LONDON--(BUSINESS WIRE)--The global industrial turbines market will grow at a CAGR of almost 5% during the forecast period, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the increasing vehicle digitization and electrification. The global automotive industry is evolving with the emergence of new technologies and development of new vehicles. In the last decade, electronic systems have replaced mechanical components in modern automobiles to a considerable extent. This can be attributed to the ever-growing need for increased information to the driver, lower emissions, and increased safety.
This market research report on the global industrial turbines market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the development of autonomous vehicles as one of the key emerging trends driving the global industrial turbines market:
Global industrial turbines market - development of autonomous vehicles
Autonomous cars are unmanned and navigate without human intervention by sensing their environment using devices such as radar, global positioning system (GPS), and ADAS. These cars are also known as self-driving cars, automated cars, and driverless cars. Highly complex working nature of autonomous cars has driven companies and OEMs to pool their R&D resources to design and develop successful prototypes that evolve over time to enhance the performance.
“The automotive industry is witnessing a structural shift in terms of demand behavior of consumers. The perception of car users toward car ownership is changing. People are shifting to cab services, carpooling, and car rentals because of the rising traffic congestions in urban cities. To adapt to the consumers’ behavioral shift, OEMs are focusing on advanced technologies,” says a senior analyst at Technavio for research on unit operations.
Global industrial turbines market - segmentation analysis
This market research report segments the global industrial turbines market into the following products (gas turbines and steam turbines) and key regions (the Americas, APAC, and EMEA).
EMEA held the largest share of the global industrial turbines market in 2017, accounting for a market share of approximately 46%. However, the market share for this region is expected to decrease by almost 3% by 2022. But, EMEA will dominate the global market throughout the forecast period.
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