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Global Turbine Motor Market to reach USD 3.98 billion by the end of 2030.

Global Turbine Motor Market Size study & Forecast, by Phase (Single Phase, Three Phase), by Application (Wind Turbine, Gas Turbine, Steam Turbine, Water Turbine) and Regional Analysis, 2023-2030

Product Code: EPPGS-70059148
Publish Date: 30-10-2023
Page: 200

Global Turbine Motor Market is valued at approximately USD 2.35 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 6.80% over the forecast period 2023-2030. A turbine motor is a mechanical device that transfers mechanical energy from a moving fluid into electrical energy. Turbine motors come in four different varieties: gas turbine, steam turbine, water turbine, and wind turbine. Turbine motors are utilized in a variety of end-use verticals, including the petrochemical, oil & gas, and power generation industries. Turbine motors are also referred to as turbine generators. Usually, these motors are utilized to generate power. They frequently alter for various power generation purposes. They are often used in gas turbines, wind turbines, and power plants. The Turbine Motor market is expanding because of factors such as an increase in demand for renewable and sustainable energy sources, government initiatives to explore alternative sources of energy and the rising development of energy power plants.

Turbine motors are deployed in oil drilling and oil and gas plants operation. According to The International European Agency report 2020, predicts that the capacity of renewable energy worldwide would increase by more than 60% from 2020 levels to over 4 800 GW by the year 2026. These increasing capacities revealed a growing need to produce electricity from renewable sources, which led to market expansion. Additionally, increasing government investment in the construction of power plants is promoting market expansion. The Energy Information Administration, for instance Around 32.3 GW of brand-new natural gas-fired power plants were under construction in the US as of 2021, with an anticipated 2025 start-up date. 14.2 GW of them are now under construction, 3.4 GW are in the pre-construction phase, and 14.7 GW are in the advanced permitting phase. In addition, rising technological advancements and rising initiatives for promoting the use of steam turbine are creating new opportunities for market growth. However, the high cost of Turbine Motor stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Turbine Motor Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to growing government investments in the sector, as well as the rising use of renewable energy sources and the construction of power plants. Asia Pacific is anticipated to grow significantly during the projection period. due to factors such as increasing renewable energy usage, expanding development of new power plants, and active government involvement in the marketplace.

Major market player included in this report are:
Andritz AG
Canyon Industries Inc.
General Electric Company
Gilbert Gilkes & Gordon Ltd.
Kirloskar Brothers Ltd.
Litostroj Power Group
Norcan Hydraulic Turbine Inc.
Siemens AG
Toshiba Corporation
Voith Gmbh & Co.

Recent Developments in the Market:
Ø In January 2021, Mainstream Energy Solution granted Andritz AG an order for the modernization of one generation unit at the Jebba hydroelectric power project on the Niger River. It is anticipated to be operational by 2023.

Global Turbine Motor Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Phase, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Phase:
Single Phase
Three Phase

By Application:
Wind Turbine
Gas Turbine
Steam Turbine
Water Turbine

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Turbine Motor Market, by Region, 2020-2030 (USD Billion)
1.2.2. Turbine Motor Market, by Phase, 2020-2030 (USD Billion)
1.2.3. Turbine Motor Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Turbine Motor Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Turbine Motor Market Dynamics
3.1. Turbine Motor Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increase in demand for renewable and sustainable energy sources Government initiative to explore alternative sources of energy Rising development of energy power plants
3.1.2. Market Challenges High Cost of Turbine Motor
3.1.3. Market Opportunities Rising technological advancements Rising initiatives for promoting the use of steam turbine
Chapter 4. Global Turbine Motor Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Turbine Motor Market, by Phase
5.1. Market Snapshot
5.2. Global Turbine Motor Market by Phase, Performance – Potential Analysis
5.3. Global Turbine Motor Market Estimates & Forecasts by Phase 2020-2030 (USD Billion)
5.4. Turbine Motor Market, Sub Segment Analysis
5.4.1. Single Phase
5.4.2. Three Phase
Chapter 6. Global Turbine Motor Market, by Application
6.1. Market Snapshot
6.2. Global Turbine Motor Market by Application, Performance – Potential Analysis
6.3. Global Turbine Motor Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
6.4. Turbine Motor Market, Sub Segment Analysis
6.4.1. Wind Turbine
6.4.2. Gas Turbine
6.4.3. Steam Turbine
6.4.4. Water Turbine
Chapter 7. Global Turbine Motor Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Turbine Motor Market, Regional Market Snapshot
7.4. North America Turbine Motor Market
7.4.1. U.S. Turbine Motor Market Phase breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Turbine Motor Market
7.5. Europe Turbine Motor Market Snapshot
7.5.1. U.K. Turbine Motor Market
7.5.2. Germany Turbine Motor Market
7.5.3. France Turbine Motor Market
7.5.4. Spain Turbine Motor Market
7.5.5. Italy Turbine Motor Market
7.5.6. Rest of Europe Turbine Motor Market
7.6. Asia-Pacific Turbine Motor Market Snapshot
7.6.1. China Turbine Motor Market
7.6.2. India Turbine Motor Market
7.6.3. Japan Turbine Motor Market
7.6.4. Australia Turbine Motor Market
7.6.5. South Korea Turbine Motor Market
7.6.6. Rest of Asia Pacific Turbine Motor Market
7.7. Latin America Turbine Motor Market Snapshot
7.7.1. Brazil Turbine Motor Market
7.7.2. Mexico Turbine Motor Market
7.8. Middle East & Africa Turbine Motor Market
7.8.1. Saudi Arabia Turbine Motor Market
7.8.2. South Africa Turbine Motor Market
7.8.3. Rest of Middle East & Africa Turbine Motor Market

Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Andritz AG Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.3.2. Canyon Industries Inc.
8.3.3. General Electric Company
8.3.4. Gilbert Gilkes & Gordon Ltd.
8.3.5. Kirloskar Brothers Ltd.
8.3.6. Litostroj Power Group
8.3.7. Norcan Hydraulic Turbine Inc.
8.3.8. Siemens AG
8.3.9. Toshiba Corporation
8.3.10. Voith Gmbh & Co.
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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