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Rising Demand For Sustainable Energy Sources Fuels Growth In Turbine Motor Market : The Driving Engine Behind Turbine Motor Market Evolution in 2025
Turbine Motor
Turbine Motor Market Size Growth Forecast: What to Expect by 2025?
The market for turbine motors has been experiencing a robust growth in the past years, with its value expected to jump from $2.22 billion in 2024 to $2.39 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 7.8%. Numerous factors have contributed to its growth in the historic period, including the progression of industrialization, advancements in the field of power production, increased demand for renewable sources of energy, the flourishing aviation and aerospace sectors, governmental incentives promoting the growth of energy infrastructure, and a rising trend in the utilization of combined-cycle power plants.
How Will the Turbine Motor Market Size Evolve and Grow by 2029?
Anticipated to experience a substantial increase in the coming years, the turbine motor market is projected to escalate to a market value of $3.2 billion by 2029, consolidating a compound annual growth rate (CAGR) of 7.6%. Factors contributing to this forthcoming growth throughout the forecast period include the surge in investments in smart grid technologies, escalating demand for clean energy, increasing electrification of transport, improved energy storage solutions, the evolution of microgrid systems, as well as the broadening scope of offshore wind projects. Conspicuous trends during the forecast period encompass the escalating adoption of digital twins for optimizing turbine performance, heightened attention towards energy efficiency, incorporation of AI and machine learning in turbine functions, advancements in turbine materials, modularity of turbine systems, hybrid turbine applications that integrate diverse energy sources, and a pointed focus on carbon-neutral technologies in power generation.
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What Drivers Are Propelling the Growth of Turbine Motor Market Forward?
The turbine motor market's growth looks set to be boosted by rising demand for sustainable energy sources. This increased demand is largely driven by the necessity to cut down on greenhouse gas emissions and tackle climate change. Turbine motors play a crucial role in renewable and non-renewable energy systems as they convert energy from sources such as wind, water, steam, and gas into electricity. For example, the International Renewable Energy Agency (IRENA), based in the United Arab Emirates, reported in March 2024 that renewable energy accounted for 86% of total capacity expansion in 2023, a slight increase from 84% in 2022. Additionally, the proportion of renewables in total power capacity surged nearly three percentage points, escalating from 40.4% in 2022 to 43.2% in 2023. As a result, the upsurge in demand for sustainable energy sources is fueling the expansion of the turbine motor market.
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Which Emerging Trends Are Transforming the Turbine Motor Market in 2025?
A primary focus for leading businesses in the turbine motor market is the creation of innovative products like gas turbine cogeneration motors. These types of power generating systems can simultaneously produce heat energy and electricity from just one source of fuel. Take Kawasaki Heavy Industries., a manufacturer of heavy machinery based in Japan, for example. They introduced the GPB17MMX, the first 1.8 MW gas turbine cogeneration system in the world capable of 100% hydrogen-fueled dry combustion, in September 2023. This state-of-the-art system integrates a standout compressor using a specialized mix of micromix combustion and add-on combustion technologies, ensuring efficient and steady combustion of hydrogen, all while keeping NOx emissions beneath regulatory thresholds.
What Are the Key Segments in the Turbine Motor Market?
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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Who Are the Key Players Shaping the Turbine Motor Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Turbine Motor Market?
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.
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