Turbine Market in South Korea 2015-2019: New research report available at Fast Market Research

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.

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.

The key players in the Turbine Market in South Korea are Alstom, Doosan Heavy Industries & Construction, GE, Mitsubishi Heavy Industries and Siemens while other prominent vendors include ABB and Westinghouse

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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