“Global Turbo Generator Market to reach a market value of USD 14.4 Billion by 2031 growing at a CAGR of 4.4%”
The Global Turbo Generator Market size is expected to reach $14.4 billion by 2031, rising at a market growth of 4.4% CAGR during the forecast period.
Rapid industrialization and urbanization in Asia Pacific countries, such as China, India, and Southeast Asia, have increased electricity demand. Thus, the Asia Pacific region generated 58.3% revenue share in the market 2023. Asia Pacific countries are witnessing rapid industrial growth and infrastructure development, particularly in manufacturing, construction, and transportation. Asia Pacific countries increasingly invest in renewable energy sources such as wind, solar, hydro, and biomass.
Turbo generators are used in offshore platforms, floating production systems, and subsea installations to provide reliable and efficient power generation for drilling, production, and processing operations.
Additionally, they help stabilize the grid by providing additional power when needed, reducing the strain on the electricity network. HEVs and PHEVs combine an internal combustion engine with an electric motor and battery.
However, high initial investment costs are a significant entry barrier for potential buyers, especially for small and medium-sized enterprises (SMEs) and developing economies with limited access to capital. The upfront capital investment required for procuring, installing, and commissioning turbo generators may deter potential buyers from investing in new power generation projects.
By type, the market is categorized into gas turbine generator, steam turbine generator, and water turbine generator. In 2023, the gas turbine generator segment held the 60.6% revenue share in the market. Gas turbine generators can utilize a variety of fuels, including natural gas, diesel, biofuels, and synthetic fuels, offering flexibility in fuel selection and reducing dependence on a single fuel source.
On the basis of end user, the market is divided into coal power plants, nuclear power plants, gas power plants, and others. The nuclear power plants segment garnered 23.9% revenue share in the market in 2023. Nuclear power plants produce electricity without emitting greenhouse gases or air pollutants, making them an environmentally friendly energy source.
Based on cooling system, the market is classified into air cooled, water cooled, and hydrogen cooled. In 2023, the air-cooled segment witnessed 51.5% revenue share in the market. Air-cooled turbo generators are used in cogeneration and trigeneration systems to generate electricity, heating, and cooling simultaneously.
Free Valuable Insights: Global Turbo Generator Market size to reach USD 14.4 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe region acquired 21.3% revenue share in the market. European countries invest heavily in expanding their renewable energy capacity to meet climate targets and energy security goals.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 10.3 Billion |
| Market size forecast in 2031 | USD 14.4 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.4% from 2024 to 2031 |
| Number of Pages | 231 |
| Number of Tables | 360 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Cooling System, End User, Region |
| Country scope |
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| Companies Included | Suzlon Energy Limited, Beijing BEIZHONG Steam Turbine Generator Co., Ltd., Andritz AG, Ansaldo Energia S.p.A., Bharat Heavy Electricals Ltd., Ebara Corporation, Mitsubishi Heavy Industries Ltd., Siemens AG, Toshiba Corporation, General Electric Company |
By Type
By End User
By Cooling System
By Geography
This Market size is expected to reach $14.4 billion by 2031.
Expansion of oil and gas exploration and production are driving the Market in coming years, however, High initial investment costs restraints the growth of the Market.
Suzlon Energy Limited, Beijing BEIZHONG Steam Turbine Generator Co., Ltd., Andritz AG, Ansaldo Energia S.p.A., Bharat Heavy Electricals Ltd., Ebara Corporation, Mitsubishi Heavy Industries Ltd., Siemens AG, Toshiba Corporation, General Electric Company
The expected CAGR of this Market is 4.4% from 2024 to 2031.
The Coal Power Plants segment is leading the Market by End User in 2023; thereby, achieving a market value of $6.9 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $8.5 billion by 2031.
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