Research Reports Turbines Market 2014 – 2020
A turbine is built and designed as an efficient power-generating machinery that makes use of a viable source such as water or wind. The source feed is fired up and the resulting pressure is channelized through nozzles to drive the turbine blades, in the case of impulse turbines, one of the types of turbines present in the global turbines market. In case of reaction turbines, the feed material such as air in wind turbines and water in hydropower turbines passes ‘through’ the blades to drive the turbines. Generation of power from renewable energy sources kinder to the environment than fossil fuels is the prime motive behind the rising demand for turbines.
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In 2013, the global turbines market stood at US$135.68 billion and is anticipated to reach US$191.87 billion by the end of 2020, exhibiting a progressive 4.89% CAGR between 2013 and 2020. In terms of volume, the global turbines volume totaled 5792.97 GW in terms of capacity of installed turbines in 2013 and is expected to expand to 7468.84 GW by the end of 2020. The demand for turbines is expected to rise extensively due to the rapid development of the hydrocarbons sector and numerous upcoming power projects.
Steam Turbines to Dominate Global Turbines Market till 2020
The global turbines market has been classified on the basis of the type of energy harnessed through the turbine, including wind, nuclear, steam, gas-based, and hydropower. The steam turbines segment in the global turbines market is expected to remain dominant till 2020, owing to the large number of oilfields in development and infrastructure projects scheduled around the world. The end-use industries of the global turbines market include power storage, power generation, aeronautics, and marine.
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Presently, many economies are facing power shortage issues and the governments of these economies are taking firm steps to upgrade their power generation capacity in order to cope with the demand from households and industries. Many new power plants powered by steam and gas turbines are being sanctioned. Moreover, the renewable energy sector has gained significant momentum over the last few years. Consumers across the globe are interested in diversifying their energy portfolio and are thus shifting towards renewable energy technologies.
Global Turbines Market to be Hampered by High Initial Cost
The rising need for power generation in developing nations and reduced risk of technology failure is restoring the confidence of investors and is expected to propel the demand from the global turbines market in the near future. Moreover, one of the biggest opportunities for the key players of the global turbines market is the manufacturing of crucial components of turbine systems using substitute materials for cost reduction.
On the flip side, the high amount of noise generated by turbines, which results in issues at project sites, the dependency of turbine systems on climatic systems outside human control, and high initial cost are the factors restraining the growth of the global turbines market.
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Asia Pacific Turbines Market to be Worth US$68.57 Billion by 2020
The global turbines market has been further segmented geographically into four regions, which are Asia Pacific, Europe, North America, and Rest of the World. In 2013, Asia Pacific dominated the global turbines market, accounting for 40.4% of the total market, which was worth US$42.89 billion (in terms of volume: 2,341.19 GW). Asia Pacific is anticipated to reach US$68.57 billion (3,499.14 GW), exhibiting a CAGR of 5.81% between 2014 and 2020.
Some of the key players in the global turbines market are Siemens Energy, General Electric Energy, Goldwind Science & Technology Co., Ltd., Doosan Fuel Cell America, Inc., Kirloskar Brothers Limited, Alstom S.A., Sinovel Wind Group Co., Ltd., Ballard Power Systems Inc., and Vestas Wind Systems A/S.
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