Allied Market Research published a new report, titled, Turbo Generator Market was pegged 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.
Rise in need of continuous & stable power supply, rapid industrialization & urbanization, and increase in number of gas power plants drive the growth of the global turbo generator market. However, development in the renewable energy sector and implementation of stringent government regulations toward environmental pollution hamper the market growth. On the contrary, surge in investment on electrification of remote & rural area open new opportunities for the market players in the future.
Increase in demand for electricity from the various industries such as manufacturing, chemicals, pharmaceutical, energy, construction and others is anticipated to drive the growth of the turbine generator market globally. In addition, developing economies such as China, India, Africa, and others, relied mostly on coal-based power generation for their economic growth, which in turn fuels the growth of the steam turbine generator market. However, stringent government regulations toward the environmental pollution caused owing to the combustion of coal, diesel, oil, fossil fuel and other conventional fuels, has increased attention toward the maximum utilization of renewable energy, which in turn is expected to restrain the growth of the market in the upcoming years.
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The research offers a detailed segmentation of the global Turbo Generator market. Key segments analyzed in the research include Type, Cooling System and End-User and geography. Extensive analysis of sales, revenue, growth rate, and market share of each segment, and geography for the historic period and the forecast period is offered with the help of tables.
The global turbo generator market is analyzed across various regions such as North America, Europe, Asia-Pacific, and region. The market across Asia-Pacific held the largest share in 2019, contributing to around three-fourths of the market. In addition, the region is expected to register the highest CAGR of 3.2% during the forecast period.
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The market player positioning segment provides an understanding of the current position of the market players active in the Turbo Generator industry.
The research offers an extensive analysis of key players active in the global Turbo Generator industry. Detailed analysis on operating business segments, product portfolio, business performance, and key strategic developments is offered in the research. Leading market players analyzed 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. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.
Get detailed COVID-19 impact analysis on the Turbo Generator Market: https://www.alliedmarketresearch.com/request-for-customization/7934?reqfor=covid
Covid-19 scenario:
- The outbreak of Covid-19 resulted in a temporary ban on import-export and disrupted the supply chain.
- Since the pandemic, the demand for electricity decreased as several industries temporarily closed their manufacturing factories.
- However, the demand for electricity is increasing due to government’s declaration to resume power generation, which is expected to get the market back on track.
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