Prime Movers market to grow by 34.56 GigaWatts units from 2021 to 2026 | The economical and efficient renewable energy resources drive growth - Technavio
NEW YORK, Aug. 7, 2023 /PRNewswire/ -- The prime movers market size is set to grow by 34.56 GigaWatts units between 2021 and 2026, and register a decelerating CAGR of 5.15%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. The report is segmented by Type and Geography. The wind turbine segment will be significant during the forecast period. Factors such as favorable government initiatives and increased investments from major companies toward the adoption of wind energy for power generation as an alternative to conventional fuels drive the growth of the market. Technavio offers in-depth market insights that assist global businesses to obtain growth opportunities. Read Sample Report
The report also covers the following areas:
Prime Movers Market 2022-2026: Segmentation
- Type
- Wind Turbine
- Hydro Turbine
- Steam Turbine
- Geography
- APAC
- North America
- South America
- Europe
- MEA
Prime Movers Market 2022-2026: Company Analysis and Scope
To help businesses improve their market position, the prime movers market provides a detailed analysis of around 15+ vendors operating in the market. Some of these vendors include Caterpillar Inc., ENTSOG AISBL, Komatsu Ltd., Mitsubishi Heavy Industries Ltd., Prime mover engineering Co. Pvt. LTD, Prime Movers Lab, ReGen Powertech Pvt Ltd., Suzlon Energy Ltd., The Raymond Corp., and Wartsila Corp.
Company Offerings
- Caterpillar Inc.: The company offers prime movers which are designed for oil and gas applications.
- ENTSOG AISBL: The company offers prime movers for energy solutions through oil and gas supply.
- Mitsubishi Heavy Industries Ltd.: The company offers prime movers for transportation, energy, material handling, and others.
Prime Movers Market 2022-2026: Market Dynamics
Key Drivers
The economical and efficient renewable energy resources drive the growth of the prime movers market. In order to produce power using prime movers, countries are shifting their focus from non-renewable sources of energy to renewable sources. Also, according to GWEC, in APAC, 30.6 gigawatts of new wind energy capacity were installed in 2019.
Furthermore, Europe held 59% of new wind capacity installations in 2019 and remained the largest market for offshore wind power. For instance, in September 2021, GE Renewable Energy announced that it would supply 40 onshore wind turbines for the 200 MW Aftissat onshore wind farm extension in Morocco. Hence, such factors drive the growth of the prime movers market during the forecast period.
Significant Trends
The declining levelised cost of energy (LCOE) of wind power generation is an emerging prime movers market trend. Factors such as technological advances, the presence of environmental policies, and the maturity of the supply chain for offshore wind turbines increase the adoption of wind energy in Europe, according to the IEA.
Resultantly, the cost of generating onshore wind power is almost equal to the cost of generating power from conventional. For example, the cost of producing electricity from new onshore wind power plants is 10.29% lesser than the electricity generated from new gas power plants. Hence, such trends fuel the growth of the prime movers market during the forecast period.
Major Challenges
The challenges associated with the installations hinder the growth of the prime movers market. Installation time and vessel cost, deepwater mooring, and electrical cable installations, weather restrictions imposed by tugboat and barge limitations, adverse seabed conditions, and mating turbine onto the structure among many others are some of the major challenges for the market growth.
Independent power developers face challenges while raising and handling funds. Hence, such installation challenges make it difficult for companies to install prime movers for wind turbines, which are adversely affecting the growth of the global prime movers market.
What's New?
- Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
Prime Movers Market 2022-2026: Key Highlights
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will assist prime movers market growth during the next five years
- Estimation of the prime movers market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the prime movers market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of prime movers market vendors
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Prime Movers Market Scope |
|
Report Coverage |
Details |
Base year |
2021 |
Historic period |
2017-2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 5.15% |
Market growth 2022-2026 |
34.56 GW units |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.71 |
Regional analysis |
APAC, North America, South America, Europe, and MEA |
Performing market contribution |
APAC at 30% |
Key countries |
China, US, Brazil, Canada, and India |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Caterpillar Inc., ENTSOG AISBL, Komatsu Ltd., Mitsubishi Heavy Industries Ltd., Prime mover engineering Co. Pvt. LTD,, Prime Movers Lab , ReGen Powertech Pvt Ltd., Suzlon Energy Ltd., The Raymond Corp., and Wartsila Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1. Executive Summary
2. Market Landscape
2.1 Market ecosystem
Exhibit 01: Parent market
2.2: Market Characteristics
Exhibit 02: Market Characteristics
2.2 Value chain analysis
Exhibit 03: Value chain analysis
2.2.1 Inputs
2.2.2 Inbound logistics
2.2.3 Operations
2.2.4 Outbound logistics
2.2.5 Marketing and sales
2.2.6 Aftermarket and service
2.2.7 Industry innovations
3. Market Sizing
3.1 Market definition
Exhibit 04: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 05: Market segments
3.3 Market size 2020
3.4 Market outlook: Forecast for 2020 - 2025
Exhibit 06: Global - Market size and forecast 2021 - 2026 (GW)
Exhibit 07: Global market: Year-over-year growth 2021 - 2026 (%)
4. Five Forces Analysis
4.1 Five Forces Summary
Exhibit 08: Five forces analysis 2021 & 2026
4.2 Bargaining power of buyers
Exhibit 09: Bargaining power of buyers
4.3 Bargaining power of suppliers
Exhibit 10: Bargaining power of suppliers
4.4 Threat of new entrants
Exhibit 11: Threat of new entrants
4.5 Threat of substitutes
Exhibit 12: Threat of substitutes
4.6 Threat of rivalry
Exhibit 13: Threat of rivalry
4.7 Market condition
Exhibit 14: Market condition - Five forces 2021
5 Market Segmentation by Type
5.1 Market segments
The segments covered in this chapter are:
- Wind turbine
- Hydro turbine
- Steam turbine
Exhibit 15: Type - Market share 2021-2026 (%)
5.2 Comparison by Type
Exhibit 16: Comparison by Type
5.3 Wind turbine - Market size and forecast 2021-2026
Exhibit 17: Wind turbine - Market size and forecast 2021-2026 (GW)
Exhibit 18: Wind turbine - Year-over-year growth 2021-2026 (%)
5.4 Hydro turbine - Market size and forecast 2021-2026
Exhibit 19: Hydro turbine - Market size and forecast 2021-2026 (GW)
Exhibit 20: Hydro turbine - Year-over-year growth 2021-2026 (%)
5.5 Steam turbine - Market size and forecast 2021-2026
Exhibit 21: Steam turbine - Market size and forecast 2021-2026 (GW)
Exhibit 22: Steam turbine - Year-over-year growth 2021-2026 (%)
5.6 Market opportunity by Type
Exhibit 23: Market opportunity by Type
6 Customer landscape
6.1 Overview
Exhibit 24: Customer landscape
7 Geographic Landscape
7.1 Geographic segmentation
Exhibit 25: Market share by geography 2021-2026 (%)
7.2 Geographic comparison
Exhibit 26: Geographic comparison
7.3 APAC - Market size and forecast 2021-2026
Exhibit 27: APAC - Market size and forecast 2021-2026 (GW)
Exhibit 28: APAC - Year-over-year growth 2021-2026 (%)
7.4 North America - Market size and forecast 2021-2026
Exhibit 29: North America - Market size and forecast 2021-2026 (GW)
Exhibit 30: North America - Year-over-year growth 2021-2026 (%)
