Product Code: A07569
The global turbo generator market was valued at $10.6 billion in 2022, and is projected to reach $16.3 billion by 2032, registering a CAGR of 4.6% from 2023 to 2032.
A turbo generator is a type of generator that operates with the help of a turbine to convert mechanical energy into electrical energy. It is commonly used in power plants and other industrial settings where large-scale electricity generation is required. The basic principle behind a turbo generator involves using the mechanical energy produced by a turbine to rotate a shaft connected to an electrical generator. As the shaft rotates, it causes the generator to produce electricity through electromagnetic induction, typically by rotating a magnetic field within a coil of wire to generate an electrical current. Turbo generators are powered by various sources such as steam, gas, or water flow, depending on the specific application and type of power plant. They are crucial components in the generation and distribution of electrical power on a large scale.
Government incentives and policies play a significant role in driving the demand for turbo generators across various industries and applications. As governments worldwide seek to promote economic growth, energy security, and environmental sustainability, they often implement a range of incentives and policies to encourage the adoption of efficient and clean energy technologies such as turbo generators. Furthermore, governments often establish regulatory policies and standards that incentivize the adoption of turbo generators for power generation and industrial applications. These policies may include renewable energy mandates, emission reduction targets, and energy efficiency standards that encourage the deployment of efficient and low-emission technologies such as turbo generators. All these factors are expected to drive the demand for the turbo generator market during the forecast period.
However, the cost of procuring turbo generators themselves, along with associated equipment such as turbines, generators, control systems, and auxiliary components, constitutes a significant portion of the overall investment. Turbo generators are highly specialized and precision-engineered machines that require advanced materials, manufacturing processes, and quality control measures, all of which contribute to their high price tag. Moreover, additional costs associated with installation, commissioning, and integration into the grid further inflate the initial investment required for turbo generators. Installation of turbo generators often requires specialized labor, expertise, and equipment, adding to the overall project costs. All these factors hamper the turbo generator market growth.
The surge in demand for decentralized energy solutions presents significant opportunities for turbo generators across various sectors and applications. Decentralized energy solutions involve generating electricity closer to the point of consumption, reducing reliance on centralized grid infrastructure, and increasing energy resilience. Turbo generators with their versatility, reliability, and efficiency, are well-suited for decentralized energy applications, ranging from microgrids and distributed generation systems to off-grid communities and remote industrial sites. Moreover, the growing adoption of renewable energy sources, such as solar and wind power, has fueled the demand for turbo generators as backup or hybrid power generation solutions. All these factors are anticipated to offer new growth opportunities for the turbo generator market during the forecast period.
The turbo generator market is segmented on the basis of type, cooling system, end user, and region. On the basis of type, the market is segmented into gas turbine generator, steam turbine generator, water turbine generator. On the basis of cooling system, the market is classified into air-cooled, water-cooled, hydrogen cooled. On the basis of end user, the market is classified into coal power plants, gas power plants, nuclear power plants, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By type, the gas turbine generator segment accounted for more than three-fifths of global turbo generator market share in 2022 and is expected to maintain its dominance during the forecast period. The compact footprint and modular design of gas turbine generators enable their deployment in a wide range of environments such as industrial facilities, urban areas, and remote locations. This versatility makes them an attractive option for distributed power generation, where electricity is generated on-site or close to the point of consumption, reducing transmission losses and enhancing grid stability.
By cooling system, the air cooled segment accounted for less than three-fifths of global turbo generator market share in 2022 and is expected to maintain its dominance during the forecast period. Air cooled generators offer a reliable solution to address intermittent renewable energy sources by providing backup power during periods of low or inconsistent energy production. This is particularly crucial for off-grid or remote locations where access to stable grid power is limited or non-existent. By seamlessly integrating with renewable energy systems, air cooled generators ensure a continuous and reliable power supply and enhance the overall efficiency and reliability of renewable energy installations.
