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Turbine Motor Market Outlook 2024: Innovation, Growth Drivers, and Forecasts
turbine motor market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Turbine Motor Market 2024 Key Insights:
• 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%.
• Rising Demand For Sustainable Energy Sources Fuels Growth In Turbine Motor Market
• Gas Turbine Cogeneration Systems Gain Traction
• Asia-Pacific was the largest region in the turbine motor market in 2023
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