Global Turbo Generators Market Assessment, By Cooling Type [Air-cooled Turbo Generator, Hydrogen-cooled Turbo Generator, Water-cooled Turbo Generator], By End-user [Coal Power Plant, Gas Power Plant, Nuclear Power Plant, Others], By Region, Opportunities and Forecast, 2017-2031F

Global turbo generators market is projected to witness a CAGR of 4.15% during the forecast period 2024-2031, growing from USD 10.79 billion in 2023 to USD 14.94 billion in 2031. 

Turbo Generators Market Size, Share, Trends & Forecast 2031

Global turbo generators market is projected to witness a CAGR of 4.15% during the forecast period 2024-2031, growing from USD 10.79 billion in 2023 to USD 14.94 billion in 2031.
A turbo generator is a device that includes a turbine and an electrical generator to produce electricity. Turbo generators are commonly used in power plants, including thermal, nuclear, hydroelectric facilities, and others.
The rise in demand for turbo generators in the market is driven by a combination of various factors, such as growing energy demand from industry and commercial sector and a rise in the number of power production plants. The rise in the modernization of existing power infrastructure and the transition to more efficient energy production in power plants will drive the demand for turbo generators in the global market. In most developing countries, the rise in investment related to increase in the power plants&rsquo; production capacity meets the energy demand, which is another major driver for the growth of the turbo generators market.
The demand for electricity has grown significantly with the expansion of the economy. Several countries are transitioning the production of power from coal to cleaner energy sources such as natural gas and renewable energy, which require high-quality turbo generators. The natural gas plant facilities rely heavily on turbo generators to convert thermal energy into electricity, which drives the turbo generator market share in the forecast period. Both developed and developing countries are investing in the development of new power plant facilities, which boosts the demand for turbo generators in the market.
Furthermore, governments and private sectors are investing in upgrading aging power infrastructure and building new power plants, which further create opportunities for the turbo generators market in the forecast years. Moreover, technological advancement in turbo generators makes the equipment more efficient, reliable, and compact in design, creating opportunities for the turbo generators market in the forecast period.
For instance, in February 2024, The James M Barry electric generating plant, a coal and natural gas-fired power plant located in the United States, decided to expand the power generation capacity of combined-cycle units, which drives the demand for the&nbsp;turbo generators market.
<h2 style="text-align: justify;">Expansion of Power Plants to Expedite Market Size</h2>
The expansion of industries, factories, businesses, and urban infrastructure results in a rise in demand for power. The rise in demand for energy has led to the construction of power plants equipped with high-quality energy systems. The new power plants are adopting a broader mix of energy sources that include natural gas, coal, nuclear, and renewable energy. Turbo generators are versatile in nature and adapted to work with various sources, which makes them integral to traditional and modern power plant setups. Several existing power plants are being upgraded to increase capacity and efficiency.
Moreover, the upgradation of power plants often involves the installation of newer turbo generators. The equipment can manage larger loads and generate more electricity without impacting the existing plant capacity. Regions with emerging economies, such as Asia and Africa, are rapidly expanding power generation capacity to support the growing demand for energy in the manufacturing sector. Turbo generators are crucial in meeting the large-scale power requirements for expanding the market sector. Thus, the adaptability feature and rise in the number of power plants will drive the turbo generators market.
For instance, in June 2024, the United States government announced its plans to increase power generation by approximately 5255 MW through the opening of 10 new thermal power plants over the next three years. This development will increase the demand for turbo generators in the market.
<h2 style="text-align: justify;">Industrial Growth and Urbanization to Drive Market Growth</h2>
Emerging markets, such as Asia-Pacific, Africa, and South America, are experiencing rapid industrialization. Governments and higher authorities are investing in expanding the industrial base to boost economic growth. Turbo generator equipment is being used in power plants to fulfill the increasing demand for power in the region. The development of new power plants in the countries will drive the demand for turbo generators in the market.
