A new Transparency
Market Research report states that the global
turbines market stood at US$135.7 bn in 2013 and is predicted to
reach US$191.8 bn by 2020. It is predicted to expand at a CAGR of
4.89% from 2014 to 2020. The title of the report is “Turbines
Market - Global Industry Analysis, Market Size, Share, Growth, Trends
and Forecast 2014 – 2020.”
As per the report,
the increasing requirement for power generation, especially in
emerging economies, and the reduced risk of technology failure,
resulting in increased demand from investors, are amongst the chief
factors propelling the growth of the turbines market. Furthermore,
the rising global demand for heat owing to the increasing global
population is also a prime factor augmenting the market for turbines.
In addition, the introduction of new components in turbine technology
resulting in cost saving has emerged as a key opportunity in the
market. On the other hand, the soaring initial costs of investments
and turbines being climate-dependent systems are amongst the major
factors that may inhibit the growth of the turbines market in the
coming years. In addition, a number of project site issues owing to
the low noise tolerance as well as emission impact of turbines may
also have a negative impact on the growth of the market for turbines.
The report segments the market on the basis of product type, end use,
and geography
The report, on the
basis of product type, segments the market into steam, hydropower,
wind, gas-based, and nuclear. Amongst these, the segment of steam
turbines emerged as the prime source of power generation in 2014 and
is predicted to rise exponentially in the coming years. On the basis
of end use, the turbines market is segmented into power storage,
power generation, aeronautics, and marine.
In terms of
geography, the report segments the market into Europe, North America,
Asia Pacific, and Rest of the World (RoW). Amongst these, in 2013, on
the basis of installed turbine capacity, Asia Pacific constituted a
share of over 40% in the market. The region of Asia Pacific was
valued at US$42.9 bn in 2013 and is predicted to reach US$68.5 bn by
2020, expanding at a CAGR of 5.81% between 2014 and 2020. This is
owing to the swift development of oilfield projects within the region
of Asia Pacific.
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As per this study,
the major players operating in the turbines market are General
Electric Energy, Alstom S.A., Siemens Energy, Doosan Fuel Cell
America, Inc., Ballard Power Systems Inc., Vestas Wind Systems A/S,
Goldwind Science & Technology Co., Ltd., Kirloskar Brothers
Limited, and Sinovel Wind Group Co., Ltd., among others.
The global
turbines market has been segmented as below:
Global
Turbines Market: Product Type Analysis
- Hydropower
- Steam
- Gas-based
- Wind
- Nuclear
Global
Turbines Market: End User Industry Analysis
- Power Generation
- Power Storage
- Marine
- Aeronautics
Global
Turbines Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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