The growth in the power generation technologies market is primarily driven by factors such as increase in electricity consumption and subsequent investment in power generation capacity, and modernization of existing power generation infrastructure. Asia-Pacific was estimated to be the largest market for most technologies in 2016, and the trend is projected to continue till 2021.
The power generation technologies market includes both global and small regional players. Some of the key players operating in the market include Siemens AG (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), General Electric Company (U.S.), Ansaldo Energia, S.p.A (Italy), Caterpillar, Inc. (U.S.), Cummins, Inc. (U.S.), Yanmar Co., Ltd. (Japan), Mitsubishi Hitachi Power Systems, Ltd. (Japan), Shanghai Electric Group Co., Ltd. (China), Harbin Electric International Company Limited (China), Abengoa Solar, S.A. (Spain), Capstone Turbine Corporation (U.S.), Northern Power Systems (U.S.), Wind Energy Solutions (the Netherlands), BDR Thermea Group (the Netherlands), and Viessmann Group (Germany), among others.
The growth strategies adopted by the key players in the power generation technologies market include contracts & agreements, new product launches, expansions, and mergers & acquisitions. Contracts & agreements was the most commonly adopted strategy, constituting more than two-thirds of the total development share. The industry also adopted new product launches, which was the second most popular strategy in past five years (2012–2016).
General Electric Company (U.S.) and Siemens AG (Germany) were among the leading players in the power generation technologies market. General Electric Company believes that its core competency lies within industrial business. So, it has reduced the size of its capital business and aligned its growth with industrial earnings. It has also substantially reduced its financial services business where it lacked a competitive advantage. Its financial strength enables it to acquire big companies and make considerable investments for expansion and development. The acquisition of Alstom’s power and grid business strengthened General Electric’s position in the grid sector. The company has also opened new advanced manufacturing facilities and customer experience centers in the U.S. to develop new products in faster and smarter ways.
Siemens, a German multinational conglomerate, is another leading global player in the power generation technologies market. It is trying to position itself as a pioneer along the entire electrification value chain with its respective business units. It has designed a comprehensive strategic framework “Vision 2020” and is planning to follow it to improve its business, management, and customer focus. The objective of this strategy includes implementing stringent corporate governance, executing financial targeting systems, and expanding global management. Siemens is also expanding its global presence and upgrading its existing products through constant innovation in order to meet demand and expectation as well as to sustain its position in the market. For instance, it has launched a new aero-derivative gas turbine optimized to meet the needs of the oil & gas industry.
Top 10 Power Generation Technologies Market by Generation (Steam Turbine, Micro Turbine, Gas Turbine, Gas Engine, Micro CHP, Nuclear Power Reactor, Small Wind, Diesel Generator and Gas Generator, and Concentrating Solar Power) - Global Forecast to 2021
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