PUBLISHER: The Business Research Company | PRODUCT CODE: 1933672
PUBLISHER: The Business Research Company | PRODUCT CODE: 1933672
A turbine is a machine that utilizes the kinetic energy of a moving fluid, transforming it into mechanical energy through the rotation of a bladed rotor. Turbine generator set units, on the other hand, combine a turbine and generator to convert the mechanical energy produced by the turbine into electricity.
Various types of turbines and turbine generator set units exist, including hydro, steam, gas-based, wind, and nuclear, which come in different capacities categorized as below 75 kVA, 75-350 kVA, and above 350 kVA. Hydro turbines specifically function within hydroelectric power plants, converting the energy derived from moving water into electricity by means of a rotating shaft. These turbines serve various purposes such as standby backup power, providing prime or continuous power, and peak shaving power. They cater to a wide range of end-users, including residential, commercial, and industrial applications.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs have impacted the turbine and turbine generator set units market by increasing the cost of imported steel components, precision castings, blades, generators, and control systems used in turbine manufacturing. These impacts are most significant across gas, steam, and wind turbine segments, particularly in Asia Pacific and Europe where global sourcing of heavy equipment is common. Higher capital costs have affected project economics and installation timelines. At the same time, tariffs are encouraging domestic manufacturing, localized supply chains, and long term investments in regional power equipment production capabilities.
The turbine and turbine generator set units market research report is one of a series of new reports from The Business Research Company that provides turbine and turbine generator set units market statistics, including turbine and turbine generator set units industry global market size, regional shares, competitors with a turbine and turbine generator set units market share, detailed turbine and turbine generator set units market segments, market trends and opportunities, and any further data you may need to thrive in the turbine and turbine generator set units industry. This turbine and turbine generator set units market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The turbine and turbine generator set units market size has grown strongly in recent years. It will grow from $249.71 billion in 2025 to $270.06 billion in 2026 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to growth of centralized power generation plants, expansion of industrial electricity demand, investments in thermal power infrastructure, need for reliable baseload power supply, development of large scale utility projects.
The turbine and turbine generator set units market size is expected to see strong growth in the next few years. It will grow to $383.63 billion in 2030 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing renewable energy capacity additions, modernization of aging power plants, growth of distributed energy systems, rising electricity demand from electrification, investments in grid stability and peak power solutions. Major trends in the forecast period include expansion of renewable based turbine installations, demand for high efficiency power generation units, growth of modular turbine generator sets, focus on lifecycle performance optimization, rising adoption of hybrid power generation systems.
The rising electricity demand is anticipated to drive the growth of the turbine and turbine generator set units market in the coming years. Electricity demand represents the amount of electrical power required or consumed within a particular area, region, or period. As this demand increases, the requirement for power generation equipment, such as turbines and turbine generator sets, also grows. The heightened need for electricity plays a key role in expanding this market, as greater power consumption at any given time stimulates demand for generation equipment. For example, in January 2024, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported that global electricity demand rose by 2.2% in 2023. In 2022, electricity demand in the United States grew by 2.6%. Consequently, the increasing electricity demand is expected to support the growth of the turbine and turbine generator set units market throughout the forecast period.
Companies in the turbine and turbine generator set units market are also focused on developing innovative products like high-capacity generator set units to strengthen their market presence. High-capacity generator set units are robust, large-scale systems designed to produce substantial amounts of electrical energy, typically measured in megawatts (MW). For instance, in January 2023, ReNew Power, a leading renewable energy company in India, installed the country's first 3x platform wind turbine generators (WTG) in Gadag, Karnataka. These WTGs have a nameplate capacity ranging from 3.3 to 3.465 MW and stand 128 to 140 meters tall. They provide significantly enhanced capacity compared to previously installed models in India, which usually have a nameplate capacity of 2 to 3 MW. The new WTGs will contribute to India's first 'Round the Clock' renewable energy project, which integrates wind, solar, and a battery energy storage system (BESS), generating enough energy to power over 1 million households annually.
In July 2023, ReNew, an Indian renewable energy company, formed a partnership with Gentari to develop 5 GW of renewable capacity in India, reinforcing both companies' dedication to enhancing decarbonization efforts and progressing the renewable energy landscape in the region. This collaboration marks a significant advance towards achieving sustainability goals and addressing the increasing demand for clean energy in India. Gentari Sdn. Bhd. is a renewable energy company based in Malaysia.
Major companies operating in the turbine and turbine generator set units market are Mitsubishi Heavy Industries Ltd., Aksa Power Generation Corp., Caterpillar Inc., Cummins Inc., Doosan Corporation, Kohler Co., Wartsila 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
Asia-Pacific was the largest region in the turbine and turbine generator set units market in 2025. 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, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the turbine and turbine generator set units market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The turbine and turbine generator set units market consists of sales of tower, nacelle, hub and blades, and other components. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Turbine and Turbine Generator Set Units Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses turbine and turbine generator set units market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for turbine and turbine generator set units ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The turbine and turbine generator set units market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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