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The prime movers market share is expected to increase by 34.56 gigawatts units from 2021 to 2026, at a CAGR of 5.15%.
This prime movers market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers prime movers market segmentation by type (wind turbine, hydro turbine, and steam turbine) and geography (APAC, North America, South America, Europe, and MEA). The prime movers market report also offers information on several market vendors, including 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. among others.
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The economical and efficient renewable energy resources is notably driving the prime movers market growth, although factors such as challenges associated with the installations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the prime movers industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Prime Movers Market Driver
One of the key factors driving the global prime movers market growth is the economical and efficient renewable energy resources. Countries are shifting their focus from non-renewable sources of energy to renewable sources to produce power using prime movers. Wind power is considered to be the most efficient source of power among all renewable energy sources. According to GWEC, in APAC, 30.6 gigawatts of new wind energy capacity were installed in 2019. China was the leading country in terms of new offshore wind power capacity additions, with 2.3 gigawatts installed in 2019. Europe held 59% of new wind capacity installations in 2019 and remained the largest market for offshore wind power. In addition, 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. Thus, the growing installation of wind turbines along with prime movers will drive demand in the market in focus during the forecast period.
Key Prime Movers Market Trend
Another key factor driving the global prime movers market growth is the declining levelised cost of energy (LCOE) of wind power generation. According to the IEA, 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. Moreover, the reduction in LCOE has led to a decrease in the cost of installation of wind farms. As a result, the cost of generating onshore wind power is almost equal to the cost of generating power from conventional. For instance, the cost of producing electricity from new onshore wind power plants is 10.29% lesser than the electricity generated from new gas power plants. The generation of energy from wind is also complemented by solar and battery technologies. Such factors are projected to further accelerate the installation of wind turbines, thereby supporting the market growth in the forecast period.
Key Prime Movers Market Challenge
One of the key factors impeding the global prime movers market growth is the challenges associated with the installations. The main challenges for the installation of prime movers are 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. In addition, the cost of funding an offshore wind farm is high when compared with that of other renewable power sources. The span of transmission cables is an added factor that influences the cost of prime movers. Moreover, independent power developers face challenges while raising and handling funds. These 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.
This prime movers market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global prime movers market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the prime movers market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the prime movers market encompasses successful business strategies deployed by the key vendors. The prime movers market is fragmented and the vendors are deploying growth strategies such as product differentiation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The prime movers market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the prime movers market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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30% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for prime movers market in APAC. Market growth in this region will be slower than the growth of the market in other regions.
The significant increase in the energy demand owing to the rapid growth in population and an enhanced standard of living will facilitate the prime movers market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 caused an economic recession and massively disrupted industrial operations in the region owing to the implementation of lockdown measures. The governments of various nations, such as India, imposed the first lockdown in March 2020 to cope with an increase in the number of COVID-19 cases. Thus, energy consumption in the region declined dramatically. For instance, India's energy demand dropped by 26% within ten days after imposing the lockdown on March 24, 2020. However, economic activities picked up in late 2020 owing to a decline in the number of COVID-19 cases and an increase in mobility due to the lifting of lockdown restrictions. This has been increasing the commercial and industrial demand for electricity in 2021, which will positively impact the renewable electricity sector such as wind and others and lead to an increase in the use of wind turbines. This will thereby drive the regional market growth during the forecast period.
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The prime movers market share growth by 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 will drive the growth of the market in focus in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the prime movers market size and actionable market insights on post COVID-19 impact on each segment.
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Prime Movers Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 5.15% |
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Market growth 2022-2026 |
34.56 GW units |
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Market structure |
Fragmented |
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YoY growth (%) |
5.71 |
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Regional analysis |
APAC, North America, South America, Europe, and MEA |
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Performing market contribution |
APAC at 30% |
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Key consumer countries |
China, US, Brazil, Canada, and India |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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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. |
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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 |
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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. |
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***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:
*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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