Power Demand Surge Propels Growth In Turbine And Turbine Generator Set Units Market: The Driving Engine Behind Turbine and Turbine Generator Set Units Market Evolution in 2025

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Turbine and Turbine Generator Set Units Market Size Growth Forecast: What to Expect by 2025?
In recent times, the turbine and turbine generator set units market has seen robust growth. Projecting forward, the market is forecast to increase from a valuation of $230.95 billion in 2024 to a higher value of $249.71 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.1%. Various factors have fueled this historical growth, including the increased demand for energy and power generation requirements, the rise of industrialization and infrastructure development, government policies related to energy, global economic acceleration and heightened investments, and the use of natural resources alongside energy diversification.

How Will the Turbine and Turbine Generator Set Units Market Size Evolve and Grow by 2029?
There is a forecast for robust expansion of the turbine and turbine generator set units market in the forthcoming years. It's projected to reach $350.57 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 8.9%. This expected upturn in the forecast period is driven by factors such as the shift towards renewable energy and decentralized power generation, governmental incentives supporting clean energy, upgrading and enhancement of energy grid systems, increasing urbanization and power usage, and planning for energy resilience including emergency power supply strategies. Notable trends during the prediction period are likely to encompass the development of modular and compact turbine structures, advancement in materials and coating techniques, a focus on predictive maintenance and monitoring conditions, worldwide expansion of turbine production, and the introduction of small-scale and micro turbines.

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What Drivers Are Propelling the Growth of Turbine and Turbine Generator Set Units Market Forward?
The escalating need for power is playing a pivotal role in fueling the growth of the turbine and turbine generator set units market in the future. It's crucial to understand that power usage at any given time largely establishes its demand. The higher the demand, the more consumers are using electricity at that specific moment. Turbines and turbine generator sets produce electricity by transforming the energy from fluids like water or steam into electrical energy. For example, in January 2022, the International Energy Agency (IEA) - an independent intergovernmental organization based in France that provides global energy sector analysis and data - released a report indicating a 6% rise in global energy demand during 2021. The report further projected an average annual rise in electricity demand by 2.7% over the period from 2022-2024. Consequently, this uptick in power demand is the key force driving the growth of the turbine and turbine generator set units market.

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What Long-Term Trends Will Define the Future of 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 Key Segments in the Turbine and Turbine Generator Set Units Market?
The turbine and turbine generator set unitsmarket 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 Key Players Shaping the Turbine and Turbine Generator Set Units Market's Competitive Landscape?
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

What Geographic Markets Are Powering Growth in the Turbine and Turbine Generator Set Units Market?
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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