sales and reaching a worldwide client base. Hence, online store sale is anticipating to witness a boom in the projected period.
Growing need for wind turbines to encourage industry expansion. Numerous wind turbines are being installed worldwide as a result of the growing global demand for power and growing government attempts to provide renewable energy in order to reach zero carbon emissions. The International Energy Agency estimates that the continuous growth of manufacturing and industrial activity, particularly in developing nations, will cause the demand for electricity to rise by about 2.2% in 2023. In an effort to counter this, governments around the world have set up a number of renewable energy targets, such as wind power generation, which necessitates the use of turbine motors. Therefore, during the projection period, the government's strong stance on wind energy would support the global turbine motor market.
Increasing electricity consumption to support turbine motor market growth. The amount of energy used worldwide has greatly increased recently. The standard of living for the typical individual is rising as well, which leads to a rise in the usage of smart technology. The amount of power used increases as a result. There is an increased demand for electricity due to the numerous initiatives that are being started, including smart cities.
Comprehensive Analysis of Turbine Motor Market
The turbine motor market and power and energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the power and energy benefit management industry. These segmentations are methodically segregated by phase and by application. The types of phase segmentation include, Single Phase and Three Phase, while by Application segmentation include Wind Turbine, Gas Turbine, Water Turbine, and Steam Turbine.
The Asia Pacific region lead the turbine motor market by benefitting a market size of USD 1.18 billion in 2023 due to the installation of motors of this kind due to the region's growing need for power and the construction of various power plants, as well as the growing demand for a steady supply of electricity and rising investment in the power industry.
The top players in the market play a crucial role in the power and energy industry assuring industrial prospectus growth and setting market standards. These players include, Andritz AG (Austria), General Electric (U.S.), Mitsubishi Hitachi Power Systems (U.S.), Siemens Gamesa (Spain), Toshiba Hydroelectric Power (Japan), Vestas Wind Systems (Denmark), Canyon Industries (U.S.), Voith GmbH & Co. Kgaa (Germany), Kirloskar Brothers Ltd. (India), Arani Power (India), Turbocam (U.S.), Gilbert Gilkes & Gordon Ltd. (U.K.) these market players provide a level-playing competitive landscape.
In August 2023, A contract was signed by Suzlon Group to supply Teq Green Power XI, a division of O2 Power, with 64 wind turbine generators (WTGs) totaling 201.6 MW.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Growth Rate CAGR of 7.43% from 2024 to 2032
Segmentation By Phase
- Single Phase
- Three Phase
- Wind Turbine
- Gas Turbine
- Steam Turbine
- Water Turbine
- North America (By Phase, By Application, By Country)
- U.S. (By Application)
- Canada (By Application)
- Europe (By Phase, By Application, By Country)
- U.K. (By Application)
- France (By Application)
- Spain (By Application)
- Germany (By Application)
- Russia (By Application)
- Rest of Europe (By Application)
- Asia Pacific (By Phase, By Application, By Country)
- China (By Application)
- India (By Application)
- Japan (By Application)
- Southeast Asia (By Application)
- Rest of Asia Pacific (By Application)
- Latin America (By Phase, By Application, By Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America (By Application)
- Middle East and Africa (By Phase, By Application, By Country)
