Higher Hydropower Efficiency to Fuel Growth of Turbine Motor Market
Hydropower is more efficient than traditional fossil energy sources (coal, natural, and petroleum). The maximum efficiency of hydropower is expected to be 90%, while the maximum efficiency of fossil fuels is 35-45%. In addition, unlike fossil fuel power plants, hydro turbines consume zero natural resources and do not emit direct emissions. These factors have played a major role in driving the growth of the turbine motors market over the forecast period. Furthermore, several regulations have been enacted to promote the production of energy from renewable sources. These regulations have a positive impact on the turbine motor market as they are implemented to ensure energy security and reduce local and global pollutants.
The demand for electricity is increasing immensely across the globe, which increases the installation of wind projects in the market. Wind turbines are a renewable energy source that does not pollute the environment, which has stimulated substantial market investment in this method of energy production. The installation of wind turbine is also increasing due to rising awareness about pollution reduction. Renewable energy is experiencing significant growth thanks to global initiatives to combat climate change, such as the Paris Agreement, with wind energy leading the way. From 2000 to 2015, cumulative global installed wind capacity increased from 17,000 MW to over 430,000 MW. However, growing demand for sustainable energy has led to an increase in demand for wind power, which in turn has increased the demand for wind turbines as a key driver for the target market.
Many countries have set themselves specific energy targets to achieve within a certain time frame. The government is adopting favourable regulations, and government initiatives, that are driving both onshore and offshore wind markets. These electric motors are an integral part of wind turbines and hence, the increase in wind turbine installations is driving growth of the target market. The Global Wind Energy Council’s commitment to 380 GW of offshore wind by 2030 and 2,000 GW of offshore wind globally by 2050 could soon present significant opportunities for wind turbine deployment.
Growing Demand for Wind Energy Worldwide to Enhance Market Growth
Based on application, the market is segmented into a wind turbine, gas turbine, water/hydro turbine, and stream turbine. The wind turbine segment is expected to contribute significantly to the turbine motor market. The demand and installation of renewable energy is widely increased due to its non-polluting nature. Commissioning of wind power plants is increasing widely as they are an efficient and efficient source of electricity production in the market. Wind power plants are widely increasing as they are an efficient source of electricity production in the market. The wind turbine working in constant motion requires the high strength of turbine motors.
The hydro turbine segment is likely to grow significantly during the forecast period. The demand for these turbines is widely increasing around the globe. These turbines run on water and are more reliable. This increases the installation of such turbines that further drives the growth of turbine motor market. The gas turbine segment is expected to observe a considerable pace during the forecast period. The demand and installation of gas turbine are increasing around the globe due to cost-effective nature of natural gas. Governments around the world are working to reduce greenhouse gas emissions and replace nuclear and coal-fired turbines with gas turbines. These turbines usually emit lower toxic gases than coal power plants. This increases the demand for turbine motors in the market. According to the United Nations Industrial Development Organization (UNIDO), 30.0%–70.0% of the pre-COVID-19 workforce across industries and suppliers has relocated to their hometowns due to uncertainty and loss of income during the lockdown. This unavailability or reduction of available labour is expected to directly impact production and manufacturing activities, resulting in lower demand for raw materials used in turbines. This is expected to dampen the growth of the target market over the forecast period.
Increased Investments in Renewable Energy Sources to Support Asia Pacific Market Growth
The turbine motor market is gaining fast growth in the Asia Pacific region, especially in countries such as Australia, China, India, and Indonesia. These countries are investing heavily in green energy production and to enhance their wind energy capacity especially in wind and hydro energy which is driving the sales of wind turbine motor. The turbine motor market is posing a strong growth due to new power plant projects for new hydropower stations in India and China as these countries will play a substantial role in the global turbine motor market. According to a GWEC report, the Asia-Pacific region installed around 55.8 GW of wind energy in 2020. Due to population growth, the demand for uninterruptible power supply in the region is also increasing. Investments in the power sector in the region are increasing significantly.
Green energy production in developed countries such as US, the UK, Germany, Italy, France, and Japan is keeping the global turbine motor market to have a steady growth trend. It is expected that the same trend will continue in the next coming years due to the government focus and initiatives to reduce carbon footprints in developing countries such as China, India, Indonesia, Thailand, Brazil, Mexico, and Turkey. Further, investment by developed countries such as Germany in combined wind and hydro power projects are factors expected to be a major trend during the forecast period and it will drive the global turbine motor market.
Europe is likely to experience significant growth in the coming years. The demand for electricity in the region is high and to meet the energy demand, turbine capacity is being added to the region. Wind power projects and gas turbine power plant projects are increasing in the European region. According to a report published by IRENA, the region installed around 2.7 GW of hydropower capacity in 2020. The government also broadly supports the installation of new power plants in the region, which in turn increases the demand for turbine motors in the Europe region.
Global Turbine Motor Market: Competitive Landscape
Iin 2020, Siemens Gamesa received a contract from Adani Energy in India for wind turbines with a total capacity of 473 MW. Siemens Gamesa will supply 215 wind turbines SG 2.2-122 for a project in Rajasthan, India. Further, this will install and pre-commission the wind turbines. On the other hand, in 2021, Andritz AG announced to receive an order from Mainstream Energy Solution to modernize one generation unit at Jebba hydroelectric power plant on the Niger River and is planned to be commissioned by 2023.
Few of the players in the turbine motor market include ABB, Siemens, ATB Riva Calzoni SpA, A-Wing International Co. Ltd, Deprag Schulz GmbH, Hangzhou Lectstyle Trade Co. Ltd., Hoyer Motors, Mitsubishi Heavy Industries Ltd., Shanghai Dagan Industry Co. Ltd., Suzlon Energy Limited, TD Power Systems Private Limited, WEG, Yantai Petroleum Machinery Co. Ltd., and Yawata Electric Machinery Mfg. Co. Ltd.
The Global Turbine Motor Market is Segmented as Below:
By Power Rating
By Electric Output
By Phase Type
By Installation Base
Key Elements Included In The Study: Global Turbine Motor Market
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