Turbine Motors Market Expands with Rising Power Generation Demand

According to a new report published by Allied Market Research, the global turbine motors market size was valued at $194.1 billion in 2020, and is projected to reach $422.2 billion by 2030 with expected Turbine Motors market forecast at a CAGR of 8.1% from 2021 to 2030.

What are Turbine Motors?

Turbine motors are mechanical devices that convert fluid energy (from steam, gas, or water) into mechanical energy using a turbine. They are commonly used in various applications, including power generation, aviation, and industrial processes.

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The Asia-Pacific turbine motors market is projected to grow at the highest CAGR of nearly 9.1%, in terms of revenue, during the forecast period.

Europe accounted for the largest share of the market in 2020, however, Asia-Pacific is depicted to be the fastest growing region.

The major companies profiled in this turbine motors industry report include Andritz AG, Canyon Industries Inc., General Electric, Gilbert Gilkes & Gordon Ltd., Kirloskar Brothers Ltd, Litostroj Power Group, Norcan Hydraulic Turbine Inc., Siemens AG, Toshiba Hydroelectric Power, Voith Gmbh & Co. Kgaa, Arani power, Chola Turbo Machinery International Pvt. Ltd, Doosan Škoda Power, Elliott Group, Mitsubishi Hitachi Power Systems Inc., Turbine Generator Maintenance Inc., Turbocam, and Vestas Wind Systems.

The demand for turbine motors has drastically increased due to rapidly shifting preferences toward the use of renewable and sustainable sources all over the world.

Majority of developed as well as developing countries are investing huge amount of money to meet the demand for energy generation through renewable sources.

Various government initiatives toward the use of green energy resources are expected to create lucrative opportunities for market players. For instance, under section 242 of the Energy Policy Act, the U.S. Congress approved funds for hydroelectric production incentives. According to this act, industry players are expected to receive up to 1.8 cents per kilowatt hour (kWh) energy generated with maximum payments up to $750,000 per year.

Industry players are eligible to receive tax credit up to 1.1 cents per kWh, under renewable electricity production tax credit scheme. This is anticipated to encourage more consumers to actively invest in the turbine motors market.

Advantages

High Power Output: Capable of generating large amounts of power, making them suitable for industrial applications.

Reliability: Proven technology with a long operational lifespan under proper maintenance.

Scalability: Can be designed for small or large-scale applications.

Applications

Power Generation: Used in thermal, gas, and hydroelectric power plants.

Aerospace: Powering jet engines and other aircraft systems.

Industrial Processes: Driving pumps, compressors, and other machinery.

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Increase in awareness among people regarding carbon emission due to power generation through fossil fuels being used by conventional refrigerator is boosting the demand for turbine motors among the household appliance sector and many other commercial sectors.

Rise in need for eco-friendly energy solutions has further propelled the demand for turbine motors. For instance, according to the International Energy Agency, worldwide energy utilization increased by 2.3% in 2018, twice than the normal rate in last 10 years.

Energy utilization was driven by expanded interest for warming and cooling systems in certain locales. Rise in utilization of petroleum product secured 70% in the worldwide energy generation, and sustainable power sources contributed for around 25% of the worldwide energy development.

The demand for power increased with a rate of 4% and the share of electricity in global energy consumption reached 20% in 2018.

Rapidly growing population, the demand for electricity is expected to increase significantly. Thus, all these factors collectively are expected to augment the growth of the turbines power market globally.

Key Characteristics

Types of Turbine Motors:

Steam Turbines: Use steam to drive the turbine blades, commonly used in power plants.

Gas Turbines: Use high-temperature gas from combustion to generate power, widely used in aviation and power generation.

Hydraulic Turbines: Convert the energy of flowing water into mechanical energy, used in hydroelectric power plants.

Components:

Blades: Designed to efficiently convert fluid energy into rotational motion.

Rotor: The rotating part that turns due to fluid flow.

Stator: The stationary part that supports the rotor and directs fluid flow.

Efficiency:

Turbine motors are generally highly efficient, especially in converting energy from fluids to mechanical work.

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High initial installation cost and location constraints are expected to hamper the sales of turbine motors market during the forecast period.

On the basis of type, the global market is categorized into water turbine, steam turbine, gas turbine, and wind turbine.

By capacity, it is segregated into small (less than 10mw), medium (10-100mw), and large (greater than 100mw).

The applications of turbine motors market include industrial, commercial, and residential. The industrial segment held the largest turbine motors market revenue share in 2020, and is depicted to grow at a CAGR of 7.7%.

Impact Of Covid-19 On The Global Turbine Motors market

Emergence of COVID-19 had a negative impact in the growth of the global turbine motors market for a short period.

The COVID-19 pandemic is predicted to possess hurdles for turbine equipment manufacturers (OEMs) due to disruption in supply chain and shutting down of manufacturing and energy generating facilities.

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The production and transportation of this heavy machinery is hampered due to improper transportation facilities. Various countries around the world have set target to phase out the hydro thermal power plants and replace most of their required power energy from renewable energy source such as wind, tidal, and solar.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.