- South Africa (By Application)
- GCC (By Application)
- Rest of Middle East & Africa (By Application)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Global Turbine Motor Market
- 5. Global Turbine Motor Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Phase
- 5.2.1. Single Phase
- 5.2.2. Three Phase
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Wind Turbine
- 5.3.2. Water Turbine
- 5.3.3. Steam Turbine
- 5.3.4. Gas Turbine
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Turbine Motor Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Phase
- 6.2.1. Single Phase
- 6.2.2. Three Phase
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Wind Turbine
- 6.3.2. Water Turbine
- 6.3.3. Steam Turbine
- 6.3.4. Gas Turbine
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S. Market Analysis, Insights and Forecast – By Application
- 6.4.1.1. Wind Turbine
- 6.4.1.2. Water Turbine
- 6.4.1.3. Steam Turbine
- 6.4.1.4. Gas Turbine
- 6.4.2. Canada Market Analysis, Insights and Forecast – By Application
- 6.4.2.1. Wind Turbine
- 6.4.2.2. Water Turbine
- 6.4.2.3. Steam Turbine
- 6.4.2.4. Gas Turbine
- 7. Europe Turbine Motor Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Phase
- 7.2.1. Single Phase
- 7.2.2. Three Phase
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Wind Turbine
- 7.3.2. Water Turbine
- 7.3.3. Steam Turbine
- 7.3.4. Gas Turbine
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. Germany Market Analysis, Insights and Forecast – By Application
- 7.4.1.1. Wind Turbine
- 7.4.1.2. Water Turbine
- 7.4.1.3. Steam Turbine
- 7.4.1.4. Gas Turbine
- 7.4.2. U.K Market Analysis, Insights and Forecast – By Application
- 7.4.2.1. Wind Turbine
- 7.4.2.2. Water Turbine
- 7.4.2.3. Steam Turbine
- 7.4.2.4. Gas Turbine
- 7.4.3. France Market Analysis, Insights and Forecast – By Application
- 7.4.3.1. Wind Turbine
- 7.4.3.2. Water Turbine
- 7.4.3.3. Steam Turbine
- 7.4.3.4. Gas Turbine
- 7.4.4. Spain Market Analysis, Insights and Forecast – By Application
- 7.4.4.1. Wind Turbine
- 7.4.4.2. Water Turbine
- 7.4.4.3. Steam Turbine
- 7.4.4.4. Gas Turbine
- 7.4.5. Russia Market Analysis, Insights and Forecast – By Application
- 7.4.5.1. Wind Turbine
- 7.4.5.2. Water Turbine
- 7.4.5.3. Steam Turbine
- 7.4.5.4. Gas Turbine
- 7.4.6. Rest of Europe Market Analysis, Insights and Forecast – By Application
- 7.4.6.1. Wind Turbine
- 7.4.6.2. Water Turbine
- 7.4.6.3. Steam Turbine
- 7.4.6.4. Gas Turbine
- 8. Asia Pacific Turbine Motor Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Phase
- 8.2.1. Single Phase
- 8.2.2. Three Phase
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Wind Turbine
- 8.3.2. Water Turbine
- 8.3.3. Steam Turbine
- 8.3.4. Gas Turbine
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. China Market Analysis, Insights and Forecast – By Application
- 8.4.1.1. Wind Turbine
- 8.4.1.2. Water Turbine
- 8.4.1.3. Steam Turbine
- 8.4.1.4. Gas Turbine
- 8.4.2. India Market Analysis, Insights and Forecast – By Application
- 8.4.2.1. Wind Turbine
- 8.4.2.2. Water Turbine
- 8.4.2.3. Steam Turbine
- 8.4.2.4. Gas Turbine
- 8.4.3. Japan Market Analysis, Insights and Forecast – By Application
- 8.4.3.1. Wind Turbine
- 8.4.3.2. Water Turbine
- 8.4.3.3. Steam Turbine
- 8.4.3.4. Gas Turbine
- 8.4.4. Southeast Asia Market Analysis, Insights and Forecast – By Application
- 8.4.4.1. Wind Turbine
- 8.4.4.2. Water Turbine
- 8.4.4.3. Steam Turbine
- 8.4.4.4. Gas Turbine
- 8.4.5. Rest of Asia Pacific Market Analysis, Insights and Forecast – By Application
- 8.4.5.1. Wind Turbine
- 8.4.5.2. Water Turbine
- 8.4.5.3. Steam Turbine
- 8.4.5.4. Gas Turbine
- 9. Latin America Turbine Motor Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Phase
- 9.2.1. Single Phase
- 9.2.2. Three Phase
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Wind Turbine
- 9.3.2. Water Turbine
- 9.3.3. Steam Turbine
