Synchronous Generator Market Size to Reach $5.9 billion by 2028, Witnessing a CAGR of 4.6% During 2023 to 2028

According to a research report Synchronous Generator Market size is estimated to be USD 4.7 billion by 2023 and is projected to reach USD 5.9 billion by 2028, at a CAGR of 4.6%. A synchronous generator, also called an AC generator or alternator, is an electromechanical energy conversion device that converts mechanical energy from sources such as engines and turbines into electrical energy in the form of alternating current (AC). It is called an alternator as it produces alternating current electricity, and a synchronous generator because it is necessarily driven at synchronous speed to generate electricity at the desired frequency.

Key Market Players

Major players operating in the synchronous generator market include ABB (Switzerland), WEG (Brazil), Siemens Energy (Germany), Meidensha Corporation (Japan), and Andritz (Austria).

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This research report categorizes the synchronous generator market based on Prime Mover, Speed, Power rating, End User, and region.
By Speed

1,500 RPM
3,000 RPM

By Prime Mover

Steam Turbine
Gas Turbine
Others

By Power Rating

2-5 MVA
5-10 MVA
10-20 MVA
20-30 MVA
30-50 MVA

By End User

Renewable Power Generation
Oil & Gas
Conventional Power Generation
Industrial Manufacturing
Others

By Region

North America
Asia Pacific
South America
Europe
Middle East & Africa

Gas turbines are estimated to be the fastest growing market

Based on the prime mover segment of synchronous generator systems, gas turbine synchronous generators have fast start-up time than other generators, enabling them to respond rapidly to fluctuations in power demand. They can run on different fuels such as natural gas, diesel, and kerosene, hence providing flexibility in fuel choice. Due to their compact and lightweight design, gas turbine generators are well-suited for applications where space is limited.

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Asia Pacific likely to emerge as the largest synchronous generator market

Asia Pacific accounted for a 44.4% share with a market size worth USD 2,037.2 million in 2022. The Asia Pacific synchronous generator market, by country, has been segmented into the China, India, Japan, Australia, South Korea, and and Rest of Asia Pacific. In the region, Natural gas is being used as one of the primary energy source as it is much cleaner for environment, and thus power generation is experiencing significant development opportunities for gas turbines synchronous generator. Natural gas plants are likely to dominate this market's growth during the forecast period due to increased usage of natural gas for power generation across the region, especially in India and China. A new thermal plant is under study, which uses thorium as the primary fuel. The progress in this field can lead to a renaissance in thermal power plants as thorium creates much less waste, is cheaper, and is more abundant than uranium. This, in turn, is expected to create significant opportunities for synchronous generator manufacturers to tap into this new market.

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