Wilmington, Delaware, United States, , Dec. 19, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a study published by Transparency Market Research, the Global Turbines Market is expected to grow at a compound annual growth rate (CAGR) of 5.7% during the forecast period, between 2022 and 2031.
The main objective of any turbine is to convert energy into a useful source of electricity. The blades in any turbine serve two purposes: power a generator to produce electricity and operate a compressor to push high-pressure air into a combustion chamber. A few application areas of turbines include marine, aeronautics, power storage, and power generation.
New product launches are helping prominent market players in generating significant revenue and gain an edge over competitors. In May 2021, Mitsubishi Power, a leading player in the Turbines Market, announced the launch of a new turbine functioning on a mixture of 70% natural gas and 30% hydrogen, in Dubai.
Additionally, well-established players are collaborating with smaller players to expand their market presence and increase their revenue share
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Key Findings of Turbines Market Study
- Increase in Demand for Turbines Running on Wind Energy Boosting Market Growth: Demand for wind energy has been increasing steadily over the past few years since wind energy helps lower the environmental impact of power generation as it does not emit greenhouse gases. There is no operational expenditure incurred once the turbine is erected since the wind used is free of cost, which is increasing the demand for turbines running on wind energy resulting in market growth.
- Rising Government Support towards Use of Renewable Energy Boosting Turbines Demand: There has been an increase in the need to reduce carbon emissions globally, in the last few years. Government and key authorities are promoting the use of different renewable energy sources across different end-use industries, which is triggering the demand for turbines and helping in the market development. Additionally, governments are also offering tax subsidies in a bid to increase the demand for wind turbine energy, which could stimulate industry growth during the forecast period
Turbines Market - Key Drivers
- The rise in technological advancements in turbines to generate power is driving the global market for turbines
- Continuous developments witnessed in the hydrocarbons industry are triggering turbine demand and boosting industry growth.
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Turbines Market - Regional Insights
- Asia Pacific held a major market share in 2021 and is expected to witness substantial growth during the forecast period due to the presence of a large number of turbine manufacturers in both developed and developing economies such as China and India
- Europe stood at the second position in 2021 and is projected to witness strong growth during the forecast timeline owing to factors such as continuous expansion in shipping and marine industries in countries such as the U.K. and Germany
Turbines Market - Key Players
The global Turbines Market is competitive owing to the presence of several large and small players. Competition is likely to intensify with the entry of new players into the market.
Prominent players are investing in research and development activities to produce improved turbines that would meet customer requirements in different end-use industries.
Some of the key players in the global Turbines Market include:
- Siemens Energy,
- Ballard Power Systems Inc.,
- Vestas Wild Systems A/S.,
- Alstom S.A., and General Electric Company.
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The global Turbines Market is segmented as follows:
Product
- Hydro
- Steam
- Gas-based
- Wind
- Nuclear
Application
- Power Generation
- Power Storage
- Marine
- Aeronautics
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Transparency Market Research, a global market research company registered in Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analyzed, which will determine growth in the markets over the next decade.
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