Market Trends of Turbines Industry
This section covers the major market trends shaping the Turbines Market according to our research experts:
Wind Turbine Segment to Grow at the Fastest Rate
- Wind turbines are being used for power generation, having previously been used for various other applications, such as sailing, agriculture, grinding, and others. From an emerging power source, 20 years ago, wind turbine technology has been transformed into a commercial electricity-generating technology in more than 80 countries.
- The global wind power installations increased from 14.86 GW in 2006 to 591 GW in 2018. The overall growth of the number of turbine installations made during 2006-2018 was primarily driven by declining costs, due to improved materials and design, and favorable government policies for wind power in major wind power countries, such as China, the United States, Denmark, Germany, the United Kingdom, and India.
- The exponential growth in the wind turbine market is supported by depleting fossil fuel reserves, declining cost of wind power generation, growing sensitivity toward environmental issues, and support from various governments around the world, through financial incentives.
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Asia-Pacific to Dominate the Market
- Asia-Pacific is a significant market with a large number of coal-powered, and nuclear-powered power plant. During 2018, China has nearly 53 coal-powered plants, and 46 nuclear plants. Furthermore, the country has the highest installed capacity in both hydro and wind power projects.
- Apart from China, India is a prominent country that generates most of the electricity from coal power plants. As an initiative to have a greener environment, India has a cumulative installed capacity of around 80 gigawatts (wind energy and hydro energy) in 2018 and is expected to double the wind energy installed capacity by 2022.
- During the forecast period, the region is expected to have significant growth in the turbine market. Coal powered plant that includes steam turbine as a power generation unit is likely to continue as a significant market share in the power generation market.
- Apart from the coal-powered power plant, Asia Pacific is also expected to play a significant role in wind energy. China and India are planning to increase its wind energy contribution to its energy mix, to nearly 26% and 17% by 2030.
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