7.5 South America - Market size and forecast 2021-2026
Exhibit 31: South America - Market size and forecast 2021-2026 (GW)
Exhibit 32: South America - Year-over-year growth 2021-2026 (%)
7.6 Europe - Market size and forecast 2021-2026
Exhibit 33:Europe - Market size and forecast 2021-2026 (GW)
Exhibit 34: Europe - Year-over-year growth 2021-2026 (%)
7.7 MEA - Market size and forecast 2021-2026
Exhibit 35: MEA - Market size and forecast 2021-2026 (GW)
Exhibit 36: MEA - Year-over-year growth 2021-2026 (%)
7.8 Key leading countries
]Exhibit 37: Key leading countries
7.9 Market opportunity by geography
Exhibit 38: Market opportunity by geography (GW)
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.1.1 Economical and efficient renewable energy resources
8.1.2 Competition from fossil fuels
8.1.3 Rising energy supply concerns
8.2 Market challenges
8.2.1 Challenges associated with the installations
8.2.2 High capital cost
8.2.3 Increasing adoption of alternative energy sources
Exhibit 39: Impact of drivers and challenges
8.3 Market trends
8.3.1 Declining levelised cost of energy (LCOE) of wind power generation
8.3.2 Technological advances
8.3.3 Rapid growth in urbanization
9. Vendor Landscape
9.1 Competitive scenario
9.2 Vendor landscape
Exhibit 40: Vendor Landscape
9.3 Landscape disruption
Exhibit 41: Landscape disruption
9.4 Industry risks
Exhibit 42: Industry risks
10. Vendor Analysis
10.1 Vendors covered
Exhibit 43: Vendors covered
10.2 Market positioning of vendors
Exhibit 44: Market positioning of vendors
10.3 Caterpillar Inc
Exhibit 45: Caterpillar Inc. - Overview
Exhibit 46: Caterpillar Inc. - Business segments
Exhibit 47: Caterpillar Inc. - Key offerings
Exhibit 48: Caterpillar Inc. - Segment focus
10.4 ENTSOG AISBL
Exhibit 49: ENTSOG AISBL - Overview
Exhibit 58: ENTSOG AISBL - Product and service
Exhibit 50: ENTSOG AISBL - Key offerings
10.5 Komatsu Ltd.
Exhibit 51: Komatsu Ltd. - Overview
Exhibit 52: Komatsu Ltd. - Business segments
Exhibit 53: Komatsu Ltd. - Key offerings
Exhibit 54: Komatsu Ltd. - Segment focus
10.6 Mitsubishi Heavy Industries Ltd.
Exhibit 55: Mitsubishi Heavy Industries Ltd. - Overview
Exhibit 56: Mitsubishi Heavy Industries Ltd. - Business segments
Exhibit 57: Mitsubishi Heavy Industries Ltd. - Key offerings
Exhibit 58: Mitsubishi Heavy Industries Ltd. - Segment focus
10.7 Prime mover engineering Co. Pvt. LTD,
Exhibit 59: Prime mover engineering Co. Pvt. LTD, - Overview
Exhibit 60: Prime mover engineering Co. Pvt. LTD, - Product and service
Exhibit 61: Prime mover engineering Co. Pvt. LTD, - Key offerings
10.8 Prime Movers Lab
Exhibit 62: Prime Movers Lab - Overview
Exhibit 63: Prime Movers Lab - Product and service
Exhibit 64: Prime Movers Lab - Key offerings
10.9 ReGen Powertech Pvt Ltd.
Exhibit 65: ReGen Powertech Pvt Ltd. - Overview
Exhibit 66: ReGen Powertech Pvt Ltd. - Product and service
Exhibit 67: ReGen Powertech Pvt Ltd. - Key offerings
10.10 Suzlon Energy Ltd.
Exhibit 68: Suzlon Energy Ltd. - Overview
Exhibit 69: Suzlon Energy Ltd. - Business segments
Exhibit 70: Suzlon Energy Ltd. - Key offerings
Exhibit 71: Suzlon Energy Ltd. - Segment focus
10.11 The Raymond Corp.
Exhibit 72: The Raymond Corp. - Overview
Exhibit 73: The Raymond Corp. - Product and service
Exhibit 74: The Raymond Corp. - Key offerings
10.12 Wartsila Corp.
Exhibit 75: Wartsila Corp. - Overview
Exhibit 76: Wartsila Corp. - Business segments
Exhibit 77: Wartsila Corp. - Key offerings
Exhibit 78: Wartsila Corp. - Segment focus
11. Appendix
11.1 Scope of the report
12.1.1 Market definition
12.1.2 Objectives
12.1.3 Notes and caveats
11.2 Currency conversion rates for US$
Exhibit 79: Currency conversion rates for US$?
11.3 Research Methodology
Exhibit 80: Research Methodology
Exhibit 81: Validation techniques employed for market sizing?
Exhibit 82: Information sources
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