Rapid rise in demand for energy and increased modernization of aged thermal plants is expected to bolster the demand for turbine gearbox for thermal power market. Rise in demand for energy is attributed to the increase in the population worldwide. The increase in the demand for thermal power is likely to increase the demand for thermal power equipment as well. Additionally, easy availability of coal reserves and natural gas is anticipated to fuel demand for the global turbine gearbox for thermal power market. Installations of machines and turbines are likely to augment the demand for turbine gearbox in the near future. Gearboxes alter the speed of the turbine to allow them to link with machines and transmit power to the connected power grid.
The global market for turbine gearbox for thermal power can be fragmented on the basis of product type and geography. On the basis of product, the global market for turbine gearbox can be segmented as worm gearbox, parallel shift gearbox, sequential gearbox, planetary gearbox, helical gearbox, and bevel gearbox.
The global market for turbine gearbox for thermal power is expected to rise rapidly in the near future. The following underlying factors are likely to drive growth in the global turbine gearbox for thermal power market. The primary drivers of growth in the market include: the significantly increasing demand for energy. Increasing replacement and modernization of the older plants is expected to boost the global demand for turbine gearbox for thermal power market. Availability of increased efficient systems such as direct drive turbines and increasing focus on energy from renewable sources may hamper the growth in the market. Additionally, rising growth of thermal intensive industry is likely to propel the global demand for the turbine gearbox for thermal power market.
The global market for turbine gearbox for thermal power is rising and is likely to grow significantly in the foreseeable future. North America dominates the market share in terms of installation of turbine gearbox in the thermal power. North America was followed by Asia Pacific in terms of global market share for turbine gearbox for thermal power market. Asia Pacific accounts for the second highest demand in the global turbine gearbox of thermal power market and is in early growth stage. China and India contribute most to the growth of turbine gearbox for thermal power market in this region. Europe is one of the key markets for the turbine gearbox. The market is in the development phase and is expected to rise at a moderate rate in the future. The Middle East and Africa are in the nascent phase in the global market for turbine gearbox for thermal power. This trend is expected to continue over the forecasted period. Additionally, investment in the thermal power is likely to boost the installation of turbine gearbox for the thermal energy plants.
The players in the turbine gearbox for thermal power market adopt the strategy of product development and merger and acquisition. This allows them to expand their market share and increase their product portfolio. The global market for turbine gearbox for thermal power is dominated by large global players. Some of the key players in the global turbine gearbox for thermal power market include: Allen Gearing Solutions Limited, A. Friedr. Flender AG, Lufkin Industries LLC. , Voith, Renk AG, and Siemens AG among others.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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- Market growth drivers
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- Current market trends
- Market structure
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