Several developing countries are establishing new industrial zones or special economic zones (SEZs) to attract businesses and boost economic activity. The zones require dedicated power generation facilities to ensure uninterrupted energy supply for production activities. Turbo generator equipment is becoming a crucial component in power plants as the equipment is able to support the energy needs of industrial areas.
Thus, with the expansion of industries and urbanization, the demand for reliable power sources will rise, which drive the need for turbo generators in power plants. For instance, in June 2024, in India, the capacity utilization of thermal power plants is expected to reach around 69% by FY2025 due to high demand for electricity in industrial and commercial sectors.
<h2 style="text-align: justify;">Technological Advancements Creates Opportunities for Market Growth</h2>
Advancements in materials and design have significantly increased the efficiency of turbo generator equipment. The modern turbo generators are coming up with aerodynamically optimized blades, advanced cooling systems, and lighter yet stronger materials. The upgraded design allows equipment to generate more power from the same input of fuel or energy. Modern turbo generators are compact in design, which makes generators easier to transport and install in remote locations or areas with limited space, such as offshore platforms or small-scale power plants.
Turbo generators with emission reduction technologies make the equipment better qualified as per the government&rsquo;s stricter laws regarding greenhouse gas emissions. The advancement in exhaust and combustion systems reduces the harmful emission of gases in the atmosphere, which drives the demand for turbo generators in the market. Moreover, the incorporation of emission-reducing technologies creates opportunities for turbo generators in the United States and the European Union.
For instance, in August 2024, 8 Rivers partners decided to enter into a partnership with Siemens Energy AG for the development of a new zero-emissions technology generator. This development will help the market to grow in the forecast years.
<h2 style="text-align: justify;">Air-cooled Turbo Generators to Dominate Global Market</h2>
In the current situation, the air-cooled turbo generator has a high adoption rate, which makes the segment dominate the market share. Air-cooled turbo generators are more affordable to install and operate. Turbo generators reduce initial capital expenditure and maintenance costs. The equipment produces compact designs and requires less space than other cooling-type systems, which makes equipment ideal for space-constrained locations, such as small industrial sites, offshore installations, or urban power plants. Moreover, air-cooled turbo generators are suitable for a variety of applications, including industrial plants, renewable energy projects, and distributed energy systems, which drive its demand in the market.
For instance, in June 2024, Doosan, a manufacturer from South Korea, decided to invest USD 0.12 billion in its subsidiary Doosan &Scaron;koda Power in Plzeň to increase the production of generators for power plant applications. With the rise in investments, an increase in production and revenue is expected in the forecast years.
<h2 style="text-align: justify;">Asia-Pacific to Lead the Turbo Generators Market Share</h2>
Asia-Pacific dominated the turbo generator market with the highest market share. The region comprises developing countries, and most of the countries are largely investing in reliable energy sectors, which drive the growth of the turbo generators market in the region. Several developing countries are actively expanding power generation capacity to keep up with economic growth. Governments and higher authorities are investing heavily in building new power plants, including coal, natural gas, nuclear, and renewable energy plants, which is creating the demand for turbo generators in the Asia-Pacific market.
For instance, in January 2024, China started the first power plant equipped with Ansaldo Energia GT36 equipment. The equipment is clean energy solutions and was installed at the Minhang Industrial Zone project in Shanghai. The development showcases the adoption of gas-fired generators in power plants for power generation.
<a href="https://www.marketsandata.com/industry-reports/turbo-generators-market/sample-request">Download Free Sample Report</a>
Future Market Scenario (2024 &ndash; 2031F)
<ul style="text-align: justify;">
<li>The global shift towards renewable energy sources such as biomass and concentrated solar power (CSP) will significantly boost the demand for turbo generators in the forecast years.</li>
