Published on : Feb 29, 2016
The global turbines market is projected to expand massively in the coming few years. By product, the global turbines market is segmented into nuclear, wind, gas based, steam, and hydropower. Some of the end users of the global turbines market are aeronautics, marine, power storage, and power generation. Regionally, the global turbines market is classified into Asia Pacific, Rest of the World, Europe, and North America. Let us look the key segments of the global turbines market, projected to witness significant growth in the coming few years.
Most Prominent Segments of Global Turbines Market
- Steam Turbines: The segment for steam turbines is projected to witness substantial growth in the coming few years. This segment is driven by the growing number of oilfield projects. Furthermore, the growing demand for oilfield infrastructure to support these projects will also drive the demand for steam turbines in the future.
- APAC: Asia Pacific dominated the global turbines market, in terms of installed turbine capacity. This region is projected to reach market capitalization of nearly US$70 bn by the end of 2020.
- Hydrocarbons: The demand for turbines is projected to rise significantly due to the rapidly expanding hydrocarbons sector. Hence, this product segment is expected to witness considerable growth in the coming few years.
Besides the rising demand in the aforesaid segments, the global turbines market will also be driven by other factors. One of the key factor driving the global turbines market is the rising need for power generation in both developed and developing regions. The aggressive renewable energy capacity targets witnessed around the world for wind energy will also drive the overall global turbines market. Another key factor driving the global turbines market is the low risk of technology failure in this market, which is reinstating investor confidence.
Players in the global turbines market will benefit from the opportunity presented by the manufacturing of vital components for turbine technology, which is using alternative materials to derive cost savings. Companies in the global turbines market are increasingly participating in strategic mergers, acquisitions, and alliances. The key players operating in the global turbines market are Ram Power Corporation, Alterra Power Corporation, Ormat Technologies, and Nordex.