- 9.3.4. Gas Turbine
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. Brazil Market Analysis, Insights and Forecast – By Application
- 9.4.1.1. Wind Turbine
- 9.4.1.2. Water Turbine
- 9.4.1.3. Steam Turbine
- 9.4.1.4. Gas Turbine
- 9.4.2. Mexico Market Analysis, Insights and Forecast – By Application
- 9.4.2.1. Wind Turbine
- 9.4.2.2. Water Turbine
- 9.4.2.3. Steam Turbine
- 9.4.2.4. Gas Turbine
- 9.4.3. Rest of Latin America Market Analysis, Insights and Forecast – By Application
- 9.4.3.1. Wind Turbine
- 9.4.3.2. Water Turbine
- 9.4.3.3. Steam Turbine
- 9.4.3.4. Gas Turbine
- 10. Middle East & Africa Turbine Motor Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Phase
- 10.2.1. Single Phase
- 10.2.2. Three Phase
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Wind Turbine
- 10.3.2. Water Turbine
- 10.3.3. Steam Turbine
- 10.3.4. Gas Turbine
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. GCC Market Analysis, Insights and Forecast – By Application
- 10.4.1.1. Wind Turbine
- 10.4.1.2. Water Turbine
- 10.4.1.3. Steam Turbine
- 10.4.1.4. Gas Turbine
- 10.4.2. South Africa Market Analysis, Insights and Forecast – By Application
- 10.4.2.1. Wind Turbine
- 10.4.2.2. Water Turbine
- 10.4.2.3. Steam Turbine
- 10.4.2.4. Gas Turbine
- 10.4.3. Rest of Middle East & Africa Market Analysis, Insights and Forecast – By Application
- 10.4.3.1. Wind Turbine
- 10.4.3.2. Water Turbine
- 10.4.3.3. Steam Turbine
- 10.4.3.4. Gas Turbine
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. Andritz AG
- 11.2.1.1. Business Overview
- 11.2.1.2. Product & Service Offering
- 11.2.1.3. Overall Revenue
- 11.2.1.4. Geographic Presence
- 11.2.1.5. Recent Development
- 11.2.2. General Electric
- 11.2.2.1. Business Overview
- 11.2.2.2. Product & Service Offering
- 11.2.2.3. Overall Revenue
- 11.2.2.4. Geographic Presence
- 11.2.2.5. Recent Development
- 11.2.3. Mitsubishi Hitachi Power Systems
- 11.2.3.1. Business Overview
- 11.2.3.2. Product & Service Offering
- 11.2.3.3. Overall Revenue
- 11.2.3.4. Geographic Presence
- 11.2.3.5. Recent Development
- 11.2.4. Siemens Gamesa
- 11.2.4.1. Business Overview
- 11.2.4.2. Product & Service Offering
- 11.2.4.3. Overall Revenue
- 11.2.4.4. Geographic Presence
- 11.2.4.5. Recent Development
- 11.2.5. Toshiba Hydroelectric Power
- 11.2.5.1. Business Overview
- 11.2.5.2. Product & Service Offering
- 11.2.5.3. Overall Revenue
- 11.2.5.4. Geographic Presence
- 11.2.5.5. Recent Development
- 11.2.6. Vestas Wind Systems
- 11.2.6.1. Business Overview
- 11.2.6.2. Product & Service Offering
- 11.2.6.3. Overall Revenue
- 11.2.6.4. Geographic Presence
- 11.2.6.5. Recent Development
- 11.2.7. Canyon Industries
- 11.2.7.1. Business Overview
- 11.2.7.2. Product & Service Offering
- 11.2.7.3. Overall Revenue
- 11.2.7.4. Geographic Presence
- 11.2.7.5. Recent Development
- 11.2.8. Voith GmbH & Co. Kgaa
- 11.2.8.1. Business Overview
- 11.2.8.2. Product & Service Offering
- 11.2.8.3. Overall Revenue
- 11.2.8.4. Geographic Presence
- 11.2.8.5. Recent Development
- 11.2.9. Kirlosker Brothers Ltd.
- 11.2.9.1. Business Overview
- 11.2.9.2. Product & Service Offering
- 11.2.9.3. Overall Revenue
- 11.2.9.4. Geographic Presence
- 11.2.9.5. Recent Development
- 11.2.10. Arani Power
- 11.2.10.1. Business Overview
- 11.2.10.2. Product & Service Offering
- 11.2.10.3. Overall Revenue
- 11.2.10.4. Geographic Presence
- 11.2.10.5. Recent Development
- 11.2.11. Turbocam
- 11.2.11.1. Business Overview
- 11.2.11.2. Product & Service Offering
- 11.2.11.3. Overall Revenue
- 11.2.11.4. Geographic Presence
- 11.2.11.5. Recent Development
- 11.2.12. Gilbert Gilkes & Gordon Ltd.
- 11.2.12.1. Business Overview
- 11.2.12.2. Product & Service Offering
- 11.2.12.3. Overall Revenue
- 11.2.12.4. Geographic Presence
- 11.2.12.5. Recent Development
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