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2020

Turbo Generator Market

Turbo Generator Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Gas Turbine Generator, Steam Turbine Generator, and Water Turbine Generator), Cooling System (Air-Cooled, Water-Cooled, and Hydrogen-Cooled), and End-User (Coal Power Plants, Gas Power Plants, Nuclear Power Plants, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027

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Author's: Saurabh Dixit| Rutuja Danekar | Eswara Prasad
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Turbo Generator Market Outlook - 2027

The global turbo generator market size was valued at $10.4 billion in 2019, and is projected to reach $12.6 billion by 2027, growing at a CAGR of 3.1% from 2020 to 2027.Turbo generator is a device, which converts chemical, potential, kinetic and other forms of energy into electrical energy with the help of devices such as turbine and electric generator connected together. Turbo generator possess advantages such as high reliability, long life, high control response, high efficiency, and others. Turbine generators are used on the basis of power generation including steam turbine generators in thermal power generation, water turbine generators in the hydro power plants, gas turbine generators in gas fired power plants and others. Technological advancements in the turbo generators is expected to reduce the manufacturing costs, which in turn helps in driving the market growth in the upcoming years. 

The growth of the market is driven by surge in demand for continuous and stable power supply for maintaining the continuous production & processing operations from various industries. In addition, rapid growth in the industrialization and urbanization across the developing activities are projected to fuel the turbo generator market growth. However, implementation of stringent government regulations toward greenhouse gases emissions from conventional fuel-based power generating plants and rise in environmental pollution due their usage hampers the growth of the market. On the contrary, increase in government investments in the electrification of rural and remote areas is expected to create opportunity for key players in the market.

Turbo-Generator-Market-2020-2027

For the purpose of analysis, the market is segmented into type, cooling system, end-user, and region. The study highlights various types of turbo generators available in the market such as gas turbine generator, steam turbine generator and water turbine generator. Furthermore, it focusses on various cooling systems of turbo generators, which include air-cooled, water-cooled and hydrogen-cooled. The key end-users of turbo generators are coal power plants, gas power plants, nuclear power plants, and others. The report covers the revenue generated by turbo generators across various regions such as North America, Europe, Asia-Pacific, and LAMEA.

Other players operating in the market are Alstom SA, Harbin Electric Company, Dongfang Electric Corporation, Dresser-Rand, Bowman Power Group Ltd., and others.

The turbo generator market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2020–2027. The report includes the study of the turbo generator market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

Turbo Generator Market
By Type
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Gas Turbine Generator is projected as the most lucrative segment.

Turbo generator market, by type

By type, the gas turbine generator held the largest market share in the year 2019. This is owing to increase in demand for gas turbine generators for electricity generation from the various industries such as oil & gas, power, large industrial and others, is expected to drive the growth of the market during the forecast period.

Turbo Generator Market
By Cooling System
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Air-Cooled System is projected as the most lucrative segment.

Turbo generator market, by cooling system

On the basis of cooling system, the air-cooled system dominated the global market in 2019, in terms of share, owing to the increase in need for energy supply from residential consumers is expected to drive the growth of the air-cooled turbo generator market. In addition, surge in demand for air-cooled turbo generators from various applications such as agriculture, military, and remotely located construction is fueling the growth of the air-cooled turbo generator market systems.

Turbo Generator Market
By End-users
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Coal Power Plants is projected as the most lucrative segment.

Turbo generator market, end-users

On the basis of end-user, the coal power plants dominated the global market in 2019, in terms of share, owing to the increase in demand for electricity from the developing and developed economies, which in turn drives the turbo generator market growth during the forecast period. In addition, rise in demand for coal-based power generation from the economic growth perspective is expected to drive the market growth in the upcoming years.

Turbo Generator Market
By Region
2027
Asia Pacific 
North America
Europe
LAMEA

Asia-Pacific is projected as the most lucrative segment.

Turbo generator market, by region

Asia-Pacific garnered the highest share in the market in 2019, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region. Moreover, presence of the developing countries such as China, Japan, Australia, and India, are anticipated to contribute toward the growth of the turbo generator market in Asia-Pacific.

COVID-19 impact on the market

Lockdown imposed due to the outbreak of the COVID-19 pandemic has resulted in temporary ban on the import and export, thereby disrupting the supply chain and hampering the market growth in the second, third, and fourth quarter of 2020. However, the market is expected to recover in the late year or by the first quarter of 2021 as the demand for electricity from the various industries and power generation restarts. 

