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Turbo generators form an important cog in the energy generation/power production industry, by helping in attaining efficiency and enhanced productivity. Moreover, the increasing energy demand in the world, resulting in an increase in the number of power plants, is expected to drive the market during the forecast period. The inherent advantages that turbo generators provide, in addition to the ability to be connected directly to the electrical generator and the resulting lower operating costs, are factors spurring the turbo generator market.
Growing Industrialization - Drives the Market
Growing industrialization is playing an important role in the economic growth of countries, like China, India, the Republic of Korea (Korea), Taiwan, and Indonesia. Moreover, along with accelerated growth, the poverty rates have also declined in many countries. These developments are likely to result in an increased demand for electricity, consequently driving the demand for turbo generators globally.
Growth in the Renewable Energy Sector - Restrains the Market
Countries are moving toward clean energy; this is reflected by the 197 countries signing the Paris Agreement on Climate Change. Globally countries are setting up targets to move from fossil fuels to renewable sources, such as solar and wind, to achieve social, economic, and environmental development. Moreover, new investment in renewables, excluding large hydropower projects, fell by 23% to USD 241.6 billion, lowest since 2013, but there was a record installation of renewable power capacity worldwide in 2016.
Asia-Pacific – Highest Demand for Turbo Generator Market
Asia-Pacific is one of the fastest-growing markets for turbo generators, with consistent economic growth in the Asia-Pacific countries, growing industrialization, and improving business potential, the demand for infrastructure in countries, such as India, China, Malaysia, and Indonesia, is increasing at a significant rate. In Asia-Pacific, China is one of the most dominant countries, and it is expected to drive the turbo generator market. Whereas, countries, such as India, Japan, China, Australia, and Malaysia, are expected to follow with growth in the turbo generators market.
China – Regional Hotspot
China has the highest population in the world, and is a fast-growing economy, which has led the country to become the largest energy consumer and producer in the world. Rapidly increasing energy demand, especially for petroleum and other liquids, has made China influential in world energy markets. China consumes more than a quarter of world's energy demand. Moreover, it is projected that the country's energy production will rise by 38% while the consumption is estimated to grow by 47% until 2035. The increase is much more than the global forecasted energy production and consumption growth, which is 29% and 31% respectively. The country is expected to lead the market for turbo generators in the long-term, due to its growing energy demand.
Key Developments in the Market
• September 2017: Lockheed Martin tested a prototype laser weapon system equipped with sensors, software, and specialized optics, which can deliver decisive lethality against unmanned aerial vehicle threats. The device is powered by a compact Rolls-Royce turbo generator.
• July 2017: Canfor Pulp Products Inc. undertook capital projects at its Northwood Northern Bleached Softwood Kraft, where the company is planning on installing a 32 MW condensing turbo-generator, for an estimated cost of USD 65 million.
MAJOR PLAYERS: Siemens AG, Toshiba Corp, General Electric Company, Dongfang Electric Corporation Limited, Andritz AG, Bharat Heavy Electricals Limited, amongst others
Reasons to Purchase this Report
• Identify the drivers, restraints, and opportunities in the global turbo generator market with in-depth analysis
• Identify the technology type and services dominating the market
• Analyze various perspectives of the market with the help of Porter’s five forces analysis
• Identify the regions expected to witness the fastest growth during the forecast period and identify the hotspots for the market
• Identify the latest developments and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Growing Industrialization - Drives the Market
Growing industrialization is playing an important role in the economic growth of countries, like China, India, the Republic of Korea (Korea), Taiwan, and Indonesia. Moreover, along with accelerated growth, the poverty rates have also declined in many countries. These developments are likely to result in an increased demand for electricity, consequently driving the demand for turbo generators globally.
Growth in the Renewable Energy Sector - Restrains the Market
Countries are moving toward clean energy; this is reflected by the 197 countries signing the Paris Agreement on Climate Change. Globally countries are setting up targets to move from fossil fuels to renewable sources, such as solar and wind, to achieve social, economic, and environmental development. Moreover, new investment in renewables, excluding large hydropower projects, fell by 23% to USD 241.6 billion, lowest since 2013, but there was a record installation of renewable power capacity worldwide in 2016.
Asia-Pacific – Highest Demand for Turbo Generator Market
Asia-Pacific is one of the fastest-growing markets for turbo generators, with consistent economic growth in the Asia-Pacific countries, growing industrialization, and improving business potential, the demand for infrastructure in countries, such as India, China, Malaysia, and Indonesia, is increasing at a significant rate. In Asia-Pacific, China is one of the most dominant countries, and it is expected to drive the turbo generator market. Whereas, countries, such as India, Japan, China, Australia, and Malaysia, are expected to follow with growth in the turbo generators market.
China – Regional Hotspot
China has the highest population in the world, and is a fast-growing economy, which has led the country to become the largest energy consumer and producer in the world. Rapidly increasing energy demand, especially for petroleum and other liquids, has made China influential in world energy markets. China consumes more than a quarter of world's energy demand. Moreover, it is projected that the country's energy production will rise by 38% while the consumption is estimated to grow by 47% until 2035. The increase is much more than the global forecasted energy production and consumption growth, which is 29% and 31% respectively. The country is expected to lead the market for turbo generators in the long-term, due to its growing energy demand.
Key Developments in the Market
• September 2017: Lockheed Martin tested a prototype laser weapon system equipped with sensors, software, and specialized optics, which can deliver decisive lethality against unmanned aerial vehicle threats. The device is powered by a compact Rolls-Royce turbo generator.
• July 2017: Canfor Pulp Products Inc. undertook capital projects at its Northwood Northern Bleached Softwood Kraft, where the company is planning on installing a 32 MW condensing turbo-generator, for an estimated cost of USD 65 million.
MAJOR PLAYERS: Siemens AG, Toshiba Corp, General Electric Company, Dongfang Electric Corporation Limited, Andritz AG, Bharat Heavy Electricals Limited, amongst others
Reasons to Purchase this Report
• Identify the drivers, restraints, and opportunities in the global turbo generator market with in-depth analysis
• Identify the technology type and services dominating the market
• Analyze various perspectives of the market with the help of Porter’s five forces analysis
• Identify the regions expected to witness the fastest growth during the forecast period and identify the hotspots for the market
• Identify the latest developments and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
