PUBLISHER: Markets & Data | PRODUCT CODE: 1571527
PUBLISHER: Markets & Data | PRODUCT CODE: 1571527
Turbo Generators Market Assessment, By Cooling Type, By End-user, 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.
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' 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 turbo generators market.
Expansion of Power Plants to Expedite Market Size
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.
Industrial Growth and Urbanization to Drive Market Growth
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.
Technological Advancements Creates Opportunities for Market Growth
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.
Table of Contents
1. Project Scope and Definitions
2. Research Methodology
3. Executive Summary
4. Voice of Customer
- 4.1. Factors Considered in Purchase Decisions
- 4.1.1. Performance and Reliability
- 4.1.2. Technological Innovation
- 4.1.3. Customer Service and Support
- 4.1.4. Customization and Safety
- 4.1.5. Installation and Setup
- 4.1.6. Brand Reputation
5. Global Turbo Generators Market Outlook, 2017-2031F
6. North America Turbo Generators Market Outlook, 2017-2031F*
7. Europe Turbo Generators Market Outlook, 2017-2031F
8. Asia-Pacific Turbo Generators Market Outlook, 2017-2031F
9. South America Turbo Generators Market Outlook, 2017-2031F
10. Middle East and Africa Turbo Generators Market Outlook, 2017-2031F
11. Porter's Five Forces Analysis
12. PESTLE Analysis
13. Pricing Analysis
14. Market Dynamics
15. Market Trends and Developments
16. Case Studies
17. Competitive Landscape
18. Strategic Recommendations
19. About Us and Disclaimer
List of Tables
- Table 1. Pricing Analysis of Products from Key Players
- Table 2. Competition Matrix of Top 5 Market Leaders
- Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
- Table 4. About Us - Regions and Countries Where We Have Executed Client Projects
List of Figures
- Figure 1. Global Turbo Generators Market, By Value, In USD Billion, 2017-2031F
- Figure 2. Global Turbo Generators Market, By Volume, in Thousand Units, 2017-2031F
- Figure 3. Global Turbo Generators Market Share (%), By Cooling Type, 2017-2031F
- Figure 4. Global Turbo Generators Market Share (%), By End-user, 2017-2031F
- Figure 5. Global Turbo Generators Market Share (%), By Region, 2017-2031F