By end user, the coal power plants segment accounted for less than three-fifths of global turbo generator market share in 2022 and is expected to maintain its dominance during the forecast period. The global demand for electricity, particularly in emerging economies, sustains the growth of turbo generators in coal-fired power generation. According to the International Energy Agency (IEA), global electricity demand is expected to rise at a faster rate over the next three years, growing by an average of 3.4% annually through 2026. Turbo generators offer a proven and cost-effective solution for converting coal into electricity, meeting the rising demand for energy while maintaining grid stability and reliability.
Asia-Pacific accounted for more than three-fifths of the global turbo generator market share in 2022 and is expected to maintain its dominance during the forecast period. Rapid technological advancements and innovations in turbo generator technology are driving market growth in Asia-Pacific. Manufacturers are continually developing more efficient and reliable turbo generator systems, leveraging advancements in materials science, aerodynamics, and digital control systems. These advancements enhance turbine efficiency, increase power output, and reduce maintenance requirements that makes turbo generators more attractive for investors and operators in the region's competitive energy market.
Key players in the turbo generator market include ANDRITZ, Ansaldo Energia, Beijing BEIZHONG Steam Turbine Generator Co., Ltd., Bharat Heavy Electricals Limited, EBARA CORPORATION, GE Vernova, MITSUBISHI HEAVY INDUSTRIES, LTD., Siemens AG, Suzlon Energy Limited, and TOSHIBA CORPORATION.
Apart from these major players, there are other key players in the turbo generator market. These include ABB Group, Brush Group, Doosan Heavy Industries & Construction, Elliott Group, Harbin Electric Corporation, Hyundai Heavy Industries Co., Ltd., MAN Energy Solutions, and Shanghai Electric Group Co., Ltd.
Key findings of the study
- On the basis of type, the steam turbine generator segment is anticipated to grow at the fastest CAGR of 4.9% during the forecast period.
- By cooling system, the air cooled segment is anticipated to grow at the fastest CAGR during the forecast period.
- On the basis of end user, the gas power plants segment is anticipated to grow at the fastest CAGR of 4.9% during the forecast period.
- Region-wise, Asia-Pacific has the highest share in 2022 in terms of revenue.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the turbo generator market analysis from 2022 to 2032 to identify the prevailing turbo generator market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the turbo generator market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global turbo generator market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
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Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- End user preferences and pain points
- Industry life cycle assessment, by region
- Product Benchmarking / Product specification and applications
- Product Life Cycles
- Supply Chain Analysis & Vendor Margins
- Technology Trend Analysis
- Market share analysis of players by products/segments
- New Product Development/ Product Matrix of Key Players
- Regulatory Guidelines
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Expanded list for Company Profiles
- Historic market data
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- List of customers/consumers/raw material suppliers- value chain analysis
- Market share analysis of players at global/region/country level
- SWOT Analysis
Key Market Segments
By Type
- Gas Turbine Generator
- Steam Turbine Generator
- Water Turbine Generator
By Cooling System
- Air Cooled
- Water Cooled
- Hydrogen Cooled
By End User
- Coal Power Plants
- Nuclear Power Plants
- Gas Power Plants
- Others
By Region
- North America
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- South Korea
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players:
- Andritz AG
- ANSALDO ENERGIA
- Beijing BEIZHONG Steam Turbine Generator Co., Ltd.
- Bharat Heavy Electricals Limited
- EBARA CORPORATION
- GE Vernova
- Mitsubishi Heavy Industries, Ltd.
