Turbine Market in South Korea 2015-2019
A turbine is a mechanical device consisting of revolving rotors and blades that transform rotational energy into usable energy. The fluid used for the rotation can be steam, gas, or other combustion products such as CO2 and carbon monoxide. There are three types of turbines, namely steam turbines, gas turbines, and CCGT. Steam turbines extract thermal energy from steam and convert it into mechanical energy. Gas turbines are generally used in gas-fired power plants where an internal combustion engine is placed, in which the fuel is mixed with air and ignited. Because of the growing awareness about the environmental pollution caused by thermal power plants, most of the newly constructed gas-fired power plants are CCGT plants.
Technavio's analysts forecast the turbine market in South Korea to grow at a CAGR of 6.4% over the period 2014-2019.
Covered in this Report
The report includes the present scenario and the growth prospects of the turbine market in South Korea for the period 2015-2019. In terms of type, the market can be segmented into two: steam turbines and CCGT.
Technavio's report, Turbine Market in South Korea 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.Key Vendors
Technavio Announces the Publication of its Research Report – Turbine Market in South Korea 2015-2019
Technavio recognizes the following companies as the key players in the Turbine Market in South Korea: Alstom, Doosan Heavy Industries & Construction, GE, Mitsubishi Heavy Industries and Siemens
The other prominent vendors are: ABB and Westinghouse
Commenting on the report, an analyst from Technavio’s team said: “Korea has the ninth largest power generation capacity, with coal being the major power generation source, followed by nuclear and gas. KEPCO is the largest state-owned power generation company, with a share of more than 80% of overall thermal installed capacity. Together with its subsidiaries and affiliates, KEPCO had a thermal installed capacity of 46,895.0 MW at the end of 2014. KEPCO is responsible for contributing more than 93% of power generation in 2014. KEPCO is Korea's only fully integrated electric utility and is the monopoly operator of the country's electricity transmission and distribution system.”
According to the report, the rapid growth in industrialization, the increasing population, and the partial shutdowns of major power plants in the country have led to increasing power demand in South Korea. It was observed that there has been an increase of 5% in the overall power consumption compared to the previous decade. With the efficiency of CCGT power plants and the capacity factor the coal-fired power plant yields, the major power demand is expected to be met by thermal power in South Korea. Additionally, the government of Korea has huge plans to increase coal-fired capacity in the future. In order to meet that expected coal demand, the country primarily relies on coal imports. The increasing number of coal-fired power plants is paving the way for increasing demand for coal reserves.
Further, the report states that one of the key challenges in this market is the complete reliance on imports.
Alstom, Doosan Heavy Industries & Construction, GE, Mitsubishi Heavy Industries, Siemens, ABB, Westinghouse