Turbine and Turbine Generator Set Units Market Expected to Achieve 9.1% CAGR by 2029: Growth Forecast Insights

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How Large Will the Turbine and Turbine Generator Set Units Market Size By 2025?
The turbine and turbine generator set units market size has grown strongly in recent years. It will grow from $229.24 billion in 2024 to $252.04 billion in 2025 at a compound annual growth rate (CAGR) of 9.9%. 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.

How Big Is the Turbine and Turbine Generator Set Units Market Size Expected to Grow by 2029?
The turbine and turbine generator set units market size is expected to see strong growth in the next few years. It will grow to $356.53 billion in 2029 at a compound annual growth rate (CAGR) of 9.1%. 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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Which Key Market Drivers Powering Turbine and Turbine Generator Set Units Market Expansion and Growth?
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% 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.

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Which Fast-Growing Trends Are Poised to Disrupt the Turbine and Turbine Generator Set Units Market?
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, EnergyAustralia, an Australia-based electricity and gas retailing private company, introduced Tallawarra B Power Station, the country's first dual-fuel capable gas plant. This 320-MW facility, powered by GE Vernova's 9F.05 gas turbine, can run on natural gas and is set to transition to a 5% hydrogen blend by 2025, positioning it as a key asset for supporting renewable energy integration and offsetting carbon emissions in Australia.

What Are the Emerging Segments in the Turbine and Turbine Generator Set Units Market?
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

Subsegments:
1) By Hydro: Kaplan Turbines, Francis Turbines, Pelton Turbines
2) By Steam: Condensing Steam Turbines, Back Pressure Steam Turbines, Extraction Steam Turbines
3) By Gas-Based: Heavy-Duty Gas Turbines, Aeroderivative Gas Turbines, Microturbines
4) By Wind: Horizontal Axis Wind Turbines (HAWT), Vertical Axis Wind Turbines (VAWT)
5) By Nuclear: Pressurized Water Reactor (PWR) Turbines, Boiling Water Reactor (BWR) Turbines

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Who Are the Global Leaders in the Turbine and Turbine Generator Set Units Market?
Major companies operating in the turbine and turbine generator set units market include Mitsubishi Heavy Industries Ltd., Aksa Power Generation Corp., 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, 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

Which are the Top Profitable Regional Markets for the Turbine and Turbine Generator Set Units Industry?
Asia-Pacific was the largest region in the turbine and turbine generator set units market in 2024. Asia-Pacific is expected to be the turbine and turbine generator set units market report fastest-growing region in the forecast period. The regions covered in the turbine and turbine generator set units market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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