Wilmington, Delaware, United States, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global turbines market is likely to register a CAGR of 5.7% between 2022 and 2031. Turbines are rotary machines that generate electricity by spinning a rotor or a wheel with vanes at high speeds through air, steam, gas, or water. The key function of a turbine is to convert energy from high-pressure steam into mechanical energy. Turbines are used primarily in heat engines, propulsion, wind power, and even the transportation sector. The different benefits offered by turbines are projected to aid in their market expansion during the forecast period.
Rise in demand for electricity is a key factor augmenting the demand for turbines across the world. Technological advancements in turbines used for power generation are projected to boost market growth during the forecast period. Besides this, the increase in adoption of integrated gasification combined cycle and combined cycle gas turbines in the oil and gas sector is projected to drive the turbines market.
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According to TMR report, the global turbines market value stood at US$ 201.6 Bn in 2021 and is anticipated to reach US$ 331.6 Bn by the end of 2031. The rise in government support for power generation technologies with the aim of reducing carbon dioxide emissions is anticipated to aid in market development.
Key Findings of Study
- Rise in Adoption of Wind Energy: Demand for wind turbines is on the rise as wind energy is considered the fastest method of producing electricity. Wind turbines help convert the kinetic energy of flowing air into electricity. Thus, the number of wind power plant installations has increased. This, in turn, is anticipated to promote growth of this market during the forecast period.
- Increase in Adoption of Nuclear Power to Attain Zero Emission Targets: Rise in inclination toward sustainable energy systems resulted in companies focusing on achieving net zero emission targets. This is projected to aid in adoption of nuclear power for achieving net zero emission targets, thereby creating business opportunities for the turbine market.
Key Drivers
- Rise in demand for turbines from mega power projects in the wind, nuclear, and thermal energy sectors, is expected to aid in market expansion
- Increase in adoption of wind turbine technology for generating electricity is anticipated to be a significant market trend
- Global demand for electricity is projected to boost demand for turbines in the near future
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Regional Growth Dynamics
- Asia Pacific dominated the global market with leading share in 2021. This can be ascribed to the presence of numerous manufacturing industries and the increase in demand for turbines in the region.
- Europe is likely to emerge as a key region in the turbines market. This is due to the surge in adoption of technologically advanced approaches for turbine design and function and the rise in need to develop turbines with improved energy efficiency.
Key Players
Prominent players in the global turbines market include Rolls Royce, Andritz AG, Litostroj Power Group, Suzlon Energy Limited, Nordex SE, Mitsubishi Hitachi Power Systems Ltd., Ansaldo Energia, Harbin Electric Company Limited, Dongfang Electric Corporation Limited, Kirloskar Brothers Limited, ACCIONA Windpower, ABB, Goldwind Science & Technology Co., Ltd., Sinovel Wind Group Co., Vestas Wind Systems AS, Doosan Fuel Cell America Inc., General Electric Company, Siemens Energy, Ballard Power Systems Inc., and Alstom S.A.
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Turbine Market Segmentation
Product
- Hydro
- Steam
- Gas-based
- Wind
- Nuclear
Application
- Power Generation
- Power Storage
- Marine
- Aeronautics
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Japan
- China
- India
- ASEAN
- Rest of Asia Pacific
- GCC
- South Africa
- Brazil
- Mexico
- Rest of Latin America
- Rest of Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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