Turbo Generator Market Analysis and Demand with Future Forecast to 2027

Turbo Generator Market by Type, Cooling System, and End-User: Global Opportunity Analysis and Industry Forecast, 2020-2027". As per the report, the global turbo generator industry was pegged at $10.4 billion in 2019, and is anticipated to reach $12.6 billion by 2027, growing at a CAGR of 3.1% from 2020 to 2027.

Rise in need of continuous & stable power supply, rapid growth in gas power plants, and rapid urbanization & industrialization drive the growth of the global turbo generator market. However, implementation of strict government regulations toward environmental pollution and rapid development in the renewable energy sector hamper the growth. On the contrary, surge in investment in electrification of remote & rural areas is expected to create lucrative opportunities for the market growth in the future.

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Turbine generator is the equipment used to generate electricity from the mechanical energy, which is obtained from combustion of fuel (coal, fossil fuel, diesel, nuclear, gas & others), water, wind and others. Turbine generator is equipped with an internal combustion engine, electric generator, mechanical coupling, voltage regulator, and speed regulator. This generator finds its application across various end-use industries such as in oil & gas, energy & power, chemicals, manufacturing and others.

Increase in demand for electricity from the various industries such as manufacturing, chemicals, pharmaceutical, energy, construction and others is anticipated to drive the growth of the turbine generator market globally. In addition, developing economies such as China, India, Africa, and others, relied mostly on coal-based power generation for their economic growth, which in turn fuels the growth of the steam turbine generator market. However, stringent government regulations toward the environmental pollution caused owing to the combustion of coal, diesel, oil, fossil fuel and other conventional fuels, has increased attention toward the maximum utilization of renewable energy, which in turn is expected to restrain the growth of the market in the upcoming years.

By type, the gas turbine generator segment held the largest share in 2019, accounting for around three-fifths of the market, owing to increase in demand for gas turbine generators for electricity generation from various industries such as oil & gas, power, and large industries. However, the steam turbine generator segment is projected to register the highest CAGR of 3.3% from 2020 to 2027, due to increase in demand for steam turbine generator from fossil fuel power plants, nuclear power plants, geothermal power plants, and thermal power plants.

On the basis of cooling system, the air-cooled turbo generator holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the increase in need for energy supply from residential consumers. In addition, surge in demand for air-cooled turbo generators from various applications such as agriculture, military, and remotely located construction is fueling the growth of the air-cooled turbo generator market systems.

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On the basis of end-user, the coal power plants segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 3.1%. This is attributed to the increase in demand for electricity from the developing and developed economies is expected to fuel the growth of the coal-based power generation, which in turn drives the turbo generator market growth during the forecast period. In addition, rise in demand for coal-based power generation from the economic growth perspective is expected to drive the market growth in the upcoming years.

By region, the market across Asia-Pacific dominated the market in 2019, accounting for around two-thirds of the market. Moreover, the region is estimated to portray the highest CAGR of 3.2% during the forecast period. This is due to presence of large number of key players, availability of the manufacturing facilities in these countries, and rise in demand for disinfectant & antimicrobial chemicals from the developing countries in the region. On the other hand, the market across North America is anticipated to register a CAGR of 2.8% during the forecast period.

The global turbo generator market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Andritz AG, Ansaldo Energia S.p.A., Bharat Heavy Electrical Limited, Beijing BEIZHONG Steam Turbine Generator Co., Ltd., Ebara Corporation, General Electric, Mitsubishi Heavy Industries, Ltd., Siemens AG, Suzlon Energy Ltd., and Toshiba Corporation.
Other players operating in the value chain of the global market are Alstom SA, Harbin Electric Company, Dongfang Electric Corporation, Dresser-Rand, Bowman Power Group Ltd., and others.

Key Findings Of The Study
• In 2019, gas turbo generator accounted for majority of the share of the global turbo generator market, and is expected to maintain its lead throughout the forecast period.
• In 2019, air-cooled turbo generator segment accounted for about 58.3% of the share in the global turbo generator market, and is expected to maintain its dominance till the end of the forecast period.
• In 2019, the coal power plants segment is accounted for 56.4% market share in the year 2019, and is anticipated to grow at a rate of 3.1% in terms of revenue, increasing its share in the global turbo generator market.
• Steam turbine generator is the fastest-growing end-user segment in the Asia-Pacific turbo generator market, expected to grow at a CAGR of 3.5% during 2020-2027.
• Asia-Pacific region is expected to grow at the fastest rate, registering a CAGR of 3.2%, throughout the forecast period.
• In 2019, Asia-Pacific dominated the global turbo generator market with more than 66.1% of the share, in terms of revenue.

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