Disruptive Effect of Renewable Energy on the Traditional Electricity System Drives Growth in Demand for Turbines
Published: February 2018
- Code: MCP-2579
- Pages: 607
- Tables: 152
- Companies: 98
TURBINES: A RESEARCH BRIEF
The global market for Turbines is forecast to exceed 310 Gigawatts by 2024 in terms of annual capacity installations, driven by the ever-present demand for energy; the perennial focus shed on sustainable energy generation and the resulting rise in wind farms and integration of renewable energy sources into conventional electricity grids. Given that windpower makes up for a large percentage of renewable energy generated worldwide, wind turbines are poised to drive future growth in the market. Technology innovations in wind turbines driving their adoption as the most favored form of clean energy include development of multi-megawatt turbines; innovation in gearbox design and reliability; improvements in control electronics; launch of vertical axis wind turbines that are safer for birds and the environment; advancements in the field of airborne wind turbine also known as flying wind turbines which are cheaper and more efficient in harvesting energy as compared to traditional turbine deigns. In addition to energy generation, growth in the market will also come from other applications such as engines for aircraft and marine vessels supported by the healthy growth of the transportation and trade industries. Asia-Pacific represents the largest and the fastest growing market worldwide with a projected CAGR of 4.2% over the analysis period. Major factors driving growth in the region include growing international pressure on emerging economies to curb their carbon footprint and the resulting implementation of energy-efficiency standards; extensive research in turbines underway among government and private laboratories; and massive utility/power infrastructure investments.
OUTLOOK IN KEY MARKET SEGMENTS
- Wind Turbines market is projected to witness the fastest growth driven by the surge in number of wind power projects worldwide supported largely by the easy availability of funding options for establishing wind farms.
- Steam Turbines ranks as the largest market supported by continued dominance of coal-fired thermal power generating plants.
PRODUCT DEFINITION & SCOPE
- Turbines convert mechanical energy into electrical energy. Electricity is generated by turbines from the rotary motion produced from fluid motion. A turbine is made of several blades or fins mounted on a rotor. Turbines are used in nuclear power plants with a large generating capacity of 980,000 KW; in thermal plants with large, medium and small generating capacities; and in hydraulic power plants with large, medium and small generating capacities.
TIMELINE FOR ANALYSIS
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
GEOGRAPHIC MARKETS ANALYZED
- US, 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)
MARKET SEGMENTATION & CLASSIFICATION
- Product Segments:
- Steam Turbines, Gas Turbines, Wind Turbines, and Others
- ABB Limited
- ACCIONA Windpower S.A
- Andritz AG
- Ansaldo Energia SpA
- Bharat Heavy Electricals Limited
- Caterpillar, Inc.
KEY RESEARCH DELIVERABLES
- Review of Industry/Market Structure
- Analysis of Trends & Drivers
- Insights on Macro Market Scenarios
- Market SWOT Analysis
- Latent Demand Forecasts & Projections
- Comprehensive Geographic Market Analysis
- Presentation Ready Facts & Statistical Data Findings
- Coverage of Major/Niche Players, Market Shares & Competition
- Coverage of major Company/Technology/Product/Financial Stories
- Extensive Product/Service/End-Use/Technology Coverage Where Applicable