Turbines in Thermal Power Market Scope
Thermal power refers to the energy generated by converting heat into electricity. It's the most common way to produce electricity. A turbine is a versatile machine that extracts energy from a flowing fluid like water, steam, air, or gas and converts it into rotational energy. In a thermal power plant, the turbine plays a crucial role in the electricity generation process. It's the engine that converts the heat energy generated by the plant into mechanical energy, which is then used to drive an electrical generator. The growth of turbines in the thermal power market is driven by multiple factors, including rising electricity demand, technological advancements, and fuel diversity.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Doosan Heavy Industries (South Korea), Siemens AG (Germany), Bharat Heavy Electricals Limited (BHEL) (India), General Electric (GE) (United States), MAN Diesel & Turbo (Germany), Mitsubishi Heavy Industries (MHI) (Japan), Rolls-Royce plc (United Kingdom), Solar Turbines Inc. (United States), Baker Hughes Company (United States), Dresser-Rand (United States) and Woodward L.P. (United States) |
CAGR | 4.7% |
The competitive landscape in the turbines in the thermal power market is constantly evolving, and players need to adapt, innovate, and collaborate to stay ahead of the curve. Understanding the key players, emerging trends, and effective strategies will be crucial for navigating this dynamic and competitive market. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Turbines in Thermal Power market throughout the predicted period.
Doosan Heavy Industries (South Korea), Siemens AG (Germany), Bharat Heavy Electricals Limited (BHEL) (India), General Electric (GE) (United States), MAN Diesel & Turbo (Germany), Mitsubishi Heavy Industries (MHI) (Japan), Rolls-Royce plc (United Kingdom), Solar Turbines Inc. (United States), Baker Hughes Company (United States), Dresser-Rand (United States) and Woodward L.P. (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Ansaldo Energia (Italy), Harbin Electric (China), ABB (Switzerland) and Alstom Power (France).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Turbines in Thermal Power market by Type , by Application (Power Generation, Combined Heat and Power (CHP) and Heating & Cooling) and Region with country level break-up.
On the basis of geography, the market of Turbines in Thermal Power has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In May 2023, Mitsubishi Heavy Industries (MHI) and Mitsubishi Electric announced a merger of their power generation businesses, creating a giant in the industry. This includes thermal power turbines, nuclear power, and hydroelectricity. This move aims to strengthen its position in the global market and support the shift towards a carbon-neutral future.
In October 2023, Siemens Energy unveiled its SGT5-1000HL gas turbine, boasting the world's highest efficiency rating for its class. This turbine promises significant fuel cost savings and reduced environmental impact.
Influencing Trend:
Increasing Demand of Steam Turbines in Thermal Power Plant and Technological Advancements in Turbines to Improved Reliability, Higher Efficiency, and Longer Lifespans
Market Growth Drivers:
Rising Electricity Demand Due to Increasing Populations and Urbanization in Developing Economies
Challenges:
High Competition from Renewable Energy Sources Like Hydro Energy and Wind Energy
Restraints:
High Cost of Turbines and Maintainance
Opportunities:
Government Policies Promoting Thermal Power Generation or Providing Incentives for Efficient Turbines and Increasing Demand for Turbines in Thermal Power in Growing Economies like Asia and Africa
Key Target Audience
Manufacturer, Raw Material Provider, Government Bodies and Regulatory, Potential Investors and Others