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Turbine Motor Market Size, Share, and Industry Analysis By Phase (Single Phase and Three Phase), By Application (Wind Turbine, Gas Turbine, Water Turbine, and Steam Turbine), and Regional Forecast, 2024-2032

Last Updated: May 22, 2024 | Format: PDF | Report ID: FBI106333

 

KEY MARKET INSIGHTS

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The global turbine motor market size was USD 2.32 billion in 2023. The market is expected to grow from USD 2.46 billion in 2024 to USD 4.37 billion by 2032 at a growth rate of 7.43% over the forecast period.


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 1/3rd less air than that of a pneumatic vane motor and the power to weight ratio is one-half of the latter.


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.


Turbine Motor Market 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.


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Turbine Motor Market Growth Factors


Rising Demand for Wind Turbines to Stimulate Market Growth  


The rising demand for electricity across the globe, coupled with the rising government initiatives to produce clean energy to achieve zero carbon emission, is leading to the installation of several wind turbines across the globe. According to the International Energy Agency, the demand for electricity increased by around 2.2% in 2023 due to the constant expansion of manufacturing & industrial activity, especially in developing economies. To combat this, several renewable energy targets, including power generation from wind sources, have been launched by the governments of different countries, further requiring turbine motors for their operation. According to the European Commission’s 2022 REPowerEU plan, nearly 510GW of wind power is required to fulfill the EU goal of achieving a 69% share of renewable electricity in the total energy production by 2030. Thus, the high of the government for increasing wind energies would augment the Global Turbine Motor market in the forecast period.


Increasing Installation for Gas Turbine to Propel Market Growth


The demand for gas turbines is widely increasing 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.


Turbine Motor Market Segmentation Analysis


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


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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


Asia Pacific Turbine Motor Market Size, 2023 (USD Billion)

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The global market is segmented geographically into five regions: North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. In 2023, Asia Pacific led the global turbine motor market share and will continue to be the leading region over 2024-2032. 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 2024-2032. 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.    


List of Key Companies in Turbine Motor Market


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 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 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 August 2023, Suzlon Group secured a contract to supply 64 wind turbine generators (WTGs) to Teq Green Power XI, part of O2 Power, with a total capacity of 201.6 MW. The turbines will feature a Hybrid Lattice Tubular (HLT) tower design, and each turbine will have a rated capacity of 3.15MW.

  • 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.


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REPORT SCOPE & SEGMENTATION
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Unit



Value (USD Billion)



Growth Rate



CAGR of 7.43% from 2024 to 2032



Segmentation



By Phase



  • Single Phase

  • Three Phase



By Application



  • Wind Turbine

  • Gas Turbine

  • Steam Turbine

  • Water Turbine



By Region



  • North America (By Phase, By Application, By Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Phase, By Application, By Country)

    • U.K. (By Application)

    • France (By Application)

    • Spain (By Application)

    • Germany (By Application)

    • Russia (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Phase, By Application, By Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Phase, By Application, By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)



  • Middle East and Africa (By Phase, By Application, By Country)

    • South Africa (By Application)

    • GCC (By Application)

    • Rest of Middle East & Africa (By Application)








Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 2.32 billion in 2023.

In 2023, the Asia Pacific market value stood at USD 1.18 billion.

The global market is projected to grow at a CAGR of 7.43% over the forecast period.

The wind turbine application segment is expected to be the leading segment in this market.

The global industry size is anticipated to reach USD 4.37 billion by 2032.

Rising demand for wind turbines augmented the growth of the market.

Asia Pacific dominated the market in terms of share in 2023.

Andritz AG, General Electric, Mitsubishi, Siemens Gamesa, Toshiba Hydroelectric Power are the major players in the global market.

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