The global market for Turbines is forecast to exceed 310 Gigawatts by 2024 in terms of annual capacity installations, driven by spiraling consumption of electricity and equally robust electric power generation activity, growing prominence of renewable energy, and the resulting surge in number of wind farms worldwide.
The global turbines market has long benefited from constant changes in energy policies all over the world, rapid technological developments in the power generation equipment sector, in addition to escalation in demand for electric power. Aided by factors including rising urbanization, advancement in technologies and growth in commercial industries, the consumption of energy is set to further ascend in tune with rising demand from residential, commercial and industrial markets. Environmental concerns and the shifting dynamics in the energy source mix are wielding a strong impact on the demand for various types of turbines for the power generation market. Turbines for renewable energy source power plants, including hydro and wind, are therefore expected to witness highest growth in the coming years. Additionally, cheap availability of natural gas in the US and other regions supported by shale gas discoveries, is driving positive growth in demand for gas turbines.
Healthy growth is projected for the market in the coming years driven by the growing focus on integrating alternative sources of renewable energy against the backdrop of growing concerns over global warming and climate change. The heavy dependence on fossil fuel continues to attract flake, forcing governments the world over to legislate policies that mandate utilities to integrate renewable energy into the existing energy generation mix thereby driving strong growth opportunities for wind turbines. Rising focus on cost reduction, efficiency enhancement, and emission control is driving technological innovations and advancements in the turbines industry. Future wind turbines that are sleeker, higher, and cheaper include Vertical-Axis Wind Turbines (VAWTs); Flying Wind Turbines; Handheld Wind Turbine; High Flying Turbines; Makani Airborne Wind Turbine; Green Power Island; Vortex Bladeless Wind Turbine; BAT-Buoyant Airborne Turbine, and Large-Size Wind Turbines with Bigger Capacities and Blades, among others. Innovative and advanced gas turbines that are poised to benefit market adoption in the coming years include Hydrogen Turbines, Siemens' HL-class Turbines, and Advanced Combustion Turbines, among others. 3D printing techniques that use fine layers of materials for creating 3D shapes with unparalleled precision holds immense potential to revolutionize gas turbines manufacturing.
Asia-Pacific represents the largest and the fastest growing market worldwide with a projected CAGR of 4.2% over the analysis period. Rapid industrialization; massive utility/power infrastructure investments; expanding population and energy needs; implementation of energy-efficiency standards; and governments, private players and power generation companies efforts to establish more power generation facilities to exploit available low-cost fuels, enhance efficiency of existing facilities, develop and integrate alternate fuel technologies are all important factors benefiting demand for turbines in the region.
Major players in the market include ABB Limited, ACCIONA Windpower S.A., Andritz AG, Ansaldo Energia SpA, Caterpillar, Inc., Dongfang Electric Corporation Limited, Doosan Power Systems Holdings Limited, ENERCON GmbH, General Electric Company, GE Grid Solutions, LLC, GE Power & Water, GE Wind Energy, LLC, GuoDian United Power Technology Company Ltd., Harbin Turbine Company Limited, Mitsubishi Hitachi Power Systems, Ltd., Nordex SE, Senvion SA, Shanghai Electric Group Company Limited, Siemens AG, Siemens Gamesa Renewable Energy, S.A., Vestas Wind Systems A/S, Voith GmbH & Co. KGaA, and Xinjiang GoldWind Science & Technology Co., Ltd., among others.