Global Turbine and Turbine Generator Sets Market is set to leapfrog in the coming decade, due to increasing demand for power and rapid technological advancements in power generation equipment. World new turbine capacity addition is projected to be 120,000 megawatts in 2010, a slight decline from record addition in 2001. Europe, the largest region in terms of new capacity additions, is projected to add over 33,000 megawatts of new turbine capacity in 2010.
San Jose, CA (PRWEB) July 12, 2007 -- With demand for new turbines varying from region to region based on total power capacity requirement, prevailing weather conditions, per capita power consumption, industrialization and GDP growth, and various other factors, Turbine and Turbine Generator Sets Market is expected to increase continuously over the next few years. In order to curb increasing greenhouse gas emissions produced on behalf of power generation, world economies stood up to conform with Kyoto Protocol that would reduce these emissions slowly to permissible limits over the next decade. This has led to surge in demand for renewable energy such as wind, solar, and others and has become the latest buzzword owing to the environmental hazards caused by natural gas and fossil fuels.
The European region is closely followed by Asia-Pacific that is projected to add new turbine capacity of 31,400 megawatts in 2010. Middle East is the fastest growing region, exhibiting a CAGR of 8.2% over the forecast period 2001-2010. Wind Turbine Market is the fastest growing segment in new capacity addition, exhibiting a CAGR of 13.4% over the forecast period 2001-2010. Gas Turbines is expected to be the largest segment by 2010, adding about 35,100 megawatts of new capacity in the year, followed by steam turbines adding new capacity to the tune of 30,700 megawatts in 2010. With increasing demand for renewable energy and wind power being the most preferable, demand for wind turbines is expected to rapidly increase over the next decade or so, as most of the countries head towards installation of these turbines to tap the natural resource and exploit the potential of environmental friendly wind energy. Further rise in oil and natural gas prices in 2005 & 2006 also fueled the demand for these turbines.
Demand for power has been rising at an alarming rate in China and India, the two Asian giants, that have been witnessing exceptional GDP growth, increasing disposable income, rapidly expanding urbanization leading to increasing demand for housing and other basis amenities, changing lifestyle and consumer spending. With one of the lowest per capita power consumption in world and huge gap between power supply and demand in China and India, both the countries are expected to witness heavy investments in power generation and newer power projects, which would ultimately lead to demand for turbines in the coming decade.
GIA's comprehensive research report titled "Turbines & Turbine Generator Sets: A Global Strategic Business Report" analyzes similar market trends with hard-to-find data and analytics for key regions such as the United States, Japan, Germany, France, the UK, Italy, and others alongside up and coming markets such as Asia-Pacific (excluding Japan), the Middle East and Latin America.
The study also sheds light on trends, issues, and price dynamics prevalent in the industry. Also discussed are in depth competitive analysis of leading manufacturers in the turbines & turbine generator sets industry, amply illustrated with numerous data rich, market data tables depicting major research findings (market shares, imports & exports among others). Demand patterns quantified in capacity addition across major product segments include, Hydraulic Turbines, Steam Turbines, Gas Turbines, and Wind Turbines among others.
Dominant global forces in the sector are ABB, Siemens, Vestas Wind Systems, Mitsubishi Heavy Industries, and Rolls Royce, among others. In addition to global leaders, the report offers detailed profiles of the dominating players in the US market - Alstom Power Generation, Caterpillar, Inc., and GE Energy, among others. Pratt & Whitney of Canada, Alstom of France, Bharat Heavy Electricals Limited of India, and several other regional players are also profiled in the report. The study enumerates recent developments, mergers, acquisitions, and other strategic industry activities, and is an easy guide to What, Why, When, How, Where, and Who of the industry.
For complete description of this research report, please visit www.strategyr.com/MCP-2579.asp
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