Transparency Market Research (TMR) has released a new report on the global turbines market. Driven by the increasing demand for renewable energy, the turbines market has come into its own in recent decades and is now playing a major role in the global energy generation scenario. The TMR report projects the global turbines market to exhibit a CAGR of 4.89% from 2014 to 2020. The market was valued at US$135.7 bn in 2013 and is expected to be worth US$191.9 bn by 2020. The report, titled ‘Turbines Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2014 - 2020,’ is available on TMR’s official website for sale.
Turbines contain a rotor assembly attached to a set of blades. Various types of fluids (which can also include gases, as per the scientific definition of the term ‘fluids’) can be directed at the blades of a turbine. These transfer the rotational energy to the rotor mechanism of the turbine, which is attached to an electricity generator. Due to their relatively simple operation, turbines have become crucially important in various energy generation mechanisms.
Steam turbines have been the dominant product segment of the global turbines market for a long time and are expected to remain so in the coming years. Since many sources of energy are used to heat up water, the steam from which turns the blades, steam turbines play an important role in the global energy generation scenario. Coal power plants are a dominant source of power in many countries around the world, in spite of the proactive effort by several energy providers to switch to more ecologically viable raw materials. Notwithstanding the expected fall in the utilization of coal for energy generation in the coming years, the steam turbines segment will retain its dominant position in the global turbines market.
The major driver of the global turbines market is the rising demand for energy, driven directly by the increasing global population. The rampant urbanization across the world has also helped the global turbines market catch favorable winds, as urban infrastructure requires a near-constant supply of electricity, necessitating the usage of turbines in some form or the other. The rising focus on wind energy has also driven the turbines market. Since the generation of wind energy has little-to-no impact on the environment, it has emerged as a viable form of alternative power generation.
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On the other hand, the environmental damage caused by the manufacture of the turbines themselves has become a significant restraint on the global turbines market. As a result, the race to innovate materials that can be used in turbines but do not affect the environment on a major scale has heated up and is set to dominate the dynamics of the global turbines market in the coming years.
Another aspect of the expected innovation in turbine materials is the ability of turbines to withstand climatic extremes. Since turbines in wind power plants are exposed to the elements and turbines in other power plants are constantly exposed to high temperatures, they have to be made of tough materials that don’t undergo a drop in performance at such extremes. This is another promising R&D avenue for players in the global turbines market.
Regionally, Asia Pacific emerged as the largest market for turbines in 2013, holding a 40% share, due to the conception of several mega-projects for power generation in countries such as China. The increasing urban population of this region has ensured a growing demand for electricity in this region, thus virtually ensuring a steady rise in the demand for turbines.
Major market players highlighted in the TMR report include Mitsubishi Heavy Industries Ltd., Sumitomo Corporation, Alterra Power Corporation, Enel Green Power, Energy Development Corporation, Mannvit, Contact Energy, Ram Power Corporation, Calpine Corporation, and U.S. Geothermal Inc.
The global turbines market is segmented as follows:
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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