<li>Continuous improvements in the design and materials of equipment lead to greater efficiency, reduced maintenance costs, and longer lifespans of turbo generators.</li>
<li>Globally, governments are implementing stricter emissions regulations to combat climate change, which are expected to lead to the development of low-emission turbo generators in the coming years.</li>
<li>Asia-Pacific will continue to be a major growth area for turbo generators due to its industrialization and urbanization. Emerging markets, such as Africa and South America, are investing in new power generation capacities that will support the growth of the turbo generators market.</li>
</ul>
Report Scope
&ldquo;Turbo Generators Market Assessment, Opportunities and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global turbo generators market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
<table>
<tbody>
<tr>
<td width="301">
Report Attribute
</td>
<td width="301">
Details
</td>
</tr>
<tr>
<td width="301">
Base Year of the Analysis
</td>
<td width="301">
2023
</td>
</tr>
<tr>
<td width="301">
Historical Period
</td>
<td width="301">
2017-2022
</td>
</tr>
<tr>
<td width="301">
Forecast Period
</td>
<td width="301">
2024-2031
</td>
</tr>
<tr>
<td width="301">
Projected Growth Rate
</td>
<td width="301">
CAGR of 4.15% between 2024 and 2031
</td>
</tr>
<tr>
<td width="301">
Revenue Forecast in 2031
</td>
<td width="301">
USD 14.94 billion
</td>
</tr>
<tr>
<td width="301">
Segments Covered
</td>
<td width="301">
Cooling Type, End-user
</td>
</tr>
<tr>
<td width="301">
Regions Covered
</td>
<td width="301">
North America, Europe, South America, Asia-Pacific, Middle East and Africa
</td>
</tr>
<tr>
<td width="301">
Key Companies Profile
</td>
<td width="301">
ANDRITZ AG, Ansaldo Energia S.p.A., BEIZHONG Steam Turbine Generator Co., Ltd., Bharat Heavy Electricals Limited, Mitsubishi Heavy Industries, Ltd., Siemens Energy AG, Harbin Electric Corporation Co., Ltd, GE Vernova Inc., Arani Power Systems Limited and WEG S.A.
</td>
</tr>
<tr>
<td width="301">
Customization Scope
</td>
<td width="301">
15% free report customization with purchase
</td>
</tr>
<tr>
<td width="301">
Pricing and Purchase Options
</td>
<td width="301">
Avail the customized purchase options to fulfill your precise research needs
</td>
</tr>
<tr>
<td width="301">
Delivery Format
</td>
<td width="301">
PDF and Excel through email (subject to the license purchased)
</td>
</tr>
</tbody>
</table>
In the report,&nbsp;global turbo generators market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Cooling Type
<ul>
<li>Air-cooled Turbo Generator</li>
<li>Hydrogen-cooled Turbo Generator</li>
<li>Water-cooled Turbo Generator</li>
</ul>
</li>
<li>By End-user
<ul>
<li>Coal Power Plant</li>
<li>Gas Power Plant</li>
<li>Nuclear Power Plant</li>
<li>Others</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Key players in the turbo generator market are continually developing innovative technologies, designs, and materials to meet evolving consumer demands and environmental regulations. This includes advancements in renewable energy sources, such as solar and wind integration, and improvements in energy storage systems to enhance efficiency and reliability.
Turbo generator manufacturers are focused on supply chain resilience, energy efficiency, and sustainable practices, which are crucial for shaping the future of the industry. Many players are investing in smart grid technologies and IoT applications to optimize generator performance and provide real-time data for better decision-making. Several manufacturers are working on product launches, acquisitions, agreements, and collaborations to enhance their competitive edge.
For instance, in July 2024, GE Vernova Inc. company plans to invest USD 22 million in its manufacturing facility in Schenectady, New York, to produce different generators.
Key Players Operating in Global Turbo Generators Market are:
<ul style="text-align: justify;">
<li>ANDRITZ AG</li>
<li>Ansaldo Energia S.p.A.</li>
<li>BEIZHONG Steam Turbine Generator Co., Ltd.</li>
<li>Bharat Heavy Electricals Limited</li>
<li>Mitsubishi Heavy Industries, Ltd.</li>
<li>Siemens Energy AG</li>
<li>Harbin Electric Corporation Co., Ltd</li>
<li>GE Vernova Inc.</li>
<li>Arani Power Systems Limited</li>
<li>WEG S.A.</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
If you can't find what you're searching for or have any custom requirements for global turbo generators market, you may approach our team at&nbsp;<a href="mailto:info@marketsandata.com">info@marketsandata.com</a>
&nbsp;

Global Turbo Generators Market Assessment,  Opportunities and Forecast, FY2017-FY2031F

The global turbo generators market is expected to experience growth due to the rise in the energy production capacity of existing power plants and growth in industrial sectors of developing countries.

FAQs

Industry Reports

Blogs

Case Studies

Industry News

Press Release

Infographics