San Jose, California (PRWEB) June 17, 2014
Follow us on LinkedIn. – Escalating demand for power, continuous changes in energy policies across the world, and rapid technology developments in the power generation equipment sector represent primary growth drivers in the global turbines market. Renewable energy is witnessing increased investments in the global power generation industry in sync with the rising awareness about environmental hazards inflicted by natural gas and fossil fuels. Wind power is projected to overshadow all other forms of alternative sources of energies with its cheap installation costs, ubiquitous availability of wind, and low power cost. Global cumulative capacity of wind power is expected to double by 2020, offering significant potential for market growth in the coming years. Major factors driving demand for wind turbines include increasing energy demand, favorable governmental policies and uncertain prices as well as supply of power from traditional sources. Lower capital costs of small wind turbines are making them increasingly popular. Additionally, their compact size, less noise and light weight make them ideal for functioning in locations with light winds.
Growth in the steam turbines market is driven by long term demand for power and its diverse application in coal, combined cycle gas turbine (CCGT), and nuclear power plants. Primary growth drivers in the gas turbines market include reduction in natural gas prices, low costs of gas turbines, higher efficiency in energy conversion, and its relatively faster installation in comparison to other turbines. Gas-based power generation can achieve 60% conversion efficiency compared to fuel-to-power efficiency rate of 45% for coal-based power generation. The ongoing shale gas boom in the United States is also expected to offer lucrative growth opportunities in the gas turbines market in the coming years.
The strong focus on cost reduction, efficiency enhancement and emission control is driving technology advancements in the market. High flying wind turbines, blade-free wind turbines, and solar-powered wind turbines represent few of the many innovations that are poised to benefit the market in the near term. 3D printing techniques that use fine layers of materials for creating 3D shapes with unparalleled precision holds immense potential to revolutionize gas turbines manufacturing.
As stated by the new market research report on Turbines, Asia-Pacific represents the largest and the fastest growing market worldwide with a projected CAGR of 10.8% over the analysis period. Rapid industrialization, burgeoning population, steady economic development, government infrastructure development programs along with liberalization and privatization of the electricity sector in major countries such as China and India represent key growth drivers in the region.
Major players covered in the report include ABB Ltd., Alstom SA, Ansaldo Energia Spa, Bharat Heavy Electricals Limited, Caterpillar Inc., Dongfang Electric Corporation, Enercon GmbH, Gamesa, GE Energy, Goldwind Science & Technology Co. Ltd., Harbin Turbine Co. Ltd., JFE Holdings Inc., Mitsubishi Heavy Industries Ltd., Nordex Aktiengesellschaft, Rolls Royce Group Plc, Shanghai Electric Group Co. Ltd., Siemens AG, Suzlon Energy Limited, and Vestas Wind Systems A/S, among others.
The research report titled “Turbines: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, challenges, mergers, acquisitions and other strategic industry activities of major companies worldwide. Global market estimated and projections are provided in terms of annual capacity additions in Megawatts (MW) for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil, and Rest of Latin America).
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Turbines_and_Turbine_Generator_Sets_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
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