Rising Demand for Electricity Drives Global Turbines Market
The primary driver for the turbines market is the increasing need for electricity. The increase in the global demand for electricity is driven by the increase in the global population in recent decades. The high rate of urbanization and industrialization around the world has also boosted the global turbines market. Urban infrastructure and industrial setups require energy virtually constantly, which has indirectly led to the rising demand for turbines. The increasing utilization of wind energy generation has also given a strong boost to the global turbines market. Generation of energy from wind has minimal effect on the environment, making it an environmentally feasible source of alternative energy.
On the flip side of the coin, the environmental impact of the production of the turbines themselves is a more prominent factor affecting the global turbines market. Due to this, fabricating compounds that do not harm the environment and can be used in turbines has emerged as a promising research avenue in the global turbines industry.
Steam Turbines Major Product Segment, Asia Pacific Major Regional Segment of Global Market
Steam turbines are the dominant category in the global turbines market. They have held this position for the last few decades and are likely to remain in the driving seat in the near future. Energy generation from several sources consists of the energy source being used to heat water. The steam coming from the boiling water operates the turbine. Thus, steam turbines are important in several energy generation mechanisms.
On the basis of geography, Asia Pacific held a 40% share in the global market for turbines in 2013. The dominant share of the region can be attributed to the initiation of numerous massive energy generation projects in dynamic economies such as China.