Turbine Motor Market Size, Share and COVID-19 Impact Analysis By Phase (Single Phase and Three Phase), By Application (Wind Turbine, Gas Turbine, Water Turbine, and Steam Turbine), and Regional Forecast, 2021-2028

The global turbine motor market size was USD 1.94 billion in 2020 and is projected to grow from USD 2.06 billion in 2021 to USD 3.25 billion in 2028 at a growth rate of 6.8% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with the motor industry witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market have exhibited a decline of -5.3% in 2020. The sudden rise in CAGR is attributable to market's demand and growth returning to pre-pandemic levels once the pandemic is over.

Turbine motors are also referred to as turbine generators. Normally, these motors are utilized to generate electricity. They generally vary for different applications in power generations. They are widely used in gas turbines, wind turbines, and other power plants. They require 1/3^rd less air than that of a pneumatic vane motor and the power to weight ratio is one-half of the latter.    

COVID-19 IMPACT

COVID-19 Pandemic: Delay in Projects to Impede Market Growth

COVID-19 negatively influenced the growth of the global turbine motors market, owing to the challenges faced by manufacturers (OEMs) due to supply chain disruption and the shutdown of industrial and energy generating facilities. Inadequate transportation facilities impede the manufacture and transportation of this big gear. Various governments have established goals to phase out hydrothermal power plants and replace most of their required power energy with renewable sources such as wind, tidal, and solar. ,severely affectingThe investment in many wind and other power plants has decreased severely. Several upcoming projects were delayed or shut down due to a lack of proper resources due to the pandemic.

The construction of the 382.7 MW Fryslan offshore wind farm has been delayed due to COVID-19. According to the American Wind Energy Association, the U.S. has planned to add 25 GW of wind energy by April 2020, but all of these projects have been postponed, owing to the pandemic.

LATEST TRENDS

Rising Consumption of Electricity to Augment Market Growth

Global energy use has increased significantly in recent years. The economy's rapid expansion, population growth, and thriving manufacturing sector have all contributed to increased power usage. Electricity demand is increasing in developing economies due to expansion activities and infrastructure construction. The average person's level of living is also increasing, resulting in an increase in the use of smart technology devices. This results in an increase in power consumption. Numerous projects, such as smart cities, are being begun, further increasing the demand for electricity.

To fulfill the rising demand for electricity, public and private sectors are initiating new power plant projects, including gas turbine, steam turbine, hydro turbine, and wind turbine projects. The installation of these motors in the projects is part of these initiatives. Therefore, this leads to the turbine motor market growth.

DRIVING FACTORS

Rising Demand for Wind Turbine to Stimulate Market Growth  

The demand for electricity is increasing immensely across the globe, which increases the installation of wind projects in the market. Wind turbines are a renewable source of energy that does not pollute the environment, which stimulates significant market investment in this energy generation method. The installation of wind turbines is also increasing due to rising awareness about pollution reduction. Many countries have established specific energy goals for themselves to meet within a certain time frame. The government is adopting favorable regulations, and government initiatives, that are driving both onshore and offshore wind markets. These motors are an integrated part of wind turbines and thus, an increase in the installation of wind turbines drives the growth of the market.

Increasing Installation for Gas Turbine to Propel Market Growth

The demand for gas turbines is widely increasing in the market due to the increasing number of gas-fired power plants across the market. The pollution level is also rising across the world due to a high number of coal-fired power plants. The majority of countries are either decommissioning coal-fired power plants or replacing these power plants with other turbines like gas turbines. Gas turbines are a cost-effective and environmentally beneficial way to generate electricity. The widely increasing installation of gas turbines ultimately increases the demand for such motors in the market.

RESTRAINING FACTORS

High Cost of Technology to Hinder Market Growth

The cost of these motors is prohibitively expensive, limiting the number of buyers. These motor units are exceedingly expensive, and large-scale consumers have received financial aid. The installation of such components needs a major investment in each application, as solar installation costs are similarly high, as is the construction of portable refrigerators, stifling market growth.

SEGMENTATION

By Phase Analysis

Three Phase Segment to Dominate Market during the Forecast Period

Based on phase, the market is segmented into single-phase and three-phase. The three-phase segment is expected to dominate the market with a substantial CAGR during the forecast period. The demand for three-phase motors is increasing in the market as these types of motors are widely used in various turbines such as wind turbines, steam turbines, and gas turbines. This motor is more compact and less costly as compared to the single-phase motor. This is expected to propel the three-phase motor segment growth during the forecast period.

The single-phase segment is likely to foresee growth in the market during the forecast period. It requires less maintenance and fewer repairs. However, these motors face the issue of overheating and slow running. They are used in steam, a wind turbine in the market.

