Turbo Machine Market – A rotating machine with continuous transfer of energy
- A turbo machine can be defined as devices that exhibits energy to an uninterruptedly moving stream of fluid. The basic function of the machine is to transfers energy between a rotor and a fluid.
- Principal components of a turbo machine include a vane carrying rotating element called rotor, impeller or runner, input and output shaft, and housing and other stationary elements.
- Dynamic movement of the impeller creates a force between it and the fluid, giving rise to transfer of energy between blades and the fluid.
- In the coming years the up-surge in the demand for power, particularly in growing economies, the turbo machines are expected to gain noteworthy traction
- Turbo machines are the key components used in the jet engines used in automobile and aerospace industries.
Construction of New Power Plants Driving Sale of Turbo Machines to Drive the Global Turbo Machine Market
- There has been a rise in the construction of new power plants globally. A turbo machine in an integral component of a power plant; for instance, a gas turbo machine is used in a gas turbine power plant. A gas-turbine power plant consists of combustion chamber or combustor or burner. The gas contained in the combustion chamber gets heated or combusted with the help of a turbo machine. The heated gas expands and produces mechanical power for the generation of electricity. Thus, rise in the construction of gas-turbine power plants is likely to drive the sale of turbo machines.
North America to Hold a Leading Share of Global Turbo Machine Market
- Geographically, the global Turbo Machine market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the Turbo Machine market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the Turbo Machine market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America Turbo Machine market is segmented into Brazil, and Rest of South America.
- North America dominates the market share during the forecast period and expected to continue its dominance for the coming years.
- However, Asia Pacific is anticipated to grow at a fastest CAGR growth rate during the forecast period. The growth of Asia Pacific market is predominantly attributed to the rising demand for turbo machines in the developing countries such as India, and China.
Key Players Operating in the Turbo Machine Market:
The presence of key players in the turbo machine market is leading to competition among vendors. Limited branded and global players are dominating the overall market. To distinguish their products from competitors, players are focusing on product technology, and add-on features.
Players operating in the turbo machine market are introducing new technologies with varied product portfolios and also developing supply chain networks in order to sell their products in the market. As result of this, the market is anticipated to witness an upsurge in the trend of growing production of low-cost turbo machines and demand for bringing down production cost. This in turn is expected to drive the adoption rate of turbo machines. A few of the key players operating in the global turbo machine market are:
- ABB Group
- General Electric Company (GE)
- Honeywell International Inc.
- Siemens AG
- Alstom SA
- Mitsuishi Hitachi Power Systems
- Bharat Heavy Electricals Ltd.
- AnsaldoEnergia SPA
- Yokogawa Electric Corporation
- Emerson
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