Turbines Market by Product - Global Industry Analysis, Market Size 2020
The
global turbine market was valued at USD 135.68 billion in 2013 and is
expected to reach USD 191.87 billion by 2020 at a CAGR of 4.89% from
2014 to 2020. Volumetrically, this accounts to 5,792.97 Gigawatts (GW)
in terms of installed turbine capacity in 2013, which may amount to
approximately 7,468.84 GW by 2020. Asia Pacific alone accounted for
40.4% of the overall market share in 2013, valued at USD 42.89 billion
(2,341.19 GW). The region is expected to reach market capitalization to
the tune of USD 68.57 billion (3,499.14 GW), growing at a rate of 5.81%
from 2014 to 2020. With a large number of infrastructure and oil field
development projects planned across the globe, the demand for steam
turbines in the market is anticipated to be dominant till 2020. The
demand for turbines is likely to increase significantly owing to the
rapidly developing hydrocarbons sector along with various upcoming mega
power projects.
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140 page report gives readers a comprehensive overview of the Turbines
Market. Browse through 45 data tables and 25 figures to unlock the
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Generating
power is the prime reason behind an increased demand for turbines. A
turbine is a piece of equipment designed and built for efficient power
generation using a viable source, such as coal and natural gas in fossil
sources, and wind and water in renewable ones. The source feed is
ignited and the resulting pressure is directed through nozzles to drive
the turbine blades, in case of impulse turbines. For reaction turbines,
the feed material e.g. air in case of wind turbines and rivers or dams
in case of hydropower ones, goes ‘through’ the blades to drive the
turbine.
Currently,
governments of nations facing persistent power shortages are taking
measures to constantly upgrade their power generation capacity in order
to meet the demand from industries and households. Many new power plants
that are primarily powered by steam and gas turbines are under the
process of being commissioned, while construction of few is currently
ongoing. There is also the renewable energy sector, which has gained
rapid momentum over the last few years. The world has expressed
significant interest in diversifying its energy portfolio and adopting
renewable energy technologies in the near future. Presently, the market
for turbines includes reputed companies such as Alstom S.A., General
Electric Energy, Siemens Energy, Ballard Power Systems Inc., Doosan Fuel
Cell America, Inc., Vestas Wind Systems A/S, Sinovel Wind Group Co.,
Ltd., Goldwind Science & Technology Co., Ltd., and Kirloskar
Brothers Limited. Most of these players operate through dealers and
distributors (many of which are exclusive to a single company). Product
range generally comprises steam, gas, hydro or wind turbines.
For
a considerable duration of time, steam turbines were the major source
of power generation. Over the years as government bodies and the
consumers discovered the imperative effects of carbon emissions and
global warming, efforts were made to reduce current levels as well as
monitor future emission intensity. This led to a global shift in the
power generation industry. Power producers alternated coal for natural
gas or renewable energy sources, such as solar, wind or hydropower. Even
though coal constitutes a major part of the emerging economies’ energy
mix, it is expected that coal will slowly fade out over the years.
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Growing
population base across the globe is augmenting the demand for power and
heat. Further, regions located close to the Arctic belt have been
experiencing harsh winter temperatures due to the significant change in
average earth temperature since 1980s. Such cities have increased
seasonal power demand. In order to cope with the additional seasonal
demands, power producers generally buy power from other sources, which
could cost much more than the average market price as it is being bought
under distress. Thus, power producers decided to shift from coal to
natural gas or renewables as a source for power generation. This trend
is likely to continue for the next few decades.
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