Turbines

Global Turbines Market to Reach US$204.2 Billion by 2030

The global market for Turbines estimated at US$146.1 Billion in the year 2024, is expected to reach US$204.2 Billion by 2030, growing at a CAGR of 5.7% over the analysis period 2024-2030. Wind Turbines, one of the segments analyzed in the report, is expected to record a 8.7% CAGR and reach US$99.4 Billion by the end of the analysis period. Growth in the Gas Turbines segment is estimated at 4.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$20.3 Billion While China is Forecast to Grow at 7.5% CAGR

The Turbines market in the U.S. is estimated at US$20.3 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$60.2 Billion by the year 2030 trailing a CAGR of 7.5% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.7% and 4.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR.

Global Turbines Market - Key Trends and Drivers Summarized

Turbines play a critical role in converting kinetic and thermal energy into mechanical energy across various industrial sectors. These devices typically feature a rotor with blades or nozzles, where fluid interaction generates rotational motion and subsequent energy. The most notable types include wind turbines, steam turbines, and gas turbines, each tailored to specific applications and markets. Wind turbines capture wind energy to produce electricity, often found in both onshore and offshore wind farms. Steam turbines, conversely, utilize thermal energy from heated steam, commonly employed in thermal power plants. Gas turbines, fueled by natural gas or liquid fuels, are integral to power generation and the aviation sector, where they power jet engines. Turbines are indispensable in power generation, aviation, and marine propulsion systems, with their size, design, and function varying significantly depending on the application, from large-scale steam turbines in power plants to compact gas turbines in aircraft.

As the world moves towards sustainable energy solutions, wind turbines have gained prominence, supported by favorable governmental policies and subsidies promoting green energy. Technological advancements have made wind turbines more efficient and cost-effective, enabling broader deployment, including in offshore locations. Concurrently, the hydro sector sees continued demand for new and replacement turbines in hydroelectric power plants. The modernization and expansion of thermal power plants, particularly in emerging economies, are also propelling the need for steam turbines. These turbines are essential due to their efficiency and ability to operate on multiple fuel sources, such as coal, natural gas, and biomass. Innovations in high-efficiency, low-emission designs further enhance their appeal, addressing the global need to balance energy demands with environmental sustainability.

The growth in the turbine market is driven by several factors. Firstly, the surge in demand for renewable energy has significantly boosted the wind turbine market, driven by government incentives, advancements in turbine technology, and increased environmental awareness among consumers. The market for steam turbines remains strong due to the shift towards cleaner energy sources like natural gas and the continued use of nuclear power. Advances in materials and design have enhanced their efficiency and reduced operational costs. Gas turbines benefit from increased natural gas production, particularly from shale reserves, leading to more natural gas-fired power plants. The aviation industry`s expansion, fueled by rising air travel demand, has led to advancements in gas turbine technology, improving fuel efficiency and reducing emissions. Consumer trends towards eco-friendly and sustainable energy solutions further accelerate the adoption of these technologies. Overall, the turbine market`s growth is driven by technological innovations, evolving energy policies, and changing consumer preferences, creating a dynamic and rapidly evolving industry landscape.

SCOPE OF STUDY:

The report analyzes the Turbines market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Type (Wind Turbines, Gas Turbines, Steam Turbines, Other Types)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Latin America; Rest of World.

Select Competitors (Total 169 Featured) -

• Acciona Energía
• Andritz AG
• Ansaldo Energia S.p.A.
• Bharat Heavy Electricals Limited (BHEL)
• DONGFANG TURBINE CO. LTD.
• GE Vernova Inc.
• Goldwind Science & Technology Co. Ltd.
• Harbin Electric Corporation co.Ltd.
• Kirloskar Brothersd Ltd.
• Litostroj Power Group
• Mitsubishi Power
• Rolls-Royce plc
• Siemens Energy AG
• Sinovel Wind Group Co., Ltd.
• Vestas Wind Systems A/S

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.