The global turbine market 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 2014 to 2020. Volumetrically, this accounts to 5,792.97 Gigawatts (GW) in terms of installed turbine capacity in 2013, which may amount to approximately 7,468.84 GW by 2020. Asia Pacific alone accounted for 40.4% of the overall market share in 2013, valued at USD 42.89 billion (2,341.19 GW). The region is expected to reach market capitalization to the tune of USD 68.57 billion (3,499.14 GW), growing at a rate of 5.81% from 2014 to 2020. With a large number of infrastructure and oil field development projects planned across the globe, the demand for steam turbines in the market is anticipated to be dominant till 2020. The demand for turbines is likely to increase significantly owing to the rapidly developing hydrocarbons sector along with various upcoming mega power projects.
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.
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.
This report is an attempt by Transparency Market Research to identify the potentials and growth of turbines market globally. The market segmentation for turbines, as provided in the report include: application, product type and geography. The current and forecast analysis for all these segments has been provided in terms of installed volume (gigawatts: GW) and revenue (USD Billion), considering 2013 as the base year. The forecast period for turbine market covered in this report lies from 2014 to 2020. The report envisages potential turbine market, attractiveness and trend based on forecast model and in-depth primary interviews with the key power producing and supplying professionals and scientists along with the portfolio analysis of the turbine companies. All factors such as end user industry demographics need and preference of turbines are analyzed. The report primarily focuses on the need of the client and therefore, has covered all feasible parameters and has provided quantifiable data.
This report is intended to provide turbine market overview and is categorized accordingly. The various segments of turbine market included in this report are accumulated and analyzed by the tracking of recent trends and growth in the turbine industry. The in-depth analysis provided in the report is based on both commercial and project aspects by Transparency Market Research. The major economies covered in this report are North America, Europe, Asia Pacific, and Rest of the World (RoW).
The report also includes Porter’s five forces model, and the market attractiveness and DROs (Drivers, Restraints and Opportunities) for turbine market. Some of the key players of the turbine market included in this report are: Alstom S.A., General Electric Energy, Siemens Energy, Ballard Power Systems Inc., Vestas Wind Systems A/S, Sinovel Wind Group Co., Ltd., Goldwind Science & Technology Co., Ltd. The report provides an overview of the above mentioned companies followed by their financial overview, product portfolio, business strategies and recent developments. The report also provides an overview of current policies; standards and certification programs associated with the turbine industry along with the recommendations for stakeholders to ensure sustainable and profitable turbine market growth.
The uniqueness of report lies in the overall industrial description of turbine market which is presently at a developed stage. This market is mainly segmented into three essential segments and includes the application of turbines across varied industries; the specific turbine product type and the geographies using turbines. The in-depth analysis provided in this report covers all the aspects of the turbine value chain. The report analyzes the importance of every stage and gives the logical and quantifiable data for the stages included in the value chain.
The global turbines market has been segmented as below:
Global Turbines Market: Product Type Analysis
Global Turbines Market: End User Industry Analysis
- Power Generation
- Power Storage
Global Turbines Market: Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)