Installations of Turbine and Turbine Generator Sets Worldwide to Reach US$ 173.3 Billion by 2017, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) November 09, 2011
Follow us on LinkedIn – Ever growing energy needs as a result of continuous industrial development, improving living standards, and ever growing population, provide a stable and secure business case for turbines and turbine generator sets. Environmental regulations introduced or about to be implemented in several countries will influence the need for more efficient power generating equipment. Strong growth will stem from Asia-Pacific, Latin America, and Middle East driven by rapid levels of industrialization. Asia, for instance, requires huge amounts of energy to power the rapid industrialization underway in most countries in the region. Power requirements differ from country to country. New power generation plants undertaken and the routine replace¬ment of energy generation equipment directly translates into demand for turbine and turbine generator sets. In developed markets like Europe, and North America, aging energy infrastructure will provide opportunities for equipment replacements, upgradations and modernization. Looking beyond the current recession induced challenges faced by the wind power industry, wind turbines are projected to mirror a promising long-term potential, as wind energy moves forward as a future source of alternative energy for global power generation industry.
Given the high correlation between energy consumption and the level of economic activity, the recession not surprisingly resulted in lowering consumption as major energy-consuming sectors such as manufacturing, automobiles and construction industries witnessed significant disruptions in business activities. Although energy demand has recorded varying patterns across individual countries, a bigger theme that emerges over the region-by-region variations is the overall decline in energy consumption in almost every region across the world, with the exception of Asia-Pacific, and the Middle East. Investments in power generation by energy utilities were affected by the immense financing difficulties presented by the financial crisis. Poorer cash flow conditions for utilities and independent power generators resulted in years 2008 and 2009 witnessing several instances of project delays, postponements, cancellations, and cut backs in capital spending.
Glut in energy capacities, decline in energy consumption, lower wholesale energy prices, and recession induced weakened focus on climate change goals, temporarily reduced the emphasis on renewable energy sources. In the wind turbines market, new wind energy capacity installations declined for the first time, in over two decades, in the year 2010 recording negative average annual growth despite the overall increase in cumulative capacity additions. The decline was spearheaded by the United States and Europe where growth in new capacity additions eroded by over 40% and 7%, respectively, in the year 2010. A significant portion of new capacity additions during the year was made in Asia Pacific and Latin America. Developing countries therefore for the first time recorded higher growth in wind power capacity installations in comparison with the traditional developed markets.
In the United States wind power capacity declined due to a lack of stable national energy policy as reflected by the uncertainties revolving around the Production Tax Credit expiration. In late 2010 however, Section 1603 grants for renewable energy was extended by one year and although just a temporary bandage fix, growth in 2011 is expected to outstrip that of year 2010. In the developing countries, on the other hand, wind power projects grew cushioned by the fact that most wind power projects in these countries are government owned and supported, which unlike private project ownerships, are less acutely sensitive to changes in the economic and financial climate. The already established and implemented government policies and renewable portfolio standards in most countries also helped prop up new capacity additions.
As stated by the new market research report, Asia-Pacific represents the largest and the fastest growing regional market for Turbines and Turbine Generator Sets. The region continues to remain a key growth area, displaying a robust CAGR of about 8.5% over the analysis period. As a bridge that connects to the envisioned clean energy future, Wind Turbines represent the fastest growing product segment growing at a robust CAGR of about 9.5% over the analysis period. Asia Pacific, supported by China and India’s staunch growth in wind energy, will continue to drive future growth in this segment. Chinese manufacturers particularly are surging ahead in the wind turbine manufacturing sector, driven primarily by the favorable government policies favoring the local turbine manufacturers.
Major market participants include ABB Ltd, Alstom SA, Bharat Heavy Electricals Limited, DeWind Inc., Dongfang Turbine Co. Ltd, Enercon India Ltd., Gamesa Eólica SA, GE Energy, Goldwind Science & Technology Co. Ltd, Mitsubishi Heavy Industries Ltd, Pratt & Whitney Canada Corp, REpower Systems AG, Rolls Royce Group Plc, Siemens AG, Suzlon Energy Limited, Vestas Wind Systems A/S, among others.
The research report titled “Turbines and Turbine Generator Sets: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, drivers, issues, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for new capacity addition in Megawatts for the US, Canada, Japan, Europe Asia-Pacific, Middle East and Latin America. Product markets analyzed include Hydraulic Turbines, Steam Turbines, Gas Turbines, and Wind Turbines, among others. Dollar sales estimates and projections are exclusively provided for the global market across the aforementioned geographic market verticals.
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Turbines_and_Turbine_Generator_Sets_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a led publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognised today, as one of the world’s largest and reputed market research firms.
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