Key Benefits For Stakeholders

  • The report includes in-depth analysis of different segments and provides market estimations between 2020 and 2027.
  • A comprehensive analysis of the factors that drive and restrict the growth of the global turbo generator market is provided.
  • Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
  • Estimations and forecast are based on factors impacting the global market growth, in terms of value.
  • Key market players are profiled to gain an understanding of the strategies adopted by them.
  • This report provides a detailed analysis of the current global turbo generator market trends and future estimations from 2020 to 2027, which helps to identify the prevailing market opportunities.

Turbo Generator Market Report Highlights

Aspects Details
Turbo Generator Market By Type
By Type
  • Gas Turbine Generator
  • Steam turbine generator
  • Water turbine generator
Turbo Generator Market By COOLING SYSTEM
By COOLING SYSTEM
  • Air-cooled
  • Water-cooled
  • Hydrogen-cooled
Turbo Generator Market By END-USERS
By END-USERS
  • Coal power plants
  • Gas power plants
  • Nuclear power plants
  • Others
Turbo Generator Market By Region
By Region
  • North America  (US, Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, rest of LAMEA)
Key Market Players
Key Market Players

General Electric, Siemens AG, Ansaldo Energia S.p.A., Andritz AG, Suzlon Energy Ltd., Bharat Heavy Electricals Limited, Toshiba Corporation, Ebara Corporation, Beijing BEIZHONG Steam Turbine Generator Co., Ltd., Mitsubishi Heavy Industries, Ltd.

Analyst Review

Rapid industrialization is the key factor attributed to the leading position of Asia-Pacific region in the global turbo generator market. The Asia- Pacific region is further expected to provide lucrative opportunities to leading turbo generator manufacturers, owing to its huge potential to set up manufacturing plants and surge in demand for turbo generators.

Increase in demand for reliable and continuous power supply is the key factor driving the growth of the global turbo generator market during the forecast period. However, implementation of stringent government regulations toward greenhouse gases emissions from conventional fuel-based power generating plants and rise in environmental pollution due to their usage hampers the growth of the market. On the contrary, increase in government investments in the electrification of rural and remote areas is anticipated to provide remunerative opportunity for the key players to maintain the pace in the turbo generator market in the upcoming years.

Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the market throughout the forecast period, followed by North America, Europe, and LAMEA. Asia-Pacific accounted for the 66.1% of total global turbo generator market share in 2019 and is expected to maintain its dominance during the forecast period.

Author Name(s) : Saurabh Dixit| Rutuja Danekar | Eswara Prasad
Frequently Asked Questions?

In terms of revenue growth, the CAGR of the global turbo generator market is 3.1% by 2027.

Increase in demand for continuous & stable power supply, rapid industrialization & urbanization, and rapid growth in the installation of gas power plants are the key trends in the turbo generator market.

To get latest version of Turbo generator Market report can be obtained on demand from the website.

The potential customers of the turbo generator market are power generation plants including nuclear, thermal, hydro, and others.

On the basis of type, gas turbine generator segment will drive the turbo generator market growth during the forecast period. On the basis of cooling systems, air-cooled segment will drive the growth of the turbo generator market. By end-user coal power plants is expected to drive the turbo generator market growth.

The top ten market players are selected based on two key attributes - competitive strength and market positioning.

The applications of the turbo generator market are in power generating stations and industrial power generation applications.

Top players in the turbo generator market are Andritz AG, Ansaldo Energia S.p.A., Bharat Heavy Electrical Limited, Beijing BEIZHONG Steam Turbine Generator Co., Ltd., Ebara Corporation, General Electric, Mitsubishi Heavy Industries, Ltd., Siemens AG, Suzlon Energy Ltd., and Toshiba Corporation.

In terms of revenue, the market size of turbo generator market is anticipated to reach $12.6 billion by 2027, growing at CAGR of 3.1% from 2020 to 2027.

Asia-Pacific will provide business opportunities for turbo generator market during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region. Moreover, presence of the developing countries such as China, Japan, Australia, and India are anticipated to contribute toward the growth of the turbo generator market in Asia-Pacific region.

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Turbo Generator Market

Global Opportunity Analysis and Industry Forecast, 2020-2027