- The key vendors in the turbine market in South Korea 2015-2019 are Doosan, GE, Siemens, Mitsubishi Heavy Industries, and Alstom
London, 10 August 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the turbine market in South Korea 2015-2019. Increasing investments in the power sector is a significant trend observed in this market. Due to the increasing power consumption in this region, South Korea is currently facing multiple problems related to power shortage. To overcome this shortage, the government has allowed private companies to construct power plants in the country, which will help to meet the rising demand for power in this region. This market is expected to grow at a CAGR of 6.4% during the forecast period of 2014-2019.
The growing demand for bituminous coal is a critical factor that is expected to bolster growth in this market. Rapid industrialization, urbanization, and the partial shutdowns of the powerplants in this region have resulted in the increased demand for power. This growing demand for power is expected to be met by thermal power in South Korea. Also, the government’s plan to meet the growing power demand by increasing coal imports and establishing coal-fired power plants are predicted to augment the prospects for growth in this market.
“The coal-fired power plants are the major contributors to overall power generation, thanks to the country’s coal reserves. The installed capacity of coal-fired plants is expected to increase further in the future. The country’s second energy plan is paving the way for the increasing number of steam turbine installations,” says Faisal Ghaus, Vice President of Technavio Research.
“Manufacturers are capitalizing on these conditions by establishing manufacturing facilities in the country. Major domestic and foreign manufacturers are forming long-term contracts that extend global cooperation by helping each other with the technology and logistics of turbine manufacturing.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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