Market Size of Turbines Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Turbine Market Analysis
On account of the growing demand for power generation and expanding industrial infrastructure, especially in emerging economies, the turbine market is likely to witness a CAGR of around 8.1% during the forecast period. During 2018, the demand for electricity was nearly 26 thousand-terawatt hour (TWh), of which the electricity demand for the industrial purpose was the highest, and it is expected to have the highest demand during the forecast period. With the rising demand for electricity, focus on clean energy usage is likely to lead to the power generation industry during the upcoming years. Technology such as wind-powered turbines, hydropower turbines, and gas-fired power plants is expected to get a big boost during the forecast period. The drivers for the turbine market are the reducing cost of wind turbines and the various initiatives taken by national and international bodies for the increase in uses of renewable sources to stabilize the carbon production across the globe. However, the phasing-out of coal-powered power plants across the world is expected to act as a restraint for the market.
- The wind turbine market to expand as the world's significant source of renewable electricity generation by 2025, and is expected to play a critical role in decarbonizing the power system and improving flexibility.
- With rising initiatives to have alternate sources of energy such as wind, hydro, and natural gas, there is a very high possibility of having turbines that are compatible to run by various renewable sources. It is expected to have an electricity demand of nearly 39 thousand TWh by 2040, which is expected to create an opportunity for the market to grow in the future.
- Asia-Pacific is one of the prominent turbine markets with the majority of the wind, hydro, coal, and nuclear-powered projects presence. China is a prominent country within the region that covers the majority market share of turbines. With 1000 gigawatts of existing coal power plants, China is planning to add up 121-gigawatt coal power plants in the coming years.
Turbine Industry Segmentation
The turbines market report include:
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Turbines Market Size Summary
The turbine market is poised for significant growth, driven by the increasing demand for power generation and the expansion of industrial infrastructure, particularly in emerging economies. The shift towards clean energy sources is expected to bolster the power generation industry, with technologies such as wind-powered turbines, hydropower turbines, and gas-fired power plants gaining prominence. The declining costs of wind turbines and global initiatives to enhance the use of renewable energy sources are key factors propelling market growth. However, the transition away from coal-powered plants worldwide presents a challenge to the market's expansion. The wind turbine sector, in particular, is anticipated to become a major contributor to renewable electricity generation, playing a crucial role in decarbonizing power systems and enhancing flexibility.
Asia-Pacific stands out as a significant region in the turbine market, with China and India leading in coal, wind, and hydro power projects. China's substantial investment in coal and nuclear power plants, alongside its dominance in hydro and wind power installations, underscores its pivotal role in the market. Similarly, India is ramping up its wind energy capacity as part of its commitment to a greener environment. The region is expected to witness robust growth in the turbine market, with coal-powered plants continuing to hold a significant market share. The fragmented nature of the market is characterized by key players such as Dongfang Electric Corporation Limited, Harbin Electric Company Limited, and Siemens AG, among others, who are instrumental in shaping the industry's landscape.
Turbines Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Wind Turbines
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2.1.1.1 Onshore
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2.1.1.2 Offshore
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2.1.2 Steam Turbines
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2.1.2.1 Combined Cycle
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2.1.2.2 Steam Cycle
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2.1.3 Gas Turbines
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2.1.3.1 Combined Cycle
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2.1.3.2 Open Cycle
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2.1.4 Hydro Turbines
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2.1.4.1 Reaction
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2.1.4.2 Impulse
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 South America
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2.2.5 Middle-East and Africa
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Turbines Market Size FAQs
What is the current Turbines Market size?
The Turbines Market is projected to register a CAGR of greater than 8.10% during the forecast period (2024-2029)
Who are the key players in Turbines Market?
Dongfang Electric Corporation Limited , Harbin Electric Company Limited , Mitsubishi Hitachi Power Systems Ltd (MHPS) , Siemens AG and General Electric Company are the major companies operating in the Turbines Market.
