Turbine Motor Market Size to Reach $3.14 Billion by 2029 | Growth at 7.2% CAGR Forecast

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What is the Projected Market Size of the Turbine Motor Industry?
The market size of turbine motors has seen a robust increase in recent years. It is projected to expand from $2.22 billion in 2024 to $2.38 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%. The growth observed in the past could be credited to factors such as industrialization, progress in power generation techniques, a growing demand for renewable energy sources, burgeoning aviation and aerospace industries, government encouragements for development in energy infrastructure, and a heightened usage of combined-cycle power plants.

What Will Be the Size of the Turbine Motor Market by 2029?
The market for turbine motors is predicted to witness robust expansion in the coming years, reaching a size of $3.14 billion in 2029 with a compound annual growth rate of 7.2%. Factors that contribute to this projected growth during the forecast period include increased investments in smart grid technologies, escalating demand for green energy, electrification of transportation, progress in energy storage solutions, the emergence of microgrid systems, and growth in offshore wind projects. Other significant trends for this period involve the rising use of digital twins for turbine optimization, heightened emphasis on energy efficiency, utilizing AI and machine learning in turbine procedures, advancements in turbine materials technology, modular turbine systems, hybrid turbine applications that integrate multiple energy sources, and stressing on carbon-neutral technologies in energy production.

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What Are the Key Drivers Accelerating Growth in the Turbine Motor Market?
The surge in the need for sustainable energy is likely to fuel the expansion of the turbine motor market. This growing demand is rooted in the aim to lower the emission of greenhouse gases and fight against global warming. Turbine motors play a pivotal role in green and non-green energy systems as they convert energy from wind, water, steam, and gas into electricity. For example, in March 2024 data from the International Renewable Energy Agency (IRENA), an intergovernmental organization based in the United Arab Emirates, shows that renewable energy comprised 86% of total capacity expansion in 2023, a jump from 84% in 2022. Additionally, the proportion of renewables in overall power capacity increased nearly three percentage points, moving from 40.4% in 2022 to 43.2% in 2023. Hence, the escalating demand for sustainable energy sources is a driving factor in the growth of the turbine motor market.

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How Is the Turbine Motor Market Segmented by Type, Application, and Region?
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

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

What Are the Key Trends Driving Growth in the Turbine Motor Market?
Key players in the turbine motor market are concentrating on bringing forth innovative products like gas turbine cogeneration motors. These are a kind of power generation systems that can concurrently produce electricity and thermal energy from a single source of fuel. To serve as an example, Kawasaki Heavy Industries, a heavyweight manufacturing company from Japan, introduced the GPB17MMX in September 2023, claiming to be the first-ever 1.8 MW gas turbine cogeneration system with the ability for 100% hydrogen-fueled dry combustion in the world. The groundbreaking system features a distinctive compressor that employs an exclusive blend of micromix combustion and auxiliary combustion technologies. This facilitates stable and efficient combustion of hydrogen while staying within the prescribed limits for nitrogen oxide (NOx) emissions.

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Who Are the Leading Companies Driving Growth in the Turbine Motor Market?
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

Which Is the Leading Region in the Global 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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