- Siemens AG
- Suzlon Energy Limited
- TOSHIBA CORPORATION
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter's five forces analysis
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities
- 3.5. Value Chain Analysis
- 3.6. Key Regulation Analysis
- 3.7. Patent Landscape
CHAPTER 4: TURBO GENERATOR MARKET, BY TYPE
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Gas Turbine Generator
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. Steam Turbine Generator
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- 4.4. Water Turbine Generator
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
CHAPTER 5: TURBO GENERATOR MARKET, BY COOLING SYSTEM
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Air Cooled
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Water Cooled
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
- 5.4. Hydrogen Cooled
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
CHAPTER 6: TURBO GENERATOR MARKET, BY END USER
- 6.1. Overview
- 6.1.1. Market size and forecast
- 6.2. Coal Power Plants
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
- 6.3. Nuclear Power Plants
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
- 6.4. Gas Power Plants
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
- 6.5. Others
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by region
- 6.5.3. Market share analysis by country
CHAPTER 7: TURBO GENERATOR MARKET, BY REGION
- 7.1. Overview
- 7.1.1. Market size and forecast By Region
- 7.2. North America
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by Type
- 7.2.3. Market size and forecast, by Cooling System
- 7.2.4. Market size and forecast, by End User
- 7.2.5. Market size and forecast, by country
- 7.2.5.1. U.S.
- 7.2.5.1.1. Market size and forecast, by Type
- 7.2.5.1.2. Market size and forecast, by Cooling System
- 7.2.5.1.3. Market size and forecast, by End User
- 7.2.5.2. Canada
- 7.2.5.2.1. Market size and forecast, by Type
- 7.2.5.2.2. Market size and forecast, by Cooling System
- 7.2.5.2.3. Market size and forecast, by End User
- 7.2.5.3. Mexico
- 7.2.5.3.1. Market size and forecast, by Type
- 7.2.5.3.2. Market size and forecast, by Cooling System
- 7.2.5.3.3. Market size and forecast, by End User
- 7.3. Europe
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by Type
- 7.3.3. Market size and forecast, by Cooling System
- 7.3.4. Market size and forecast, by End User
- 7.3.5. Market size and forecast, by country
- 7.3.5.1. Germany
- 7.3.5.1.1. Market size and forecast, by Type
- 7.3.5.1.2. Market size and forecast, by Cooling System
- 7.3.5.1.3. Market size and forecast, by End User
- 7.3.5.2. France
- 7.3.5.2.1. Market size and forecast, by Type
- 7.3.5.2.2. Market size and forecast, by Cooling System
- 7.3.5.2.3. Market size and forecast, by End User
- 7.3.5.3. UK
- 7.3.5.3.1. Market size and forecast, by Type
- 7.3.5.3.2. Market size and forecast, by Cooling System
- 7.3.5.3.3. Market size and forecast, by End User
- 7.3.5.4. Spain
- 7.3.5.4.1. Market size and forecast, by Type
- 7.3.5.4.2. Market size and forecast, by Cooling System
- 7.3.5.4.3. Market size and forecast, by End User
- 7.3.5.5. Italy
- 7.3.5.5.1. Market size and forecast, by Type
- 7.3.5.5.2. Market size and forecast, by Cooling System
- 7.3.5.5.3. Market size and forecast, by End User
- 7.3.5.6. Rest of Europe
- 7.3.5.6.1. Market size and forecast, by Type
- 7.3.5.6.2. Market size and forecast, by Cooling System
- 7.3.5.6.3. Market size and forecast, by End User
- 7.4. Asia-Pacific
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by Type
- 7.4.3. Market size and forecast, by Cooling System
- 7.4.4. Market size and forecast, by End User
- 7.4.5. Market size and forecast, by country
- 7.4.5.1. China
- 7.4.5.1.1. Market size and forecast, by Type
- 7.4.5.1.2. Market size and forecast, by Cooling System
- 7.4.5.1.3. Market size and forecast, by End User
- 7.4.5.2. India
- 7.4.5.2.1. Market size and forecast, by Type
