A turbine motor is a mechanical device that withdraws energy from a moving fluid and converts it into electricity. Four types of turbine motors are available in the market, which include wind turbine, water turbine, steam turbine, and gas turbine. Shift in preference from fossil fuel toward alternative green energy resources and surge in demand of sustainable energy sources are the key factors that drive growth of the global turbine motors growth. Turbine motors are now used in several end-use verticals such as petrochemical, oil &gas industries, and power generation industries.
MARKET DYNAMICS
Surge in demand for such renewable power sources are driving the growth of the turbine motors market. However, the high investment for the manufacturing and installation of turbine motors may restrain the growth of the turbine motors market. Furthermore, rise in investment opportunities in new hydropower projects is anticipated to create a market opportunity for the turbine motors market during the forecast period.
MARKET SCOPE
The "Global Turbine Motors Market Analysis To 2028" is a specialized and in-depth study of the energy and power industry with a special focus on the global market trend analysis. The turbine motors market report aims to provide an overview of the turbine motors market with detailed market segmentation by type, capacity, application, and geography. The global turbine motors market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading turbine motors market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global turbine motors market is segmented on the basis of type, capacity, and application. Based on type, the turbine motors market is segmented into water turbine, steam turbine, gas turbine, and wind turbine. On the basis of capacity, the turbine motors market is segmented into small (less than 10MW), medium (10-100MW), and large (greater than 100MW). Based on application, the turbine motors market is segmented into industrial, commercial, and residential.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global turbine motors market based on various segments. It also provides market size and forecast estimates from the year 2018 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The turbine motors market by each region is later sub-segmented by respective countries and segments. The turbine motors market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the turbine motors market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the turbine motors market in these regions.
IMPACT OF COVID-19 ON TURBINE MOTORS MARKET
The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic had a negative impact on the turbine motors market. Emergence of COVID-19 had a negative impact in the growth of the global turbine motors market for a short period. The COVID-19 pandemic is predicted to possess hurdles for turbine equipment manufacturers (OEMs) due to disruption in supply chain and shutting down of manufacturing and energy generating facilities. The production and transportation of this heavy machinery is hampered due to improper transportation facilities. Various countries around the world have set target to phase out the hydro thermal power plants and replace most of their required power energy from renewable energy source such as wind, tidal, and solar. Thus, the abovementioned factors are expected to restrain the global turbine motors market growth in current times.
MARKET PLAYERS
The reports cover key developments in the turbine motors market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from turbine motors market are anticipated to lucrative growth opportunities in the future with the rising demand for filter products in the global market. Below mentioned is the list of few companies engaged in the turbine motors market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the turbine motors market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Andritz AG
- Canyon Industries Inc.
- General Electric
- Gilbert Gilkes and Gordon Ltd.
- Kirloskar Brothers Ltd.
- Litostroj Power Group
- Norcan Hydraulic Turbine Inc.
- Siemens AG
- Toshiba Hydroelectric Power
- Voith Gmbh and Co. Kgaa