Press release
Turbo Generator Market Insights: Innovations, Applications, and Key Players
A turbo generator is a type of electric generator that operates using a turbine to convert mechanical energy into electrical energy. It typically consists of a turbine, which is driven by steam, water, or gas and a generator connected to the turbine shaft. The rotation of the turbine shaft causes the generator to produce electricity through electromagnetic induction.
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Asia-Pacific market is anticipated to grow at the fastest CAGR of 5.0% during the forecast period. The expansion of infrastructure projects, industrialization initiatives, and mega-urban developments in Asia-Pacific create opportunities for turbo generator installations.
According to the India Brand Equity Foundation, in November 2022, National Investment and Infrastructure Fund (NIIF) was set up as a collaborative investment platform between the Government of India, global investors, multilateral development banks (MDB) and domestic financial institutions to facilitate investment across multiple sectors in India through an India Japan Fund. As governments invest in infrastructure to support economic growth and development, the demand for turbo generators is expected to rise, driving market expansion in the region.
Key players in the turbo generator market report 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 industry. 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.
The global demand for turbo generators has been significantly influenced by the rise in investments in power generation infrastructure. As countries around the world seek to meet growing energy demands and transition towards cleaner and more sustainable sources of power, there has been a substantial increase in investments directed towards the development of power generation infrastructure.
The growing focus on renewable energy sources, such as wind and solar power, has also contributed to the increased demand for turbo generators. Wind turbines and solar power plants utilize turbo generators to convert kinetic energy from wind or sunlight into electrical energy.
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According to the International Energy Agency (IEA), the U.S. renewable energy expansion has almost doubled in the last five years. The IRA passed in August 2022 extended tax credits for renewables until 2032 that provide long-term visibility for wind and solar PV projects.
Increase in focus on energy efficiency and sustainability has created significant opportunities for turbo generator technology and its associated industries. Turbo generators are integral components of power generation systems, play a crucial role in converting various energy sources into electricity.
The surge in construction and infrastructure development projects presents significant opportunities for turbo generators.
In October 2021, the Dubai government and India signed a contract to build infrastructure in Jammu and Kashmir, such as industrial parks, IT towers, multipurpose towers, logistics centers, medical colleges, and specialized hospitals.
These projects often require reliable and portable power sources to support various activities such as on-site operations, temporary facilities, and remote locations where grid power is unavailable or unreliable. All these factors are anticipated to offer new growth opportunities in the turbo generator market forecast.
On the basis of end user, the market is classified into coal power plants, gas power plants, nuclear power plants, and others. The gas power plant segment is anticipated to grow at the fastest CAGR of 4.9% during the forecast period.
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Advancements in gas turbine technology and turbo generator design contribute to the growth of these systems in gas power plants. Ongoing research and development efforts focus on improving turbine efficiency, enhancing combustion processes, and increasing the durability and reliability of turbo generators. These advancements result in higher power output, improved fuel efficiency, and reduced maintenance requirements, making gas power plants with turbo generators more competitive and economically viable.
On the basis of cooling system, the market is divided into medium and high. The air cooled segment is anticipated to grow at the fastest CAGR of 4.8% during the forecast period. The surge in construction and infrastructure development projects presents significant opportunities for air-cooled generators.
In October 2021, the Dubai government and India signed a contract to build infrastructure in Jammu and Kashmir, such as industrial parks, IT towers, multipurpose towers, logistics centers, medical colleges, and specialized hospitals. These projects often require reliable and portable power sources to support various activities such as on-site operations, temporary facilities, and remote locations where grid power is unavailable or unreliable.
Air cooled generators, with their compact and easily transportable design, are well-suited to meet these demands, providing a flexible and efficient power solution for construction sites, infrastructure projects, and related applications.
On the basis of type, the market is segmented into gas turbine generator, steam turbine generator, water turbine generator. The steam turbine generator segment is anticipated to grow at the fastest CAGR of 4.9% during the forecast period. Transition towards cleaner energy sources is driving growth of steam turbine generator installations. Steam turbine generators are increasingly being integrated with renewable energy technologies such as biomass, geothermal, and concentrated solar power (CSP) systems.
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Advancements in carbon capture and storage (CCS) technologies help to mitigate the environmental impact of fossil fuel-based steam turbine generators by capturing and sequestering carbon emissions. All these factors are expected to drive the demand for steam turbine generators.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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