Gas Turbine Market Update

The turbine and turbine generator sets market is set to reach a worldwide projected total of US $173.3 billion by the year 2017 says the report “Turbines and Turbine Generator Sets: A Global Strategic Business Report.” When looking at installations to the same period, the market has been forecast to reach 232 thousand megawatts. The growth in the market can be put down to a number of factors including growing energy needs as a result of continuous industrial development, improving living standards, and an ever growing population.

Asia-Pacific represents the largest and the fastest growing sector for the Turbines and Turbine Generator Sets market. The region continues to remain a key growth area, displaying a robust CAGR of about 8.5% over the coming years. 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%.

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 favourable government policies favouring the local turbine manufacturers.