The global market for Turbines was valued at US$146.1 Billion in 2024 and is projected to reach US$204.2 Billion by 2030, growing at a CAGR of 5.7% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
As the world moves towards sustainable energy solutions, wind turbines have gained prominence, supported by favorable governmental policies and subsidies promoting green energy. Technological advancements have made wind turbines more efficient and cost-effective, enabling broader deployment, including in offshore locations. Concurrently, the hydro sector sees continued demand for new and replacement turbines in hydroelectric power plants. The modernization and expansion of thermal power plants, particularly in emerging economies, are also propelling the need for steam turbines. These turbines are essential due to their efficiency and ability to operate on multiple fuel sources, such as coal, natural gas, and biomass. Innovations in high-efficiency, low-emission designs further enhance their appeal, addressing the global need to balance energy demands with environmental sustainability.
The growth in the turbine market is driven by several factors. Firstly, the surge in demand for renewable energy has significantly boosted the wind turbine market, driven by government incentives, advancements in turbine technology, and increased environmental awareness among consumers. The market for steam turbines remains strong due to the shift towards cleaner energy sources like natural gas and the continued use of nuclear power. Advances in materials and design have enhanced their efficiency and reduced operational costs. Gas turbines benefit from increased natural gas production, particularly from shale reserves, leading to more natural gas-fired power plants. The aviation industry's expansion, fueled by rising air travel demand, has led to advancements in gas turbine technology, improving fuel efficiency and reducing emissions. Consumer trends towards eco-friendly and sustainable energy solutions further accelerate the adoption of these technologies. Overall, the turbine market's growth is driven by technological innovations, evolving energy policies, and changing consumer preferences, creating a dynamic and rapidly evolving industry landscape.
Global Turbines Market - Key Trends and Drivers Summarized
Turbines play a critical role in converting kinetic and thermal energy into mechanical energy across various industrial sectors. These devices typically feature a rotor with blades or nozzles, where fluid interaction generates rotational motion and subsequent energy. The most notable types include wind turbines, steam turbines, and gas turbines, each tailored to specific applications and markets. Wind turbines capture wind energy to produce electricity, often found in both onshore and offshore wind farms. Steam turbines, conversely, utilize thermal energy from heated steam, commonly employed in thermal power plants. Gas turbines, fueled by natural gas or liquid fuels, are integral to power generation and the aviation sector, where they power jet engines. Turbines are indispensable in power generation, aviation, and marine propulsion systems, with their size, design, and function varying significantly depending on the application, from large-scale steam turbines in power plants to compact gas turbines in aircraft.As the world moves towards sustainable energy solutions, wind turbines have gained prominence, supported by favorable governmental policies and subsidies promoting green energy. Technological advancements have made wind turbines more efficient and cost-effective, enabling broader deployment, including in offshore locations. Concurrently, the hydro sector sees continued demand for new and replacement turbines in hydroelectric power plants. The modernization and expansion of thermal power plants, particularly in emerging economies, are also propelling the need for steam turbines. These turbines are essential due to their efficiency and ability to operate on multiple fuel sources, such as coal, natural gas, and biomass. Innovations in high-efficiency, low-emission designs further enhance their appeal, addressing the global need to balance energy demands with environmental sustainability.
The growth in the turbine market is driven by several factors. Firstly, the surge in demand for renewable energy has significantly boosted the wind turbine market, driven by government incentives, advancements in turbine technology, and increased environmental awareness among consumers. The market for steam turbines remains strong due to the shift towards cleaner energy sources like natural gas and the continued use of nuclear power. Advances in materials and design have enhanced their efficiency and reduced operational costs. Gas turbines benefit from increased natural gas production, particularly from shale reserves, leading to more natural gas-fired power plants. The aviation industry's expansion, fueled by rising air travel demand, has led to advancements in gas turbine technology, improving fuel efficiency and reducing emissions. Consumer trends towards eco-friendly and sustainable energy solutions further accelerate the adoption of these technologies. Overall, the turbine market's growth is driven by technological innovations, evolving energy policies, and changing consumer preferences, creating a dynamic and rapidly evolving industry landscape.
Scope of the Study
The report analyzes the Turbines market, presented in terms of market value (US$ Thousand). The analysis covers the key segments and geographic regions outlined below.Segments:
Type (Wind Turbines, Gas Turbines, Steam Turbines, Other Types).Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Latin America; Rest of World.Key Insights:
- Market Growth: Understand the significant growth trajectory of the Wind Turbines segment, which is expected to reach US$99.4 Billion by 2030 with a CAGR of a 8.7%. The Gas Turbines segment is also set to grow at 4.2% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, valued at $20.3 Billion in 2024, and China, forecasted to grow at an impressive 7.5% CAGR to reach $60.2 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Acciona Energía, Andritz AG, Ansaldo Energia S.p.A., Bharat Heavy Electricals Limited (BHEL), DONGFANG TURBINE CO. LTD. and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Turbines Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Turbines Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Turbines Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Some of the 169 major companies featured in this Turbines market report include:
- Acciona Energía
- Andritz AG
- Ansaldo Energia S.p.A.
- Bharat Heavy Electricals Limited (BHEL)
- DONGFANG TURBINE CO. LTD.
- GE Vernova Inc.
- Goldwind Science & Technology Co. Ltd.
- Harbin Electric Corporation co.Ltd.
- Kirloskar Brothersd Ltd.
- Litostroj Power Group
- Mitsubishi Power
- Rolls-Royce plc
- Siemens Energy AG
- Sinovel Wind Group Co., Ltd.
- Vestas Wind Systems A/S
Table of Contents
I. METHODOLOGYMII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
ITALY
UNITED KINGDOM
SPAIN
RUSSIA
REST OF EUROPE
ASIA-PACIFIC
LATIN AMERICA
REST OF WORLD
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Acciona Energía
- Andritz AG
- Ansaldo Energia S.p.A.
- Bharat Heavy Electricals Limited (BHEL)
- DONGFANG TURBINE CO. LTD.
- GE Vernova Inc.
- Goldwind Science & Technology Co. Ltd.
- Harbin Electric Corporation co.Ltd.
- Kirloskar Brothersd Ltd.
- Litostroj Power Group
- Mitsubishi Power
- Rolls-Royce plc
- Siemens Energy AG
- Sinovel Wind Group Co., Ltd.
- Vestas Wind Systems A/S
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 504 |
| Published | February 2025 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 146.1 Billion |
| Forecasted Market Value ( USD | $ 204.2 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
