Turbines Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Turbines Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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.

Key Highlights

• 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.

Key Market TrendsWind Turbine Segment to Grow at the Fastest Rate

• Wind turbines are being used for power generation, having previously been used for various other applications, such as sailing, agriculture, grinding, and others. From an emerging power source, 20 years ago, wind turbine technology has been transformed into a commercial electricity-generating technology in more than 80 countries.
• The global wind power installations increased from 14.86 GW in 2006 to 591 GW in 2018. The overall growth of the number of turbine installations made during 2006-2018 was primarily driven by declining costs, due to improved materials and design, and favorable government policies for wind power in major wind power countries, such as China, the United States, Denmark, Germany, the United Kingdom, and India.
• The exponential growth in the wind turbine market is supported by depleting fossil fuel reserves, declining cost of wind power generation, growing sensitivity toward environmental issues, and support from various governments around the world, through financial incentives.

Asia-Pacific to Dominate the Market

• Asia-Pacific is a significant market with a large number of coal-powered, and nuclear-powered power plant. During 2018, China has nearly 53 coal-powered plants, and 46 nuclear plants. Furthermore, the country has the highest installed capacity in both hydro and wind power projects.
• Apart from China, India is a prominent country that generates most of the electricity from coal power plants. As an initiative to have a greener environment, India has a cumulative installed capacity of around 80 gigawatts (wind energy and hydro energy) in 2018 and is expected to double the wind energy installed capacity by 2022.
• During the forecast period, the region is expected to have significant growth in the turbine market. Coal powered plant that includes steam turbine as a power generation unit is likely to continue as a significant market share in the power generation market.
• Apart from the coal-powered power plant, Asia Pacific is also expected to play a significant role in wind energy. China and India are planning to increase its wind energy contribution to its energy mix, to nearly 26% and 17% by 2030.

Competitive Landscape

The turbines market is fragmented. The key owners in the market include Dongfang Electric Corporation Limited, Harbin Electric Company Limited, Bharat Heavy Electricals Limited (BHEL), Mitsubishi Hitachi Power Systems Ltd (MHPS), Siemens AG, General Electric Company, Toshiba Corporation, and Doosan Heavy Industries & Construction Co. Ltd. among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Dongfang Electric Corporation Limited
Harbin Electric Company Limited
Bharat Heavy Electricals Limited (BHEL)
Mitsubishi Hitachi Power Systems Ltd (MHPS)
Siemens AG
General Electric Company
Toshiba Corporation
Doosan Heavy Industries & Construction Co. Ltd
Enercon GmbH
Vestas Wind System A/S

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