- 7.4.5.2.2. Market size and forecast, by Cooling System
- 7.4.5.2.3. Market size and forecast, by End User
- 7.4.5.3. South Korea
- 7.4.5.3.1. Market size and forecast, by Type
- 7.4.5.3.2. Market size and forecast, by Cooling System
- 7.4.5.3.3. Market size and forecast, by End User
- 7.4.5.4. Japan
- 7.4.5.4.1. Market size and forecast, by Type
- 7.4.5.4.2. Market size and forecast, by Cooling System
- 7.4.5.4.3. Market size and forecast, by End User
- 7.4.5.5. Australia
- 7.4.5.5.1. Market size and forecast, by Type
- 7.4.5.5.2. Market size and forecast, by Cooling System
- 7.4.5.5.3. Market size and forecast, by End User
- 7.4.5.6. Rest of Asia-Pacific
- 7.4.5.6.1. Market size and forecast, by Type
- 7.4.5.6.2. Market size and forecast, by Cooling System
- 7.4.5.6.3. Market size and forecast, by End User
- 7.5. LAMEA
- 7.5.1. Key market trends, growth factors and opportunities
- 7.5.2. Market size and forecast, by Type
- 7.5.3. Market size and forecast, by Cooling System
- 7.5.4. Market size and forecast, by End User
- 7.5.5. Market size and forecast, by country
- 7.5.5.1. Brazil
- 7.5.5.1.1. Market size and forecast, by Type
- 7.5.5.1.2. Market size and forecast, by Cooling System
- 7.5.5.1.3. Market size and forecast, by End User
- 7.5.5.2. South Africa
- 7.5.5.2.1. Market size and forecast, by Type
- 7.5.5.2.2. Market size and forecast, by Cooling System
- 7.5.5.2.3. Market size and forecast, by End User
- 7.5.5.3. Saudi Arabia
- 7.5.5.3.1. Market size and forecast, by Type
- 7.5.5.3.2. Market size and forecast, by Cooling System
- 7.5.5.3.3. Market size and forecast, by End User
- 7.5.5.4. Rest of LAMEA
- 7.5.5.4.1. Market size and forecast, by Type
- 7.5.5.4.2. Market size and forecast, by Cooling System
- 7.5.5.4.3. Market size and forecast, by End User
CHAPTER 8: COMPETITIVE LANDSCAPE
- 8.1. Introduction
- 8.2. Top winning strategies
- 8.3. Product mapping of top 10 player
- 8.4. Competitive dashboard
- 8.5. Competitive heatmap
- 8.6. Top player positioning, 2022
CHAPTER 9: COMPANY PROFILES
- 9.1. Andritz AG
- 9.1.1. Company overview
- 9.1.2. Key executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
- 9.1.7. Key strategic moves and developments
- 9.2. ANSALDO ENERGIA
- 9.2.1. Company overview
- 9.2.2. Key executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.2.6. Business performance
- 9.2.7. Key strategic moves and developments
- 9.3. Beijing BEIZHONG Steam Turbine Generator Co., Ltd.
- 9.3.1. Company overview
- 9.3.2. Key executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
- 9.4. Bharat Heavy Electricals Limited
- 9.4.1. Company overview
- 9.4.2. Key executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.4.6. Business performance
- 9.4.7. Key strategic moves and developments
- 9.5. EBARA CORPORATION
- 9.5.1. Company overview
- 9.5.2. Key executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Business performance
- 9.5.7. Key strategic moves and developments
- 9.6. GE Vernova
- 9.6.1. Company overview
- 9.6.2. Key executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Business performance
- 9.6.7. Key strategic moves and developments
- 9.7. Mitsubishi Heavy Industries, Ltd.
- 9.7.1. Company overview
- 9.7.2. Key executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Business performance
- 9.7.7. Key strategic moves and developments
- 9.8. Siemens AG
- 9.8.1. Company overview
- 9.8.2. Key executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.8.6. Business performance
- 9.8.7. Key strategic moves and developments
- 9.9. Suzlon Energy Limited
- 9.9.1. Company overview
- 9.9.2. Key executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.9.6. Business performance
- 9.9.7. Key strategic moves and developments
- 9.10. TOSHIBA CORPORATION
- 9.10.1. Company overview
- 9.10.2. Key executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
- 9.10.6. Business performance
- 9.10.7. Key strategic moves and developments