Turbine Motor Market Report 2024

This Turbine Motor market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The turbine motor market size has grown strongly in recent years. It will grow from $2.06 billion in 2023 to $2.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth observed during the historical period can be attributed to several factors, including industrialization, advancements in power generation technologies, a rising demand for renewable energy sources, the expansion of the aviation and aerospace industries, government incentives for energy infrastructure development, and an increasing reliance on combined-cycle power plants.

The turbine motor market size is expected to see strong growth in the next few years. It will grow to $2.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The projected growth during the forecast period can be attributed to several factors, including rising investments in smart grid technologies, increasing demand for sustainable energy, the electrification of transportation, advancements in energy storage solutions, the development of microgrid systems, and the expansion of offshore wind projects. Key trends anticipated during this period include the growing adoption of digital twins for turbine optimization, a heightened focus on energy efficiency, the integration of artificial intelligence and machine learning in turbine operations, advancements in turbine materials, the emergence of modular turbine systems, hybrid turbine applications that combine multiple energy sources, and an emphasis on carbon-neutral technologies in energy generation.

The growing demand for sustainable energy sources is anticipated to drive the expansion of the turbine motor market in the coming years. This increased demand stems from the need to mitigate greenhouse gas emissions and address climate change challenges. Turbine motors play a critical role in converting energy from various sources, including wind, water, steam, and gas, into electricity, thus serving as essential components in both renewable and non-renewable energy systems. According to a report from the International Renewable Energy Agency (IRENA) published in March 2024, renewable energy accounted for 86% of total capacity expansion in 2023, up from 84% in 2022. Additionally, the proportion of renewables in overall power capacity increased by nearly three percentage points, from 40.4% in 2022 to 43.2% in 2023. Consequently, the surge in demand for sustainable energy sources is propelling the growth of the turbine motor market.

Leading players in the turbine motor market are prioritizing the development of innovative products, such as gas turbine cogeneration motors. These motors represent a power generation solution that simultaneously generates electricity and heat energy from a single fuel source. A noteworthy example is the launch of the GPB17MMX by Kawasaki Heavy Industries, a Japan-based heavy machinery manufacturer, in September 2023. This groundbreaking system is the world’s first 1.8 MW gas turbine cogeneration unit capable of operating on 100% hydrogen-fueled dry combustion. It features a distinctive compressor that employs a specialized combination of micromix combustion and supplemental combustion technologies, enabling stable and efficient hydrogen combustion while ensuring nitrogen oxide (NOx) emissions remain below regulatory thresholds.

In October 2023, Integrated Power Services (IPS), a US-based electromechanical equipment firm, completed the acquisition of Lighthouse Global Energy LLC for an undisclosed amount. This strategic acquisition aims to enhance IPS’s product offerings by incorporating wind power parts distribution and manufacturing capabilities, thereby bolstering its services in the utility-scale renewable energy sector. Lighthouse Global Energy LLC specializes in providing turbine motors.

Major companies operating in the turbine motor market are Hitachi Ltd., Siemens AG, General Electric Company, Caterpillar Inc., Mitsubishi Corporation, Baker Hughes Company, Toshiba Corporation, Shanghai Electric Group Co. Ltd., Vestas Wind Systems A/S, Andritz AG, Voith GmbH & Co. Kgaa, Bharat Heavy Electricals Limited, Ansaldo Energia S.p.A., Suzlon Energy Limited, Nanjing Turbine & Electric Machinery (Group) Co. Ltd., Doosan Škoda Power, Kirloskar Brothers Ltd., TD Power Systems Private Limited, Gilbert Gilkes & Gordon Ltd., Destinus SA, MAN Energy Solutions SE.

Asia-Pacific was the largest region in the turbine motor market in 2023. The regions covered in the turbine motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the turbine motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A turbine motor is a device that transforms fluid energy - derived from gases, steam, or liquids - into mechanical energy through the rotation of blades or vanes. This high-speed rotation drives a shaft that is connected to machinery or generators, facilitating power production. Turbine motors are widely employed in power plants, aircraft engines, and various industrial applications.

The primary types of turbine motors include water turbines, steam turbines, gas turbines, and wind turbines. A water turbine motor specifically converts the energy of flowing or falling water into mechanical power, which is subsequently used to generate electricity. These motors are categorized by capacity into small (less than 10 MW), medium (10-100 MW), and large (greater than 100 MW), and can operate in single-phase or three-phase configurations. They are utilized in various applications across industrial, commercial, and residential sectors.

The turbine motor market research report is one of a series of new reports that provides turbine motor market statistics, including turbine motor industry global market size, regional shares, competitors with a turbine motor market share, detailed turbine motor market segments, market trends and opportunities, and any further data you may need to thrive in the turbine motor industry. This turbine motor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The turbine motor market consists of sales of radial turbine motors, axial turbine motors, and pelton turbine motors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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