The global turbine market was valued at USD 135.68 billion in 2013 and is expected to reach USD 191.87 billion by 2020 at a CAGR of 4.89% from 2014 to 2020. Volumetrically, this accounts to 5,792.97 Gigawatts (GW) in terms of installed turbine capacity in 2013, which may amount to approximately 7,468.84 GW by 2020. Asia Pacific alone accounted for 40.4% of the overall market share in 2013, valued at USD 42.89 billion (2,341.19 GW). The region is expected to reach market capitalization to the tune of USD 68.57 billion (3,499.14 GW), growing at a rate of 5.81% from 2014 to 2020. With a large number of infrastructure and oil field development projects planned across the globe, the demand for steam turbines in the market is anticipated to be dominant till 2020. The demand for turbines is likely to increase significantly owing to the rapidly developing hydrocarbons sector along with various upcoming mega power projects.

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Currently, governments of nations facing persistent power shortages are taking measures to constantly upgrade their power generation capacity in order to meet the demand from industries and households. Many new power plants that are primarily powered by steam and gas turbines are under the process of being commissioned, while construction of few is currently ongoing. There is also the renewable energy sector, which has gained rapid momentum over the last few years. The world has expressed significant interest in diversifying its energy portfolio and adopting renewable energy technologies in the near future. Presently, the market for turbines includes reputed companies such as Alstom S.A., General Electric Energy, Siemens Energy, Ballard Power Systems Inc., Doosan Fuel Cell America, Inc., Vestas Wind Systems A/S, Sinovel Wind Group Co., Ltd., Goldwind Science & Technology Co., Ltd., and Kirloskar Brothers Limited. Most of these players operate through dealers and distributors (many of which are exclusive to a single company). Product range generally comprises steam, gas, hydro or wind turbines.

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For a considerable duration of time, steam turbines were the major source of power generation. Over the years as government bodies and the consumers discovered the imperative effects of carbon emissions and global warming, efforts were made to reduce current levels as well as monitor future emission intensity. This led to a global shift in the power generation industry. Power producers alternated coal for natural gas or renewable energy sources, such as solar, wind or hydropower. Even though coal constitutes a major part of the emerging economies’ energy mix, it is expected that coal will slowly fade out over the years.

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Growing population base across the globe is augmenting the demand for power and heat. Further, regions located close to the Arctic belt have been experiencing harsh winter temperatures due to the significant change in average earth temperature since 1980s. Such cities have increased seasonal power demand. In order to cope with the additional seasonal demands, power producers generally buy power from other sources, which could cost much more than the average market price as it is being bought under distress. Thus, power producers decided to shift from coal to natural gas or renewables as a source for power generation. This trend is likely to continue for the next few decades.