The global market for Turbines is estimated at US$127.7 Billion in 2023 and is projected to reach US$187.0 Billion by 2030, growing at a CAGR of 5.6% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
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.
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.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Wind Turbines segment, which is expected to reach US$91.4 Billion by 2030 with a CAGR of a 8.6%. The Gas Turbines segment is also set to grow at 4.1% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $19.5 Billion in 2023, and China, forecasted to grow at an impressive 7.4% CAGR to reach $60.2 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Turbines Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Turbines Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Turbines Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 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 ABB Limited, Acciona Energia SA, Andritz AG, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Select Competitors (Total 169 Featured):
- ABB Limited
- Acciona Energia SA
- Andritz AG
- Ansaldo Energia SpA
- Caterpillar, Inc.
- Dongfang Electric Corporation Limited
- Doosan Power Systems Holdings Limited
- ENERCON GmbH
- GE Grid Solutions, LLC
- GE Power & Water
- General Electric Company
- GuoDian United Power Technology Company Ltd.
- Harbin Turbine Company Limited
- Mitsubishi Hitachi Power Systems, Ltd.
- Nordex SE
- Senvion SA
- Shanghai Electric Group Company Limited
- Siemens AG
- Siemens Gamesa Renewable Energy, S.A.
- Vestas Wind Systems A/S
- Voith GmbH & Co. KGaA
- Xinjiang GoldWind Science & Technology Co., Ltd.
Table of Contents
I. METHODOLOGYII. 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:
- ABB Limited
- Acciona Energia SA
- Andritz AG
- Ansaldo Energia SpA
- Caterpillar, Inc.
- Dongfang Electric Corporation Limited
- Doosan Power Systems Holdings Limited
- ENERCON GmbH
- GE Grid Solutions, LLC
- GE Power & Water
- General Electric Company
- GuoDian United Power Technology Company Ltd.
- Harbin Turbine Company Limited
- Mitsubishi Hitachi Power Systems, Ltd.
- Nordex SE
- Senvion SA
- Shanghai Electric Group Company Limited
- Siemens AG
- Siemens Gamesa Renewable Energy, S.A.
- Vestas Wind Systems A/S
- Voith GmbH & Co. KGaA
- Xinjiang GoldWind Science & Technology Co., Ltd.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 504 |
Published | October 2024 |
Forecast Period | 2023 - 2030 |
Estimated Market Value ( USD | $ 127.7 Billion |
Forecasted Market Value ( USD | $ 187 Billion |
Compound Annual Growth Rate | 5.6% |
Regions Covered | Global |