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.
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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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The Full Research Report
At:http://www.transparencymarketresearch.com/turbines-market.html
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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