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Rising Demand For Sustainable Energy Sources Fuels Growth In Turbine Motor Market : A Key Driver Powering Turbine Motor Market Growth In 2025
Turbine Motor Market
What Is the Current Turbine Motor Market Size and Its Estimated Growth Rate?
The turbine motor market size will grow from $2.22 billion in 2024 to $2.39 billion in 2025 at a CAGR of 7.8%. The growth in the historic period can be attributed to industrialization, advancements in power generation, demand for renewable energy, growth of the aviation and aerospace industries, government energy infrastructure incentives, and the increasing use of combined-cycle power plants.
The turbine motor market size is projected to reach $3.2 billion by 2029, growing at a CAGR of 7.6%. Growth factors include investments in smart grid technologies, demand for sustainable energy, transport electrification, energy storage advancements, microgrid system development, and offshore wind project expansion. Trends include digital twin adoption, energy efficiency focus, AI and machine learning integration, turbine material advancements, modular turbine systems, hybrid t
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How Are Emerging Segments Shaping the Turbine Motor Market Landscape?
The turbine motormarket 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
Subsegments:
1) By Water Turbine: Pelton Turbine, Francis Turbine, Kaplan Turbine, Bulb Turbine, Crossflow Turbine
2) By Steam Turbine: Condensing Steam Turbine, Back Pressure Steam Turbine, Extraction Steam Turbine, Geothermal Steam Turbine
3) By Gas Turbine: Heavy-Duty Gas Turbine, Aeroderivative Gas Turbine, Industrial Gas Turbine
4) By Wind Turbine: Horizontal Axis Wind Turbine (HAWT), Vertical Axis Wind Turbine (VAWT), Offshore Wind Turbine, Onshore Wind Turbine
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Which Growth Factors Are Influencing Turbine Motor Market Expansion?
The rising demand for sustainable energy sources is expected to fuel the growth of the turbine motor market. As the need to reduce greenhouse gas emissions grows, sustainable energy sources like wind and water power are becoming more important. Turbine motors, which convert energy into electricity, are crucial for renewable and non-renewable power systems. According to the International Renewable Energy Agency, renewable energy accounted for 86% of total capacity expansion in 2023, driving the demand for turbine motors.
Who Are the Dominant Players Across Different Turbine Motor Market Segments?
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
What Are the Latest Developing Trends in the Turbine Motor Market?
In the turbine motor market, leading companies are developing advanced systems like gas turbine cogeneration motors, which generate both electricity and heat. For example, in September 2023, Kawasaki Heavy Industries, a Japanese company, launched the GPB17MMX gas turbine cogeneration system. This system runs on 100% hydrogen fuel and incorporates innovative combustion technologies to achieve stable, efficient hydrogen combustion while minimizing nitrogen oxide emissions.
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Which Geographic Regions Are Expected to Dominate the Turbine Motor Market in the Coming Years?
Asia-Pacific was the largest region in the turbine motor market in 2024. The regions covered in the turbine motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Turbine Motor Market?
2. What is the CAGR expected in the Turbine Motor Market?
3. What Are the Key Innovations Transforming the Turbine Motor Industry?
4. Which Region Is Leading the Turbine Motor Market?
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