Turbine and Turbine Generator Set Units Global Market Report 2023
Major players in the turbine and turbine generator set units market are Mitsubishi Heavy Industries Ltd., Aksa Power Generation, Briggs & Stratton Corporation, Caterpillar Inc., Cummins Inc., Doosan Corporation, Kohler Company, Wärtsilä Corporation, Generac Power Systems, Harbin Electric Company Limited, Bharat Heavy Electricals Limited (BHEL), Siemens AG, General Electric Company, Toshiba Corporation, Dongfang Electric Corporation Limited, and Wacker Neuson SE.
New York, June 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Turbine and Turbine Generator Set Units Global Market Report 2023" - https://www.reportlinker.com/p06464150/?utm_source=GNWThe global turbine and turbine generator set units market is expected to grow from $234.76 billion in 2022 to $258.44 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The turbine and turbine generator set units market is expected to reach $367.34 billion in 2027 at a CAGR of 9.2%.
The turbine and turbine generator set units market consists of sales of tower, nacelle, hub and blades, and other components.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A turbine refers to a machine in which the rotation of a bladed rotor transforms the kinetic energy of a moving fluid into mechanical energy. Turbine generator set units refer to the combination of a turbine and generator, which turns the turbine’s mechanical energy into electricity.
Asia-Pacific was the largest region in the turbine and turbine generator set units market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the turbine and turbine generator set units market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of turbine and turbine generator set units are hydro, steam, gas-based, wind, and nuclear, with different types of capacity such as below 75 kVA, 75–350 kVA, and above 350 kVA.Hydro turbines refer to equipment used in hydroelectric power plants to convert the energy of moving water into electricity through a spinning shaft.
They are used for several applications, including standby backup power, prime or continuous power, and peak shaving power that are used by residential, commercial, and industrial end users.
The surge in demand for power is significantly contributing to the growth of the turbine and turbine generator set units market going forward.The amount of power used at any particular time determines the demand for it.
The greater the demand, the more electricity individuals are utilizing at any given time.Turbines and turbine generator sets are used to generate electricity by converting the energy of fluids like water or steam into electricity.
For instance, in January 2022, according to a report released by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization that provides analysis and data on the global energy sector, global energy demand increased by 6 percent in 2021. The report predicted an average annual increase in electricity demand of 2.7% for the years 2022–2024. Therefore, the surge in demand for power is driving the growth of the turbine and turbine generator set units market.
Product innovations are the key trends gaining popularity in the turbine and turbine generator set units market.Major companies operating in the turbine and turbine generator set units market are focusing on developing innovative products to sustain their position in the market.
For instance, in September 2021, Siemens Gamesa, a Germany-based engineering company that provides offshore and onshore wind turbines and services, launched the RecyclableBlade, the world’s first wind turbine blade that can be recycled at the end of its lifecycle.With this technology, it is possible to separate the materials in the blade at the end of its lifespan, enabling recycling into other applications and defining the next sustainability milestone.
This development is an important milestone in Siemens Gamesa’s ambitious plan to make turbines completely recyclable by 2040.
In March 2021, Howden, a UK-based compressor and industrial machinery manufacturing company, acquired Peter Brotherhood for an undisclosed amount.The acquisition increased Howden’s capacity for supplying its clients with environmental and energy technology solutions.
With this acquisition, Howden’s steam turbine product line will now offer multi-stage and larger-scale technological options. Peter Brotherhood is a UK-based manufacturer of steam turbines and turbine generator sets.
The countries covered in the turbine and turbine generator set units market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The turbine and turbine generator set units market research report is one of a series of new reports that provides turbine and turbine generator set units market statistics, including turbine and turbine generator set units industry global market size, regional shares, competitors with a turbine and turbine generator set units market share, detailed turbine and turbine generator set units market segments, market trends and opportunities, and any further data you may need to thrive in the turbine and turbine generator set units industry. This turbine and turbine generator set units market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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