Global Turbine Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Expanding deployment of turbines for electricity generation, renewable energy projects, and industrial applications on a global scale

• The kinetic energy of fluids, such as water, steam, air, combustion gases, or nuclear fuel, can be captured by a turbine and converted into the rotating motion of the turbine. The primary function of turbines is to transform energy into a useful source of power. The rotating blades in a turbine start spinning when a hot combustion gas expands through the turbine. The whirling blades have two purposes: powering a generator to generate electricity and operating a compressor to push more pressured air into the combustion chamber.
• The rise in population across the globe is augmenting the power demand. As a result, power producers have decided to switch from coal to natural gas or renewables as a source of energy. This tendency is likely to continue for the foreseeable future. Increased global demand for electricity is predicted to drive up demand for turbines. The product's adoption is likely to be fueled by a growing emphasis on reducing fossil fuel consumption. The expansion of the power generation business, along with a greater emphasis on generating electricity from renewable energy sources, is a primary driver of turbine adoption, particularly for turbines with capacities of more than 200 MW.
• Even though coal production and consumption are significantly higher in Asia Pacific's fast-growing countries, the global natural gas supply is only enough to last half as long as coal at the current production rate. Solar and wind power plants are low-impact energy sources. Investment in renewable energy is anticipated to have an impact on fossil-fueled power plants. As a result of the scarcity of natural gas, the market for gas turbines is hampered. As people become more aware of climate change and the environmental impact of fossil fuels, public opinion and consumer choices have shifted. This transition has made the market for classic turbines, which are predominantly utilized in fossil-fuel power plants, more difficult.
• Wind energy is one of the most rapidly expanding sources of electricity. Wind turbines are installed in areas with favorable winds and weather patterns. They generate electricity by converting the kinetic energy of flowing air. The market for wind turbines is expanding because wind energy minimizes the environmental impact of electricity generation by not emitting greenhouse gases. Furthermore, once the turbine is installed, the operational costs are nearly negligible because the wind is free. Turbines are becoming more affordable because of mass production and technological developments. Furthermore, several governments provide tax breaks to encourage the use of wind turbine electricity for growth. These above-mentioned reasons are expected to further accelerate the growth of the turbine market throughout the forecast period.

Market Segmentations

• The Global Turbine Market is segmented based on Type, Application, and Geography.
• By Type, the market is classified into Wind Turbines, Steam Turbines, Gas Turbines, and Hydro Turbines.
• Wind Turbines hold the largest share. The overall increase in turbine installations was driven mostly by lower costs as a result of improved materials and design, as well as favorable government policies for wind power in key wind power countries such as China, the United States, Denmark, Germany, the United Kingdom, and India.
• By Application, the market is classified into Power Generation, Power Storage, Marine, and Aeronautics.
• The Power Generation segment holds the largest revenue share. It includes turbines used in conventional power plants, renewable energy sources, and other electricity generation systems. This segment has traditionally held the largest share of the turbine market due to the global electricity demand. Power generation turbines can be powered by various energy sources, including fossil fuels (coal, natural gas), nuclear energy, and renewable sources such as wind, hydro, and solar power.
• By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific.
• Asia-Pacific has the most coal- and nuclear-powered power plants, accounting for the majority of the market. By 2021, China will have about 53 coal-fired power facilities and 46 nuclear units. In addition, the country has the most installed capacity in hydro and wind power plants. Aside from China, India is a significant country that generates most of its electricity from coal power plants. India has a total installed capacity of roughly 80 gigatons (wind energy and hydro energy) as part of its green program.

Recent Development

• Envision Energy signed an agreement for 2000 MW of wind turbines in India. Envision’s manufacturing unit based in India is estimated to supply and commission all 596 turbines by the end of 2023. - April 2022

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Turbine Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Turbine Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Turbine Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market