By Application Analysis

Wind Turbine Segment is Likely to Dominate the Market during Forecast Period

Based on application, the market is segmented into a wind turbine, gas turbine, water turbine, and steam turbine. The wind turbine segment is likely to contribute significantly to the market. The demand and installation of renewable sources are widely increasing due to their pollution-free nature. The commissioning of wind power plants is widely increasing as they are an effective and efficient source of electricity production in the market. The wind turbine is in constant motion are requires the high strength of these motors.

The water turbine segment is likely to grow significantly during the forecast period. The demand for these turbines is widely increasing around the globe. These turbines run on water and are more reliable. This increases the installation of such turbines that further drives growth in this market.

The gas turbine segment is expected to witness growth at a significant pace during the forecast period. The demand and installation of gas turbines are increasing around the globe due to the cost-effective nature of natural gas. Governments across the world are focusing on reducing greenhouse gases and replacing nuclear and coal-driven turbines with gas-driven turbines. These turbines usually emit lower toxic gases than coal power plants. This increases the demand for turbine motors in the market.

REGIONAL INSIGHTS

The global market is segmented geographically into five regions: North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. In 2020, Asia Pacific led the global turbine motor market share and will continue to be the leading region over 2021-2028. This region has highest installation of such motors as the demand and installation of different types of power plants are increasing such as wind, gas, and steam. All these turbines require motors. According to reports from GWEC, Asia Pacific installed around 55.8 GW of wind energy in 2020. The demand for uninterrupted power supply is also increasing in the region due to rising population. The investment is highly increasing in the power sector across the region.

Europe is likely to register significant growth in the forthcoming years. The region has high demand for electricity and to fulfill energy demand, it is increasing turbine capacity within the region. Europe region has increasing wind projects and gas turbine power plants projects across the region. The region has installed around 2.7 GW of hydropower capacity in 2020, as per a report published by IRENA. The government is also widely supporting the installation of new power plants across the region. This increases the demand for such motors in the European region.

North America will record robust growth during 2021-2028. The demand for electricity is rising in the region leads to an increase in the installation of turbines. The existing power plants are increasing their capacity with the installation of the new turbine. This boosts the sale of turbine motors in North America.

The Middle East & Africa is estimated to register significant growth over the projected timeframe. The demand for uninterrupted power is on the rise and the investments in the power sector are rising as well. The power plants are expanding their capacities and this drives growth in the market.

Latin America region is expected to foresee growth owing to the increasing installation of renewable capacities. The government is also increasing power generation capacities in the region.    

KEY INDUSTRY PLAYERS

Key Players Focus on Increasing their Production Capacity by Introducing Products

The turbine motor market in the world is very spread out because there are many companies in developed and developing countries. Current leaders in this field are Canyon Industries and Vestas Wind Systems. Andritz AG and General Electric are also in the lead. Mitsubishi and Siemens Gamesa are also big players in this field. These companies are expanding their presence and turbine motor products. Also, focusing on the new contracts is one of the preferred strategies by companies.

• In January 2021, Andritz AG has announced to receive an order from Mainstream Energy Solution to modernize one generation unit at Jebba hydroelectric power plant on the Niger River. It is planned to be commissioned by 2023.


• In August 2020, Siemens Gamesa has received a contract from Adani Energy in India for wind turbines with a total capacity of 473 MW. Siemens Gamesa will supply 215 wind turbines SG 2.2-122 for a project in Rajasthan, India. It will also install and pre-commission the wind turbines.

LIST OF KEY COMPANIES PROFILED:

• Andritz AG (Austria)


• General Electric (U.S.)


• Mitsubishi Hitachi Power Systems (U.S.)


• Siemens Gamesa (Spain)


• Toshiba Hydroelectric Power (Japan)


• Vestas Wind Systems (Denmark)


• Canyon Industries (U.S.)


• Voith GmbH & Co. Kgaa (Germany)


• Kirloskar Brothers Ltd. (India)


• Arani Power (India)


• Turbocam (U.S.)


• Gilbert Gilkes & Gordon Ltd. (U.K.)

KEY INDUSTRY DEVELOPMENTS:

• In July 2021, Bharat Heavy Electricals Limited (BHEL) has announced to receive an award a contract by Nuclear Power Corporation of India Limited (NPCIL) to supply 12 steam generators for developed 700 MW pressurized heavy water reactors (PHERs) to be constructed at four different locations in the country.   


• In October 2020, Andritz has been selected by Hydro-Quebec as the exclusive partner to refurbish fourteen 54MW turbine-generator units at Carillon generating station located at Ottawa River, Canada. The company has also received a contract for the supply and installation of the first set of six turbine generator units. 

REPORT COVERAGE

The global market report includes a detailed turbine motor market analysis and focuses on key aspects such as leading companies, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several drivers that have contributed to the growth of the advanced market in recent years.

REPORT SCOPE & SEGMENTATION