Technavio has published three reports, including aeroderivative gas turbines,sheet metal equipment, and heat pumps, categorized under the tools and components sector. The reports highlight the major market trends, drivers, challenges and several other factors that are expected to change market dynamics during the forecast period.
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Technavio has published multiple reports on the tools and components sector, highlighting markets that are expected to display considerable growth in the coming years. (Photo: Business Wire)
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Global Aeroderivative Gas Turbine Market 2016-2020
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The aeroderivative gas turbine market is expected to witness moderate growth and will post a CAGR of more than 4% over the forecast period. The market research analysis identifies the increase in the power-to-weight ratio of aeroderivative gas turbines as one of the primary factors that will have a positive impact on the growth of the market during the forecast period. The high power-to-weight ratio is one of the main characteristics of aeroderivative gas turbines. For instance, the Iowa class battleships designed by the US Navy in the early decades of the 20th century used a 4,443-ton steam plant translating to a power-to-weight ratio of about 47.7 shp per ton. Whereas, nowadays the same output can be obtained by four GE LM2500s or Rolls-Royce MT-30 gas turbines with a machinery weight of about 118 tons. Thus, there will be a significant increase in the replacement of steam turbines by gas turbines in the next few years, which augurs well for the growth of the market.
Global Sheet Metal Equipment Market 2016-2020
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Technavio's research analysts have projected that the sheet metal equipment market will show impressive growth during the predicted period and post a CAGR of almost 7% by 2020. This market research analysis identifies the growing demand for fabricated metal products as one of the primary growth factors for the sheet metal tools market. The recent years have witnessed a rapid increase in the demand for fabricated metal products from the US. Several countries such as Mexico, Canada, and China rely heavily on the US's supply of fabricated metals products. Although most manufacturing companies produce only a limited range of products, the requirement of fabricated metals will be considerably high from the segments such as cutlery, boiler, metal can, and springs.
Global Heat Pump Market 2016-2020
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Extensive research carried out by the analysts at Technavio has shown that the heat pump market will witness steady growth and will post an impressive CAGR of over 10% during the forecast period. This market study identifies the growing demand for geothermal heat pumps as one of the primary growth factors for this market. The constant rise in electricity costs has resulted in a major customer shift toward low-cost alternative energy sources such as geothermal energy as it offers considerable savings in cost and offers several environmental benefits. Additionally, the increasing focus of several governments across the globe toward the use of renewable energy to check climate change and environmental degradation will also fuel the demand for geothermal heat pumps, in turn, augmenting the growth of the heat pump market.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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