Market Size of Turbo Generator Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Turbo Generator Market Analysis
The Turbo Generator Market is expected to register a CAGR of over 3.8% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, increasing investment in power plants and energy demand is expected to drive the market's growth.
- On the other hand, increased installation of renewable power capacity is expected to hamper the growth of the turbo generator market during the forecast period.
- Nevertheless, the expansion of energy-intensive industries in African countries, such as Nigeria, Angola, and Ghana, is likely to create lucrative growth opportunities for the Turbo Generator Market in the forecast period.
- The Asia-Pacific region dominates the market and is likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing demand for power, and the expansion of industrial infrastructure in the countries of this region, including India, China, and Japan.
Turbo Generator Industry Segmentation
A Turbo Generator is an electric generator connected to a gas or steam turbine shaft to generate electric power. The Turbo Generator Market is segmented by end-user, cooling type, and geography. By end-user, the market is segmented into the coal-fired power plant, gas-fired power plants, nuclear power plants, and other end users. As per the cooling type, the market is segmented into air-cooled, hydrogen-cooled, and water-hydrogen cooled. The report also covers the market size and forecasts for the turbo generator market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).
| End User | |
| Coal-fired Power Plant | |
| Gas-fired Power Plant | |
| Nuclear Power Plant | |
| Other End Users |
| Cooling Type | |
| Air Cooled | |
| Hydrogen Cooled | |
| Water-hydrogen Cooled |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Turbo Generator Market Size Summary
The Turbo Generator Market is poised for growth, driven by increasing investments in power plants and rising energy demand. Despite the initial setbacks due to the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. However, the growth trajectory faces challenges from the expanding installation of renewable energy sources. Nonetheless, the burgeoning energy-intensive industries in African nations like Nigeria, Angola, and Ghana present promising opportunities for market expansion. The Asia-Pacific region, particularly countries such as India, China, and Japan, is expected to dominate the market, fueled by escalating power demand and industrial infrastructure development.
The demand for gas-fired power plants is anticipated to significantly influence the turbo generator market, as these plants can quickly synchronize with electricity grids, making them ideal for peak-load power generation. The increasing production of natural gas, especially in North America, is a key factor supporting the development of these plants. In Asia-Pacific, China's substantial energy consumption and projected growth in energy production and consumption position it as a leader in the turbo generator market. The region's economic growth, industrialization, and strategic projects, such as new coal-fired power plants in China and India, are expected to further drive market demand. The market is moderately consolidated, with major players like Siemens AG, Toshiba Corporation, General Electric Company, Mitsubishi Heavy Industries Ltd, and Andritz AG playing significant roles in shaping its future.
Turbo Generator Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 End User
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2.1.1 Coal-fired Power Plant
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2.1.2 Gas-fired Power Plant
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2.1.3 Nuclear Power Plant
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2.1.4 Other End Users
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2.2 Cooling Type
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2.2.1 Air Cooled
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2.2.2 Hydrogen Cooled
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2.2.3 Water-hydrogen Cooled
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Turbo Generator Market Size FAQs
What is the current Turbo Generator Market size?
The Turbo Generator Market is projected to register a CAGR of greater than 3.80% during the forecast period (2024-2029)
Who are the key players in Turbo Generator Market?
Siemens AG, Toshiba Corporation, General Electric Company, Mitsubishi Heavy Industries Ltd. and Andritz AG are the major companies operating in the Turbo Generator Market.
