New York, United States , Aug. 21, 2024 (GLOBE NEWSWIRE) -- The Global Turbine Motor Market Size is to Grow from USD 2.18 Billion in 2023 to USD 4.42 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.32% during the projected period.
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A turbine is a rotating mechanical device that converts the energy of a fluid flow into useful work. The shift in preference from fossil fuels to alternative green energy resources, as well as an increase in demand for sustainable energy sources, are key drivers of the global turbine motor market. Turbine motors are currently used in a wide range of end-use sectors, including petrochemicals, oil and gas, and power generation. Hydropower is more efficient than traditional fossil fuels like coal, natural gas, and oil. In addition, hydro turbines consume no natural resources and emit no direct emissions. These factors have substantially influenced the growth of the turbine motors market over the forecast period. However, the expensive cost of technology could hinder market growth.
Browse key industry insights spread across 219 pages with 110 Market data tables and figures & charts from the report on the "Global Turbine Motor Market Size, Share, and COVID-19 Impact Analysis, By Phase (Single Phase, and Three Phase), By Application (Hydro Turbine, Wind Turbine, and Nuclear Turbine), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The three-phase sector is expected to hold the largest market share over the projection period.
Based on phase, the turbine motor market is divided into single phase, and three phase. Among these, the three-phase sector is expected to hold the largest market share over the projection period. Three-phase motors are becoming increasingly popular because they are used in a wide range of turbines, including wind turbines, steam turbines, and gas turbines. This motor is smaller and less expensive than a single-phase motor. This is expected to fuel three-phase motor segment growth throughout the forecast period. Three-phase turbine motors are ideal for wind energy and hydropower generation. When employed as generators, induction machines have a fixed stator and a revolving rotor, similar to synchronous generators. The single-phase sector is predicted to grow in the market throughout the forecast period. It requires less maintenance and repair. However, these motors tend to overheat and run slowly.
The wind turbine segment has the highest share of the market during the forecast period.
Based on application, the turbine motor market is divided into hydro turbine, wind turbine, and nuclear turbine. Among these, the wind turbine segment has the highest share of the market during the forecast period. Wind turbines are installed in areas with suitable wind and weather conditions. They convert the kinetic energy of moving air to electricity. Wind turbines can be built individually, but they are most commonly installed in groups to form 'wind farms' or wind power plants. Wind energy can also be utilized to produce hydrogen, which can subsequently be used to generate electricity or to power vehicles. It is a renewable energy source; therefore, we can generate power as long as the wind blows. Turbine advancements increase their efficiency, giving clean and reliable energy to the grid, homeowners, and communities even in less windy places. Wind energy is also classified as clean energy, which means that wind turbines do not generate greenhouse gases like carbon dioxide, leading to less pollution in the air, oceans, and the surroundings, which can cause health problems or damage the environment.
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Asia-Pacific is expected to hold the largest share of the turbine motor market over the forecast period.
Asia-Pacific is home to several coal and nuclear power plants. By 2022, China will have 46 nuclear reactors and approximately 53 coal-fired facilities. Furthermore, the country boasts the most hydroelectric and wind power installations, with the most installed capacity. India is a notable country that, unlike China, derives the vast bulk of its electricity from coal-fired power plants. As part of its environmental goal, India has a total operational capacity of approximately 80 gigawatts (wind and hydro), with installed wind energy capacity set to triple by 2022. The turbine motor market in the area is predicted to expand significantly throughout the forecast period. Coal-powered facilities are likely to maintain a large market position in the power-generation business, which includes steam turbines.
Middle East and Africa are predicted to grow at the fastest pace in the turbine motor market during the projected timeframe. The Middle East and Africa are likely to have significant growth during the projection period. Demand for uninterrupted power is rising, as are investments in the power sector. Power plants are increasing their capacity, accelerating market growth. The number of turbines being installed increases in proportion to the region's electricity usage. The installation of the new turbine expands the capacity of the existing power plants.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the turbine motor market include Toshiba Hydroelectric Power, Vestas Wind Systems, Canyon Industries, Voith GmbH & Co. Kgaa, Kirloskar Brothers Ltd., Arani Power, Turbocam, Gilbert Gilkes & Gordon Ltd, Andritz AG, General Electric, Mitsubishi Hitachi Power Systems, Siemens Gamesa, and Others.
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Recent Developments
- In August 2023, Suzlon Group signed a contract to sell 64 wind turbine generators (WTGs) to Teq Green Power XI, a subsidiary of O2 Power, for a total capacity of 201.6 MW. The turbines are equipped with a Hybrid Lattice Tubular (HLT) tower with a 3.15MW rated capacity.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global turbine motor market based on the below-mentioned segments:
Global Turbine Motor Market, By Phase
- Single Phase
- Three Phase
Global Turbine Motor Market, By Application
- Hydro Turbine
- Wind Turbine
- Nuclear Turbine
Global Turbine motor Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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