If the growth in the market size of turbines is any sign, the global power generation market is undergoing a sweeping change. This change in status quo is evident with the changing demand patterns for turbines of different kinds. As evidenced by a recent study by Transparency Market Research, the global turbines market is expected to chart an encouragingly steady growth graph over the next few years.
Here’s what the figures foretell: The valuation of the global turbines market, based on revenue, was US$ 135.68 billion as of 2013 and it will soar to US$ 191.87 billion by the end of 2020. This translates to a CAGR of 4.89% between 2013 and 2020. Asia Pacific was seen as the single-largest wind turbine market in the world, holding about 40.4% of the global as of 2013 – this translated to a valuation of US$42.89 billion ( volumetrically, 2,341.19 GW).
The change in the energy mix that is being stress on by several governments has manifested itself in the type of power generation components gaining sales volumes and revenue. Power turbines are a case in point.
Browse Market Research Report of Global Turbines Market:
Here are the few most crucial trends that are steering the growth of the global power turbines market:
- The power crunch impacts turbine sales: Power shortages stir demand for turbines in the wind and solar power generation industries. This change is especially evident in countries where power shortages are agonizingly regular. Several of the new power plants mushrooming in these countries are powered by gas and steam turbines. The anticipated commissioning of many more steam- and gas turbine-powered plants is expected to have a positive impact on the global turbines market.
- Turbine sales change course as renewable sector rises: The renewable energy sector has gained enough critical mass in the past few years to become a full-fledged market in itself. Renewable energy generation relies on the use of specialized turbines that are engineered differently than traditional turbines.
- Steam turbines being alternated for other variants: For several decades, steam turbines dominated the power generation plan. But with problems associated with carbon emissions and global warming coming to the fore, the coal eventually began to make way for natural gas. As things stand today, interest is also shifting toward wind power, hydropower, and solar energy.
- Demand for turbines in regions close to Arctic belt rising: Changes arising from an alteration in the average temperatures of the earth have caused winters to become harsher with every passing year in regions in close proximity of the arctic belt. These changes cause power demand to spiral during winters, leading power producers to purchase additional power from other sources. The cost of such distress-power-purchases is often prohibitively high. It is in such regions that turbine manufacturers can explore new avenues.
Browse Market Research Press Release of Global Turbines Market:
That having been said, the global turbines market will likely be suppressed by a number of factors. The high-initial cost of installing a turbine is often the greatest deterrent for many consumers. Moreover, certain turbine systems (especially solar and wind) are climate-dependent – this is an important challenge that manufactures of turbines are expected to overcome.