Market Size of Turbines Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 8.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Turbine Market Analysis
On account of the growing demand for power generation and expanding industrial infrastructure, especially in emerging economies, the turbine market is likely to witness a CAGR of around 8.1% during the forecast period. During 2018, the demand for electricity was nearly 26 thousand-terawatt hour (TWh), of which the electricity demand for the industrial purpose was the highest, and it is expected to have the highest demand during the forecast period. With the rising demand for electricity, focus on clean energy usage is likely to lead to the power generation industry during the upcoming years. Technology such as wind-powered turbines, hydropower turbines, and gas-fired power plants is expected to get a big boost during the forecast period. The drivers for the turbine market are the reducing cost of wind turbines and the various initiatives taken by national and international bodies for the increase in uses of renewable sources to stabilize the carbon production across the globe. However, the phasing-out of coal-powered power plants across the world is expected to act as a restraint for the market.
- The wind turbine market to expand as the world's significant source of renewable electricity generation by 2025, and is expected to play a critical role in decarbonizing the power system and improving flexibility.
- With rising initiatives to have alternate sources of energy such as wind, hydro, and natural gas, there is a very high possibility of having turbines that are compatible to run by various renewable sources. It is expected to have an electricity demand of nearly 39 thousand TWh by 2040, which is expected to create an opportunity for the market to grow in the future.
- Asia-Pacific is one of the prominent turbine markets with the majority of the wind, hydro, coal, and nuclear-powered projects presence. China is a prominent country within the region that covers the majority market share of turbines. With 1000 gigawatts of existing coal power plants, China is planning to add up 121-gigawatt coal power plants in the coming years.
