Key Drivers of Turbine Motor Market

The power generation segment is projected to lead the market during the forecast period. Turbine power plants are widely used as medium-sized peak load plants to run intermittently during short durations of high-power demand on electric systems. Turbine motors are also used as cogeneration plants in industries with high heat load and district heating schemes. Various countries have laid out energy objectives.
Increase in usage of turbine motors in wind turbines, gas turbines, hydro turbines, and steam turbines is driving the turbine motor market across the globe
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Restraints of Turbine Motor Market

The cost of turbine motors is high. This limits the number of people who can afford them.
Turbine motors are designed to have long lifecycles. However, this is likely to hamper the global market. Demand for new motors is likely to suffer due to the long lifecycle of turbine motors.
Asia Pacific to Constitute Significant Share of Global Turbine Motor Market

In terms of region, the global turbine motor market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific holds the major share of the global turbine engine market. It is expected to continue to lead the market in the near future. The region has various types of power plants installed such as wind, gas, and steam. These require turbine motors for production.
The market in Europe is expected to expand considerably during the forecast period. High adoption of advanced technology and the presence of large players in the region are likely to create ample growth opportunities for the market. The market in North America is projected to hold key share during the forecast period.
Competitive Landscape of Global Turbine Motor Market

The competition in the turbine motor market is high, as many companies operate in the market. Key players are based in the U.S., U.K., and Japan, and majority of the production is based on these three countries.

ABB
Canyon Industries Inc.
General Electric
Kirloskar Brothers Ltd
ATB Riva
Calzoni S.p.A.
A-Wing International Co.
Hangzhou Lectstyle Trade Co.
Hoyer Motors
Mitsubishi Heavy Industries
Toshiba Hydroelectric Power
Litostroj Power Group
Global Turbine Motor Market: Research Scope

Global Turbine Motor Market, by Product Type

Less than 300 W
300 to 500 W
500 to 1000 W
1000 to 5000 W
Above 5000 W
Global Turbine Motor Market, by Application

Wind Turbine
Gas Turbine
Hydro Turbine
Steam Turbine
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COVID-19 Impact on Turbine Motor Market

The COVID-19 outbreak is hampering the demand for turbine motors in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in a slowdown and even a halt in manufacturing operations, thus hampering the demand for turbine motors.
The COVID-19 pandemic adversely impacted the development of the global turbine motor market, due to production network disturbances and closure of modern and energy-creating facilities. Various state-run administrations have laid out objectives to progressively transition away from power plants and a large portion of their necessary power energy with sustainable sources such as wind, tidal, and solar. The interest in many wind and other power plants has diminished. Several projects were delayed or shut down owing to the lack of proper resources due to the pandemic.
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