About Industrial Turbines
An industrial turbine is a type of turbine that utilizes either gas or steam for its operation. It is largely utilized either for power generation applications or mechanical drive functions or both. Industrial turbines burn fuel and air at high pressure and temperature to generate electric power. Turbines operate on the thermodynamic cycle known as the Brayton cycle. In this cycle, atmospheric air is compressed, heated, and then expanded, with the excess power produced by the turbine (over that consumed by the compressor) used for power generation or mechanical drives. Gas turbines are often used in industrial or large commercial cogeneration applications greater than 1 MW. When used in cogeneration, the exhaust heat is recovered during the production of steam or hot water. In some cases, the exhaust stream is directly used to provide process heat. Excluded are the applications that use gas turbines for central station power production.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 3.6% |
Rise of End User Industries such as dairy, bakery and confectionary has led to rise of quark powder market. Although Quark is mostly consumed in creamy form than in powder form by common households. But the processed food market, prefers powder form for better mixture. The market of Quark Powder is moderately consolidated one. Geographically, Europe is the biggest market of Quark Powder. Analyst at AMA Research estimates that Asian Manufacturers will contribute the maximum growth to Global Industrial Turbines market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Ansaldo Energia (Italy), GE (United States), Siemens (Germany), Kawasaki Heavy Industries (Japan), Mitsubishi Heavy Industries (Japan), Fuji Electric (Japan), Toshiba (Japan), Peter Brotherhood (United Kingdom), Doosan Skoda Power (Czechia) and Elliott Group (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Harbin Electric Machinery (China) and Dongfang Electric (China).
Segmentation Overview
AMA Research has segmented the market of Global Industrial Turbines market by Type (Gas turbines and Steam turbines), Application (Mechanical Drive and Power Generation & CHP) and Region.
On the basis of geography, the market of Industrial Turbines 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). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Technology, the sub-segment i.e. Single Cycle will boost the Industrial Turbines market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Utility will boost the Industrial Turbines market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The rise in investments for industrial development and increase in power generation capacity
Market Growth Drivers:
The presence of technologically advanced industries and power generation plants that utilize these turbines for CHP and CCHP plants and The rapid industrialization and rise in power generation capacity in the region
Challenges:
The product damaged concern
Restraints:
The concern related to the cost of the turbine
Opportunities:
Rise in demand for power across the globe, especially in developing and underdeveloped countries and Rapid industrialization across the globe
Market Leaders and their expansionary development strategies
In June 2023, Orsted and Vestas, global leaders in renewable energy, are announcing a commercial sustainability partnership. Orsted will procure low-carbon steel wind turbine towers and blades made from recycled materials from Vestas in all joint offshore wind projects.
In September 2020, GE Renewable Energy announced that it has finalized supply contracts (subject to final notification to proceed) with Dogger Bank Wind Farm (a 50:50 joint venture between SSE Renewables and Equinor) for the first two phases of what will become the world’s largest offshore wind farm. These first two phases (Dogger Bank A & B) will each feature 95 Haliade-X 13 MW wind turbines.
Key Target Audience
Government bodies, Technology investors, Research institutes and organizations, Market research and consulting firms, End-users/enterprise-users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.