- The key vendors in the turbine market in the US 2015-2019 are Alstom SA, Dresser Rand Group Inc., Elliott Group Ltd., General Electric (GE), and Westinghouse Electric Co. LLC
London, 12 June 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the turbine market in the US 2015-2019. A key trend observed in this market is the conversion of coal-fired plants to gas-fired power plants. In the US, several plants are now being converted to gas-fired power plants to meet the greenhouse gas (GHG) emission targets set by the environmental protection agency (EPA). This need for conversion to gas-fired power plants stems from the widespread availability of shale gas. Shale gas emits half the amount of CO2 emitted by coal-fired plants during electricity generation. This market is expected to grow at a CAGR of 0.9% during the fore cast period of 2014-2019.
Turbine market growth in the US region is assisted by the rapid expansion of gas-fired power plants coupled with an increase in energy demand in the US region. The growing emphasis on reducing CO2 emissions and the increasing availability of shale gas also promote growth in this market. Shale gas level in the US is above 11,000 billion cubic feet, and it is the largest exporter of shale gas in the world. Abundance of shale gas in the US region will assist growth in the Combined Cycle Gas Turbine (CCGT) and gas turbine markets.
“Majority of the existing coal-fired power plants are being converted to gas-fired plants in the country. This stems from the availability of shale gas and the need to reduce GHG emissions from the aging coal-fired plants,” says Faisal Ghaus, Vice President of Technavio Research.
“Natural gas is gaining importance as it emits half the amount of CO2 emitted by coal-fired plants during electricity generation. Almost 13 GW of coal-fired power plants are expected to be replaced by gas-fired power plants between 2014 and 2018.”
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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