Turbines Market, by Type (Water Turbine (Impulse Turbine and Reaction Turbine), Steam Turbine (Impulse Turbine and Reaction Turbine), Gas Turbine (Open Cycle Gas Turbine and Combined Cycle Gas Turbine), and Wind Turbine (Onshore and Offshore), Capacity (Small, Medium, and Large), and Application (Industrial, Commercial, and Residential) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Turbines market size was estimated at USD 245.87 billion in 2023 and is projected to reach USD 426.88 billion in 2030 at a CAGR of 8.20% during the forecast period 2023-2030.
A turbine engine is a mechanical device that takes energy from a moving fluid and converts it into electricity. There are four types of turbine engines in the market which include wind turbine, water turbine, steam turbine and gas turbine. The driving factors for the growth of global turbine engines are the shift in preference to fossil fuels to alternative green energy sources and the growing demand for sustainable energy sources. Today, turbine engines are used in several end-use industries, such as petrochemical, oil and gas, and power generation.
Governments around the world are promoting sustainable energy sources that, unlike traditional energy sources, can reduce carbon dioxide emissions. In addition, various technologies such as flowing river, low turbines and small hydroelectric plants are gaining popularity in the market to help generate kinetic energy that can be used for various purposes. Thus, the increase in demand for such renewable energy sources is expected to lead to the growth of the turbine engine market. The Asia-Pacific region had the largest number of hydropower projects under construction
Emergence of COVID-19 had a negative impact in the growth of the global turbine motors market for a short period. The COVID-19 pandemic was predicted to possess hurdles for turbine equipment manufacturers (OEMs) due to disruption in supply chain and shutting down of manufacturing and energy generating facilities. The production and transportation of this heavy machinery was hampered due to improper transportation facilities. Various countries around the world have set target to phase out the hydro thermal power plants and replace most of their required power energy from renewable energy source such as wind, tidal, and solar.
The technological development of turbines used to generate electricity was a key factor in accelerating the pace of industrialization worldwide. Turbines are used in hydropower generation, steam power plants, wind power generation and propulsion. Wind energy production both onshore and offshore has increased significantly since 2010. Wind energy is the fastest growing source of clean energy and its increase is expected to continue during the forecast period. The global turbine industry is growing significantly due to increased government support for the deployment of renewable energy generation technologies aimed at reducing carbon emissions. Moreover, the increase in electricity demand worldwide is expected to increase the demand for turbines and boost the growth of the market.
Asia-Pacific to Dominate the Market