Global Turbines Market Size By Product (Steam Turbine, Gas Turbine), By Application (Power Generation, Aviation), By Geographic Scope And Forecast

Turbines Market Size And Forecast

Turbines Market size is growing at a moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2022 to 2030.

A turbine is a steam-powered machine that creates a shaft, a rotating rod that provides power or motion from the turbine to generate electricity through movement. Rapid economic growth, as well as increased investments in power generation, are some of the key factors driving the growth of the global Turbines Market. The Global Turbines Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Turbines Market Definition

A turbine is a device that captures the kinetic energy of numerous fluids like water, steam, air, or combustion gases and converts it into the rotational motion of the device itself. The turbines' primary function is to assist in the generation of electricity. Apart from power generation, turbines are used in engine and propulsion systems. Turbines are used in heat engines, wind power, hydropower, and propulsion. Turbines are crucially significant because nearly all electricity is produced by converting mechanical energy from a turbine into electrical energy through a generator. This is a primary mover that converts the energy of the fluid into the mechanical energy of the turbine shaft.

Turbines are categorized as Water Turbines, Wind Turbines, Steam Turbines, and Gas Turbines. A wind turbine is a device that generates electricity by utilizing the kinetic energy of the wind. Wind turbines are further classified as horizontal axis wind turbines and vertical axis wind turbines. A water turbine is a device that converts electrical energy contained in water, either potential or kinetic energy, into mechanical or electrical energy. A steam turbine is a device that converts thermal energy from steam to mechanical work on a rotating output shaft.

Global Turbines Market Overview

The global turbine industry is increasing as a result of increased government support for power generation technologies that intend to reduce carbon dioxide emissions. Rising global electricity consumption has increased the usage of turbines. Moreover, rapid industrialization in emerging nations has resulted. Furthermore, Wind energy production and developing economies' plans to raise their wind energy capacity are driving the global Turbines Market. Global powerhouses including Siemens, ABB, and General Electric are acquiring new gas turbine power plant projects in the Middle East to insert turbines and provide diagnostic services in countries including Iran and Iraq. Furthermore, steam turbine projects for the retrofitting business and modernization projects are driving the Turbines Market leading to the growth of the market globally over the forecasted period.

Some limitations are restricting the global Turbines Market's growth. The growing emphasis on renewable energy power generation may inhibit the global Turbines Market's growth. The main obstacle for the global Turbines Market is the high capital and operating costs, leading to limiting the growth of the Global Turbines Market. Therefore, Wind turbines have the fastest growth prospects and the best opportunities among electricity generation applications. Many countries are rising wind energy construction to meet renewable energy targets set by the federal govt or as part of a wider signatory body.

Global Turbines Market Segmentation Analysis

The Global Turbines Market is Segmented on the basis of Product, Application, And Geography.

Turbines Market, By Product

• Steam Turbine
• Gas Turbine
• Wind-Driven Generator
• Others

Based on Product, the market is bifurcated into Steam Turbine, Gas Turbine, Wind Driven Generator, and Others. The Gas Turbine has the largest growing segment of the Global Turbines Market due to its low capital and operating costs. It is also more efficient when operating at full power as compared to other products on the market over the projected period.

Turbines Market, By Application

• Power Generation
• Aviation
• Sailing
• Others

Based on Application, the market is bifurcated into Power Generation, Aviation, Sailing, and Others. Power Generation has the growing segment of the Global Turbines Market. Global power generation needs are rising, and as an outcome, demand for turbines rises during the projected period.

Turbines Market, By Geography

• North America
• Europe
• Asia-Pacific
• Rest of the World

Based on Geography, the Global Turbines Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world. The Asia Pacific has the largest growing segment of the Global Turbines Market. Rising power demand, as well as rapid industrialization, are some of the factors contributing to the growth of the Global Turbines Market over the forecasted period.

Key Players

• The "Global Turbines Market" study report will provide a valuable insight with an emphasis on the global market. The major players in the market are
• ABB, ACCIONA Windpower, Andritz, Ansaldo Energia, Bharat Heavy Electricals, Caterpillar, Clipper Windpower, DeWind, Dongfang Electric, Doosan Power Systems Holdings, ENERCON, Envision Energy, General Electric, GE Grid Solutions, and GE Power & Water.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In October 2019, Acciona has launched a takeover bid for Nordex, a UK offshore initiative to install 12 MW turbines.
• In April 2022, Envision Energy signed an agreement for 2000 MW of wind turbines in India.