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Turbine and Turbine Generator Set Units Market worth to $336.42 billion by 2028, growing at CAGR of 9.3% | Industry Size, Demand, Top Segments, Key Players And Forecasts 2024 -2033
Turbine and Turbine Generator Units Market
The Business Research Company offers in-depth market insights through Turbine and Turbine Generator Set Units Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The turbine and turbine generator set units market size has grown rapidly in recent years. It will grow from $213.96 billion in 2023 to $235.54 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to energy demand and power generation needs, industrialization and infrastructure development, government policies and energy regulations, global economic growth and investments, natural resource utilization and energy mix.
The turbine and turbine generator set units market size is expected to see strong growth in the next few years. It will grow to $336.42 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to renewable energy transition and decentralized power generation, government incentives for clean energy, grid modernization and smart energy systems, urbanization and increased power consumption, resilience planning and emergency power supply.. Major trends in the forecast period include modular and compact turbine designs, evolving materials and coating technologies, emphasis on predictive maintenance and condition monitoring, global expansion of turbine manufacturing, development of small-scale and micro turbines.
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Market Segmentation:
The turbine and turbine generator set units market covered in this report is segmented -
1) By Product: Hydro, Steam, Gas-based, Wind, Nuclear
2) By Capacity: Below 75 kVA, 75-350 kVA, Above 350 kVA
3) By Application: Standby Backup Power, Prime Or Continuous Power, Peak Shaving Power
4) By End-User: Residential, Commercial, Industrial
Major Driver - Power Demand Surge Propels Growth In Turbine And Turbine Generator Set Units Market
The surge in demand for power is significantly contributing to the growth of the turbine and turbine generator set units market going forward. The amount of power used at any particular time determines the demand for it. The greater the demand, the more electricity individuals are utilizing at any given time. Turbines and turbine generator sets are used to generate electricity by converting the energy of fluids like water or steam into electricity. For instance, in January 2022, according to a report released by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization that provides analysis and data on the global energy sector, global energy demand increased by 6 percent in 2021. The report predicted an average annual increase in electricity demand of 2.7% for the years 2022-2024. Therefore, the surge in demand for power is driving the growth of the turbine and turbine generator set units market.
Competitive Landscape:
Major companies operating in the turbine and turbine generator set units market report are Mitsubishi Heavy Industries Ltd., Aksa Power Generation Corp., Briggs & Stratton Corporation, Caterpillar Inc., Cummins Inc., Doosan Corporation, Kohler Co., Wärtsilä Corporation, Generac Power Systems Inc., Harbin Electric Company Limited, Bharat Heavy Electricals Limited, Siemens AG, General Electric Company, Toshiba Corporation, Dongfang Electric Corporation Limited, Wacker Neuson SE, Gamesa Corporación Tecnológica SA, Senvion SA, Ansaldo Energia SpA, Kawasaki Heavy Industries Ltd., Alstom SA, Hitachi Ltd., Nanjing Turbine & Electric Machinery Co. Ltd., OPRA Turbines BV, MAN Energy Solutions SE, Shanghai Electric Group Company Limited, Yanmar Co. Ltd., Vestas Wind Systems A/S, Goldwind Science & Technology Co. Ltd., Baker Hughes Co., Nordex SE .
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Top Trend - Innovative Strides Propel Turbine And Turbine Generator Set Units Market Trends
Product innovations are the key trends gaining popularity in the turbine and turbine generator set units market. Major companies operating in the turbine and turbine generator set units market are focusing on developing innovative products to sustain their position in the market. For instance, in September 2021, Siemens Gamesa, a Germany-based engineering company that provides offshore and onshore wind turbines and services, launched the RecyclableBlade, the world's first wind turbine blade that can be recycled at the end of its lifecycle. With this technology, it is possible to separate the materials in the blade at the end of its lifespan, enabling recycling into other applications and defining the next sustainability milestone. This development is an important milestone in Siemens Gamesa's ambitious plan to make turbines completely recyclable by 2040.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Turbine and Turbine Generator Set Units Market Characteristics
3. Turbine and Turbine Generator Set Units Market Trends And Strategies
4. Turbine and Turbine Generator Set Units Market - Macro Economic Scenario
5. Turbine and Turbine Generator Set Units Market Size And Growth
…..
27. Turbine and Turbine Generator Set Units Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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