Allied Market Research recently published a report, titled, “Turbo Generator Market by Type, Cooling System and End-User: Global Opportunity Analysis and Industry Forecast, 2020–2027″. As per the report, the global turbo generator industry was pegged at $10.4 billion in 2019, and is anticipated to reach $12.6 billion by 2027, growing at a CAGR of 3.1% from 2020 to 2027.
Rise in need of continuous & stable power supply, rapid growth in gas power plants, and rapid urbanization & industrialization drive the growth of the global turbo generator market. However, implementation of strict government regulations toward environmental pollution and rapid development in the renewable energy sector hamper the growth. On the contrary, surge in investment in electrification of remote & rural areas is expected to create lucrative opportunities for the market growth in the future.
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By type, the gas turbine generator segment held the largest share in 2019, accounting for around three-fifths of the market, owing to increase in demand for gas turbine generators for electricity generation from various industries such as oil & gas, power, and large industries. However, the steam turbine generator segment is projected to register the highest CAGR of 3.3% from 2020 to 2027, due to increase in demand for steam turbine generator from fossil fuel power plants, nuclear power plants, geothermal power plants, and thermal power plants.
By end user, the gas power plants segment is anticipated to manifest the highest CAGR of 3.5% during the forecast period, owing to rise in demand for natural gas-fired power plants and shale gas revolution and increase in gas-powered generation. However, the coal power plants segment held the largest share in 2019, contributing to more than half of the market, due to increase in demand for electricity from the developing and developed economies.
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On the basis of the region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2019, and anticipated to maintain this trend 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 market in Asia-Pacific.
The global turbo generator market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include 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.
Other players operating in the value chain of the global market are Alstom SA, Harbin Electric Company, Dongfang Electric Corporation, Dresser-Rand, Bowman Power Group Ltd., and others.
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- Due to the Covid-19 outbreak, several governments have imposed a ban on imports and exports, which disrupted the supply chain. The lockdown across various countries hampered the manufacturing of turbo generator.
- However, the market is estimated to recover by the first quarter of 2021 due to governments’ decision to resume various manufacturing factoring and increase in the demand for electricity from the various industries.
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