Albany, NY, April 7, 2015 (GLOBE NEWSWIRE) -- According to the report Published by Transparency Market Research global turbines market revenue 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 2013 through 2020.
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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.
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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.
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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This research study is designed to estimate, analyze, and forecast the global turbines market. The overall market has been estimated on the basis of installed volume and revenue. The research provides in-depth analysis of manufacturers and suppliers in the turbines industry, which are involved in the business at various levels of the value chain. The research includes detailed analysis, historical data, and statistically refined forecast for the segments covered. On the other hand, end-user industries that use turbines as a long-term backup source generally prefer to purchase new ones. As a result, market size for turbines varies depending on need and preference of end-user industries.
The product type analysis for turbines was estimated, keeping in mind the major construction and expansion projects planned by the governments and corporations across the globe. It was estimated that during harsh winter weather, project developers generally prefer renting turbines. However, post construction, operators prefer buying new units. While conducting the study, we took into consideration the key construction projects planned till 2020 such as power plants, hydropower storage projects, marine installations, and aircraft jet installations. We have considered 2013 as the base year for this study, while all forecasts have been done for 2014 to 2020. Qualitative analyses such as major planned projects and investment by power plant operators were considered while computing the volume and revenue market size for turbines.
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This research analyzes and estimates the performance and market of turbine systems in the global scenario, providing detailed trend analysis of the market by geography and comprehensive analysis of companies that are dealing in turbine systems. The report presents a thorough assessment of the strategies followed by different stakeholders by segmenting the turbines systems market 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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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.