Portland, OR, Aug. 05, 2021 (GLOBE NEWSWIRE) -- According to the report, the global turbine motors market generated $194.1 billion in 2020, and is expected to generate $422.2 billion by 2030, witnessing a CAGR of 8.1% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in demand for renewable and sustainable energy sources, replacement of fossil fuel power plants, reduction in fossil-based energy generation, and technological advancements drive the growth of the global turbine motors market. However, high initial installation cost and location constraints hinder the market growth. On the other hand, supportive government initiatives and subsidies, promotion of the steam turbine usage, and less lead time for the planning and construction of wind power projects present new opportunities in the coming years.
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Covid-19 Scenario
- Production activities of turbine motor manufacturers were hugely affected due to lockdown restrictions across the globe. Moreover, challenges such as disruptions in supply chain and dearth of raw materials hampered the business flow altogether, especially during the initial phase of the lockdown.
- Shutdown of manufacturing and energy generating facilities gave way to dwindled demand for turbine motors during the lockdown. Nevertheless, the demand is expected to increase steadily post lockdown.
The global turbine motors market is analyzed across type, capacity, application, and region. Based on type, the wind turbine segment generated the major share in 2020, holding nearly three-fifths of the global turbine motors market, and is projected to retain the lion’s share during the forecast period. Nevertheless, the water turbine segment is expected to cite the fastest CAGR of 9.1% from 2021 to 2030.
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By application, the industrial segment accounted for the highest share in 2020, holding nearly two-fifths of the global turbine motors market, and is expected to lead the trail by 2030. At the same time, the residential segment is projected to register the fastest CAGR of 8.7% from 2021 to 2030.
By region, the market across Europe held the major share in 2020, generating more than one-third of the global turbine motors market. Simultaneously, Asia-Pacific is expected to grow at the fastest CAGR of 9.1% during the forecast period. The other provinces studied in the report include North America and LAMEA.
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The key market players analyzed in the global turbine motors market report include Canyon Industries Inc., General Electric, Kirloskar Brothers Ltd., Litostroj Power Group, Norcan Hydraulic Turbine Inc., Turbocam, Arani Power, Andritz AG, Toshiba Hydroelectric Power, Voith Gmbh & Co. Kgaa, Gilbert Gilkes & Gordon Ltd., Chola Turbo Machinery International Pvt. Ltd., Doosan Škoda Power, Vestas Wind Systems Elliott Group, Mitsubishi Hitachi Power Systems Inc., Siemens AG, Turbine Generator Maintenance Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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