The global turbines market is expected to witness significant growth over the forecast period. Rising energy consumption along with shift in trend towards renewable energy is anticipated to drive turbines industry over the next seven years. Increasing consumer awareness regarding renewable energy advantages is expected to remain a key driving factor for turbines market demand over the forecast period.
Escalating government funding along with private backing is anticipated to fuel renewable energy generation. A turbine is used for efficient power generation through a viable source including conventional and non-conventional sources. Its blades are driven by feed materials such as water and wind.
Strong economic growth coupled with growing industrial sector in emerging economies of Asia Pacific and Latin America is expected to fuel market growth over the forecast period. Advanced technological landscape due to increasing investments along with multiple pipeline projects is expected to compliment market growth.
Developing economies are heavily investing in power generation in order to meet increasing energy demand owing to strong economic growth coupled with rapid urbanization. Turbines market is segmented on the basis of product in to hydro, steam, gas-based, wind and nuclear turbines. Major applications include power generation, power storage, marine and aeronautics.
Constructive government norms owing to shift towards sustainable power generation are expected to fuel wind and hydro power generation over the forecast period. Growing marine and aeronautics industry is further expected to positively influence industry growth.
Fossil fuel resources depletion is expected to drive innovation and push governments and manufacturers towards green energy sources. Unstable fossil fuel prices coupled with steps towards reducing fossil fuel import dependence are expected to further propel market growth over the next seven years.
Rapid industrialization in countries including China, India, Russia, UAE and Brazil is expected to compliment turbines demand over the next seven years. Increasing per capita disposable income in aforementioned regions is expected to drive energy demand from residential and office sectors.
Strict government norms to reduce coal based energy in order to reduce environmental degradation are anticipated to drive demand. Power generation companies and local government support manufacturers on power generation from wind or hydro sources in numerous regions such as India, Japan, Germany, China and Canada.
Rapid hydrocarbon sector growth along with upcoming mega power projects is anticipated to fuel turbines demand significantly. Rapid remote areas development along with renewable energy touted as potential nuclear reactors substitute is anticipated to provide new avenues for market participants over the forecast years.
Asia Pacific is expected to emerge as the leading regional market and is expected to account for more than 40% of the total market by 2022. Positive regulatory outlook along with expanding capacity is expected to compliment demand in the region over the next seven years.
China is expected to be the leading consumer in the region. India and Japan are investing heavily in small hydro power and wind power projects and is expected to continue the trend over the next seven years. These factors are further anticipated to drive demand in the region.
Increasing regulatory pressure along with environment agencies is anticipated to drive renewable energy consumption in regions such as North America and Europe. Growing energy consumption in aforementioned region is expected to drive turbines demand significantly over the next seven years.
North America is expected to exhibit significant demand over the next seven years due to increasing investments along with rising energy consumption. Abundant raw material availability along with depleting coal reserves is anticipated to drive demand over the forecast period. Europe is anticipated to exhibit spur in turbines demand to increasing wind and hydro power systems installation in Germany, UK and France.
Major companies operating in the turbines market include Calpine Corporation, Sumitomo Corporation, Ram Power Corporation, Contact Energy, Energy Development Corporation, Enel Green Power, Alterra Power Corporation, Mitsubishi Heavy Industries Ltd and U.S. Geothermal Inc.
Increasing R&D and innovation in field of renewable energy is expected to drive turbines market over the next seven years. Governments across the globe are investing heavily in order to promote renewable energy usage. Furthermore, increasing awareness among consumers is the key factor driving growth of turbines industry over the next seven years.
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