MRO Magazine

Research and Markets: Turbine Market in South Korea 2015-2019 with Alstom, Doosan Heavy Industries & Construction, GE, Mitsubishi Heavy Industries & Siemens Dominating


November 5, 2015
By Business Wire News

DUBLIN

Research and Markets (http://www.researchandmarkets.com/research/zjbn93/turbine_market_in) has announced the addition of the “Turbine Market in South Korea 2015-2019” report to their offering.

The turbine market in South Korea to grow at a CAGR of 6.4% over the period 2014-2019.

The 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.

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.

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.

Key Vendors

  • Alstom
  • Doosan Heavy Industries & Construction
  • GE
  • Mitsubishi Heavy Industries
  • Siemens

Other Prominent Vendors

  • ABB
  • Westinghouse

For more information visit http://www.researchandmarkets.com/research/zjbn93/turbine_market_in

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
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Sector: Turbines