Portland, Oregon, August 5, 2021 (GLOBE NEWSWIRE) – According to the report, the global turbine motor market generated US$194.1 billion in 2020 and is expected to generate US$422.2 billion by 2030, from 2021 to The compound annual growth rate in 2021 is 8.1%. 2030. The report provides an in-depth analysis of top investment areas, top winning strategies, driving factors and opportunities, market size and estimates, competitive scenarios, and turbulent market trends.
Increasing demand for renewable and sustainable energy, replacement of fossil fuel power plants, reduction of fossil energy power generation, and technological advancement have promoted the growth of the global turbine motor market. However, high initial installation costs and location restrictions hindered market growth. On the other hand, government support measures and subsidies, the promotion of steam turbine use, and the lead time for wind power project planning and construction will bring new opportunities for the next few years.
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The type, capacity, application and regional analysis of the global turbine motor market are carried out. According to the type, the wind turbine sector will occupy a major share in 2020, accounting for nearly three-fifths of the global turbine motor market, and is expected to maintain the largest share during the forecast period. Nevertheless, it is expected that from 2021 to 2030, the compound annual growth rate in the field of hydraulic turbines will reach 9.1% at the fastest.
From the application point of view, the industrial sector will account for the highest proportion in 2020, accounting for nearly two-fifths of the global turbine motor market, and it is expected to lead by 2030. At the same time, the residential sector is expected to register a compound annual growth rate of 8.7% from 2021 to 2030 at the fastest.
By region, the European market will occupy a major share in 2020, accounting for more than one-third of the global turbine motor market. At the same time, the Asia-Pacific region is expected to grow at the fastest compound annual growth rate of 9.1% during the forecast period. Other provinces studied in the report include North America and LAMEA.
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The major market players analyzed in the Global Turbine Motor Market Report include Canyon Industries Inc., General Electric, Kirloskar Brothers Ltd., Litostroj Power Group, Norcan Hydraulic Turbine Company, Turbocam, Arani Power, Andritz AG, Toshiba Hydro, Voith Gmbh & Co . Kgaa, Gilbert Gilkes & Gordon Ltd., Chola Turbo Machinery International Pvt. Ltd., Doosan Škoda Power, Vestas Wind Systems Elliott Group, Mitsubishi Hitachi Power Systems Inc., Siemens AG, Turbine Generator Maintenance Inc. These market participants have adopted Various strategies, including partnership, expansion, cooperation, joint ventures, etc., to support their stand in the industry.
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