Global Turbines

Report Overview

Surging Onshore & Offshore Wind Turbine Investment to Drive Turbine Market Growth

To reach 2030 and long-term renewable energy targets, countries around the world –  ranging from India to Saudi Arabia to Spain –  will invest heavily in new onshore and offshore wind energy capacity and upgrade existing wind farms. The development of new models and related technologies (e.g., batteries) will also play a role in driving growth. 

Key Questions Answered in the Report:

• What countries are projected to see the fastest wind turbine sales growth through 2030?
• How have the Trump administration’s energy policies impacted the outlook for the US market?
• Why is the global turbine engine market poised for a decade of swift growth?

Featuring 133 Tables & 104 Figures!

Global demand for turbine products was $256 billion in 2025, and it is forecast to increase 8.9% per year to $392 billion in 2030. Market gains will be primarily driven by the expansion of the large and diverse global power generation sector, with the shift to renewable energy sources – particularly wind – playing a key factor in growth. Rising aerospace equipment production – including commercial, military, and private aircraft – will also contribute to gains.

Renewable Energy Targets Powering Wind Turbine Market Gains

In a continuation of a recent trend, over 70% of new product demand will be concentrated in the wind turbine segment during the 2025-2030 period. Many countries have established ambitious renewable energy targets for 2030 and beyond. To achieve these goals, these nations are making major investments in wind energy, ranging from India to Saudi Arabia to Japan.

Manufacturers around the world are investing heavily in new wind turbine production capacity and rolling out new, innovative models. Governments will play a critical role in driving wind turbine installations through 2035 by offering subsidies, organizing auctions, implementing regulatory changes, speeding up approval processes, and investing in local wind turbine production capacity. However, a major shift away from wind energy in the US – carried out by the Trump administration – will moderate the turbine segment’s growth prospects somewhat.

International Travel & Defense Spending Drive Demand for Turbine Engines

Global sales of turbine engines are projected to rise at a solid pace as international travel increases and the production of commercial and private aircraft grows. Rising defense spending around the world – due in part to the war in Ukraine – will generate significant demand for turbine engines used in military jets, warships, helicopters, and drones. Many of the world’s leading aerospace companies are investing heavily in new production capacity and rolling out new products. Additionally, they are increasingly turning to more efficient and environmentally friendly turbine engines as concerns about the sectors impact on climate change and air quality grow. 

Greater Energy Needs Throughout the World Boosting Steam & Hydraulic Turbine Sales

Steam and hydraulic turbine demand is expected to accelerate going forward. The market’s healthy growth prospects can be attributed to:

• increasing global energy demand
• the replacement needs of mature markets; the ongoing shift to renewable energy sources (e.g., biomass, hydro, and tidal power)
• the increasing use of nuclear power in some parts of the world
• the development of the next generation of steam and hydraulic turbines

To provide one notable example, numerous hydropower projects will be completed in the Asia/Pacific and Africa/Mideast regions, and Central and South America during the forecast period.

Global Turbines Report Details

Leading Companies Driving Trends in the Global Turbine Product Industry

The Expansion of the Global Power Generation Sector to Drive Steam & Hydraulic Turbine Spending

Sales of steam and hydraulic turbines are expected to accelerate through 2030, attributable to increasing global energy demand; the replacement needs of mature markets; the ongoing transition to renewable energy sources (e.g., biomass, hydro, and tidal power); the increasing use of nuclear power in multiple countries; and the introduction of the next generation of steam and hydraulic turbines. To provide one notable example, numerous hydropower projects will be completed throughout the Asia/Pacific and Africa/Mideast regions, and Central and South America between 2025 and 2030.

Gas Turbines to Support the Green Energy Transition

The outlook for gas turbines is expected to improve significantly through 2030, following a subdued 2019-2025 performance. As the energy needs of most countries around the world increase significantly, new gas power plants will come online, and existing facilities will be upgraded and expanded. Natural gas will also support the transition to green energy sources in a number of different ways, including covering intermittency and seasonal gaps, supporting the retirement of coal power plants. The development of more advanced, higher priced gas combustion turbines will contribute to growth in value terms during the forecast period. A number of countries around the world are making significant investments in natural gas energy capacity, ranging from India to the US.

However, the segment’s growth prospects are constrained by a global shift toward renewable energy sources. Because many countries have adopted legally binding renewable energy targets, a large amount of renewable energy capacity is expected to come online by 2030, reducing the need for new gas power plants. In Europe, the war in Ukraine has caused many countries to significantly reduce their use of Russian natural gas since 2022, and this will continue to restrain European gas combustion turbines spending. In contrast, the US has shifted away from wind energy is planning to greatly increase investment in gas power generation capacity through 2030.

This study analyzes global supply of and demand for turbines products. Specific products covered include:

• turbines:
  • wind turbines
  • gas combustion turbines (including microturbines)
  • steam and hydraulic turbines
• turbine-based engines (both aircraft and marine)
• turbine-based generators and generator sets.

Demand is also segmented by global region and market:

• power generation
• aircraft (including space vehicle) engines
• industrial applications found mostly in petroleum and gas-related settings, such as gas pipeline compressor drives
• marine turbine engines