Pune, India, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The global turbine motor market size was USD 1.94 billion in 2020. The market is projected to grow from USD 2.06 billion in 2021 to USD 3.25 billion in 2028 at a CAGR of 6.8% during the 2021-2028 period. This information is provided by Fortune Business Insights in its report titled, “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.”
According to our researchers, the global market is being driven by a change in preference from fossil fuels to alternative green energy resources, and an increase in demand for sustainable energy sources. Turbine motors are presently employed in a variety of industries, including petrochemicals, oil and gas, and power production.
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Companies Profiled in the Turbine Motor Market Research Report:
- 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.)
COVID-19 Impacts:
Global Spread of COVID-19 Virus Hindered Market Growth
The COVID-19 widespread had a direct and unprecedented impact on various sectors, including manufacturing, power generation, oil and gas, aviation, hospitality, and others. In the aftermath of the pandemic, which has wreaked havoc on economies all over the globe, many governments have implemented nationwide lockdowns and restrictions. The pandemic has disrupted supply lines, delayed a number of projects, and resulted in a significant labour shortage. For instance, according to the American Wind Energy Association, the U.S. had planned to add 25 GW of wind energy. However, all of these projects have been postponed due to the pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6.8 % |
| 2028 Value Projection | USD 3.25 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 1.94 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 180 |
| Segments covered | Phase , Application, Region |
| Growth Drivers | Increasing Installation for Gas Turbine to Propel Market Growth |
| Rising Demand for Wind Turbine to Stimulate Market Growth | |
| Pitfalls & Challenges | High Cost of Technology to Hinder Market Growth |
Report Coverage:
The turbine motor market report contains a complete industry analysis and focuses on major topics such as leading players and product applications. Aside from that, the research provides information on market trends as well as important industry developments. In addition to the aforementioned aspects, the study discusses a number of other factors that have aided the advanced market's rise in recent years.
Segmentation:
Phase, Application, and Region are studied for the Market
On the basis of phase, the market is branched into single phase and three phase.
Based on application, the market is segregated into wind turbine, gas turbine, hydro turbine, and steam turbine.
In terms of geography, the global market is separated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints:
Rising Demand of Electricity to Foster Market Growth
Electricity consumption is rising around the globe, resulting in a significant increase in the number of wind farms being constructed. Several countries have placed certain energy objectives for themselves that they must fulfil within a specific time range. Both onshore and offshore wind industries are being driven by the government's adoption of favourable legislation and government projects. Wind turbines are a renewable source of energy that does not pollute the environment, which stimulates significant market investment in this energy generation method. Wind turbines are also becoming more popular as people become more aware of the need to reduce pollution. These factors are likely to drive the turbine motor market growth.
However, these motor units are exceedingly expensive which limits the number of consumers and large-scale consumers have been given financial aid.
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Regional Insights:
Asia Pacific held the major turbine motor market share as the demand and installation of various forms of power plants, such as wind, gas, steam, and others are installed. Motors are required for all of these turbines. The Asia Pacific area installed roughly 55.8 GW of wind energy in 2020, according to GWEC statistics. Due to the region's growing population, the demand for reliable power is also increasing. The power sector is seeing a significant increase in investment across the region.
Europe is likely to register significant growth during the forecast period. It has high need for power; thus, it is boosting turbine capacity inside the region to meet that demand. The number of wind projects and gas turbine power plant projects in Europe is increasing.
Competitive Landscape:
Presence of Vital Players to Steer Market Growth
The presence of a large number of competitors in both established and emerging countries has fragmented the global market. These businesses are growing their footprint and offering turbine motors. Companies also like focusing on new contracts as one of their preferred techniques.
Industry Developments:
September 2020: The new Kundah hydropower facility in India has granted GE a contract to deliver and commission fixed speed pumped storage turbines. Megha Engineering and Infrastructure has been granted the contract, and GE will deliver four 125 MW turbines for the new plant.
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Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Global Turbine Motor Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Turbine Motor Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Phase
- Single Phase
- Three Phase
- Market Analysis, Insights and Forecast – By Application
- Wind Turbine
- Water Turbine
- Steam Turbine
- Gas Turbine
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Turbine Motor Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Phase
- Single Phase
- Three Phase
- Market Analysis, Insights and Forecast – By Application
- Wind Turbine
- Water Turbine
- Steam Turbine
- Gas Turbine
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Application
- Wind Turbine
- Water Turbine
- Steam Turbine
- Gas Turbine
- Canada Market Analysis, Insights and Forecast – By Application
- Wind Turbine
- Water Turbine
- Steam Turbine
- Gas Turbine
- U.S. Market Analysis, Insights and Forecast – By Application
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