With Market Size Valued at 305.2 Thousand Megawatts by 2026, it`s a Healthy Outlook for the Global Turbines Market
Sep 24, 2021, 10:30 ET
SAN FRANCISCO, Sept. 24, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Turbines - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 20; Released: April 2021
Executive Pool: 18073
Companies: 98 - Players covered include ABB Limited; Acciona Energia SA; Andritz AG; Ansaldo Energia SpA; Caterpillar, Inc.; Dongfang Electric Corporation Limited; Doosan Power Systems Holdings Limited; ENERCON GmbH; GE Grid Solutions, LLC; GE Power & Water; General Electric Company; GuoDian United Power Technology Company Ltd.; Harbin Turbine Company Limited; Mitsubishi Hitachi Power Systems, Ltd.; Nordex SE; Senvion SA; Shanghai Electric Group Company Limited; Siemens AG; Siemens Gamesa Renewable Energy, S.A.; Vestas Wind Systems A/S; Voith GmbH & Co. KGaA; Xinjiang GoldWind Science & Technology Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Steam Turbines, Wind Turbines, Gas Turbines, Other Segments)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Turbines Market to Reach 305.2 Thousand Megawatts by 2026
Amid the COVID-19 crisis, the global market for Turbines estimated at 252.8 Thousand Megawatts in the year 2020, is projected to reach a revised size of 305.2 Thousand Megawatts by 2026, growing at a CAGR of 3.2% over the analysis period. Steam Turbines, one of the segments analyzed in the report, is projected to record a -3.6% CAGR and reach 68.5 Thousand Megawatts by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Wind Turbines segment is readjusted to a revised 8.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at 76.2 Thousand Megawatts in 2021, While China is Forecast to Reach 55.6 Thousand Megawatts by 2026
The Turbines market in the U.S. is estimated at 76.2 Thousand Megawatts in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of 55.6 Thousand Megawatts by the year 2026 trailing a CAGR of 3.3% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.2% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR.
Gas Turbines Segment to Reach 54.9 Thousand Megawatts by the year 2026
In the global Gas Turbines segment, USA, Canada, Japan, China and Europe will drive the 3% CAGR estimated for this segment. These regional markets accounting for a combined market size of 37 Thousand Megawatts in the year 2020 will reach a projected size of 45.5 Thousand Megawatts by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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