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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Turbines Market Report with Full TOC at
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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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Press Release Of 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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TMR Blog Energy Reports :
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