The turbine motor global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Turbine Motor Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The turbine motor market size has grown strongly in recent years. It will grow from $2.06 billion in 2023 to $2.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to industrialization, advancements in power generation, the demand for renewable energy sources, the rise of aviation and aerospace industries, government incentives for energy infrastructure development, and the increasing use of combined-cycle power plants.
The turbine motor market size is expected to see strong growth in the next few years. It will grow to $2.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to, rising investments in smart grid technologies, growing demand for sustainable energy, electrification of transport, advancements in energy storage solutions, development of microgrid systems, and the expansion of offshore wind projects. Major trends in the forecast period include the growing adoption of digital twins for turbine optimization, increased focus on energy efficiency, integration of AI and machine learning in turbine operations, advancements in turbine materials, modular turbine systems, hybrid turbine applications combining multiple energy sources, and an emphasis on carbon-neutral technologies in energy generation.
Order your report now for swift delivery @
Scope Of Turbine Motor Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Turbine Motor Market Overview
Market Drivers –
The increase in demand for sustainable energy sources is expected to propel the growth of the turbine motor market going forward. The demand for sustainable energy sources is increasing due to the need to reduce greenhouse gas emissions and combat climate change. Turbine motors convert energy from sources such as wind, water, steam, and gas into electricity, making them crucial for producing power in renewable and non-renewable energy systems. For instance, in March 2024, according to the International Renewable Energy Agency (IRENA), a United Arab Emirates-based intergovernmental organization, renewable energy made up 86% of total capacity expansion in 2023, compared to 84% in 2022. Furthermore, the share of renewables in total power capacity grew by almost three percentage points, from 40.4% in 2022 to 43.2% in 2023. Therefore, the increase in demand for sustainable energy sources is driving the growth of the turbine motor market.
Market Trends –
Major companies operating in the turbine motor market are focusing on developing innovative products such as gas turbine cogeneration motors. Gas turbine cogeneration motors are a type of power generation system that simultaneously produces electricity and heat energy from a single fuel source. For instance, in September 2023, Kawasaki Heavy Industries., a Japan-based heavy machinery manufacturer, launched the GPB17MMX, the world’s first 1.8 MW gas turbine cogeneration system capable of 100% hydrogen-fueled dry combustion. This cutting-edge system incorporates a unique compressor that uses a specialized combination of micromix combustion and supplemental combustion technologies, allowing for stable and efficient hydrogen combustion while keeping nitrogen oxide (NOx) emissions below regulatory limits.
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
Get an inside scoop of the turbine motor market, Request now for Sample Report @
Regional Insights –
Asia-Pacific was the largest region in the turbine motor market in 2023. The regions covered in the turbine motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Turbine Motor Market Report Structure
3. Turbine Motor Market Trends And Strategies
4. Turbine Motor Market – Macro Economic Scenario
5. Turbine Motor Market Size And Growth
…..
27. Turbine Motor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
Twitter: https://twitter.com/tbrc_info
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
