Turbo Generator Market to Reach $16.3 billion, Globally, by 2032 at 4.6% CAGR: Allied Market Research

The increase in power demand and ongoing modernization of electrical grids, coupled with a rise in investments in power generation infrastructure, are driving the demand for turbo generators across various industries and applications. As global populations expand and economies develop, the need for reliable and efficient electricity generation becomes more pronounced. This surge in power demand necessitates the expansion and upgrading of power generation infrastructure.

Wilmington, Delaware, April 04, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Turbo Generator Market by Type (Gas Turbine Generator, Steam Turbine Generator, Water Turbine Generator), by Cooling System (Air Cooled, Water Cooled, Hydrogen Cooled), by End User (Coal Power Plants, Nuclear Power Plants, Gas Power Plants, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “turbo generator market” was valued at $10.6 billion in 2022, and is estimated to reach $16.3 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032. 

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Prime determinants of turbo generator market growth 

The global turbo generator market is experiencing growth due to several factors such as surge in power demand and grid modernization and rise in investments in power generation infrastructure. However, high initial costs of investment hinder market growth to some extent. Moreover, the adoption of combined heat and power (CHP) systems presents additional opportunities for turbo generators. Turbo generators play a central role in CHP systems by converting mechanical energy into electricity while also capturing and utilizing waste heat for heating, cooling, or industrial processes. Moreover, the adoption of CHP systems helps to reduce greenhouse gas emissions and other pollutants by displacing less efficient and more emission-intensive forms of power generation. For instance, SycoTec GmbH & Co. KG launched small turbo generators in CHP plants to reduce carbon dioxide emissions and achieve energy efficiency targets. This surge in adoption of combined heat and power (CHP) systems presents significant opportunities for the turbo generator market. 

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$10.6 billion
Market Size in 2032	$16.3 billion
CAGR	4.6%
No. of Pages in Report	240
Segments Covered	Type, Cooling System, End User, and Region.
Regional Scope	North America, Europe, Asia Pacific, LAMEA
Country Scope	U.S., Canada; Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; South Africa
Drivers	Surge in power demand and grid modernization  Rise in investments in power generation infrastructure
Opportunity	Adoption of combined heat and power (CHP) systems
Restraint	High initial costs of investment

The gas turbine generator segment is expected to maintain its dominance by 2032 

By type, the gas turbine generator segment held the highest market share in 2022, accounting for more than three-fifths of the global turbo generator market revenue and is estimated to maintain its leadership status throughout the forecast period. The compact footprint and modular design of gas turbine generators enable their deployment in a wide range of environments such as industrial facilities, urban areas, and remote locations. This versatility makes them an attractive option for distributed power generation, where electricity is generated on-site or close to the point of consumption, reducing transmission losses and enhancing grid stability. 

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The air cooled segment is expected to lead by 2032 

By cooling system, the air cooled segment held the highest market share in 2022, accounting for more than half of the global turbo generator market revenue and is estimated to dominate during the forecast period. The surge in adoption of small-scale renewable energy systems presents significant opportunities for air cooled generators. According to the International Energy Agency (IEA), the U.S. renewable energy expansion has almost doubled in the last five years. The IRA passed in August 2022 extended tax credits for renewables until 2032 that provide long-term visibility for wind and solar PV projects. As the countries focus on sustainability and reducing carbon emissions, there has been a notable surge in the deployment of decentralized renewable energy solutions such as solar panels, small wind turbines, and micro-hydro systems. 

The coal power plants segment is expected to maintain its dominance by 2032 

By end user, the coal power plants segment held the highest market share in 2022, accounting for more than half of the global turbo generator market revenue and is estimated to maintain its leadership status throughout the forecast period. The global demand for electricity, particularly in emerging economies, sustains the growth of turbo generators in coal-fired power generation. According to the International Energy Agency (IEA), global electricity demand is expected to rise at a faster rate over the next three years, growing by an average of 3.4% annually through 2026. Turbo generators offer a proven and cost-effective solution for converting coal into electricity, meeting the rising demand for energy while maintaining grid stability and reliability. 

Asia-Pacific is expected to grow faster throughout the forecast period 

By region, Asia-Pacific was the fastest growing region in terms of revenue in 2022 representing 5.0% of the CAGR. The expansion of infrastructure projects, industrialization initiatives, and mega-urban developments in Asia-Pacific create opportunities for turbo generator installations. According to the India Brand Equity Foundation, in November 2022, the National Investment and Infrastructure Fund (NIIF) was set up as a collaborative investment platform between the Government of India, global investors, multilateral development banks (MDB) and domestic financial institutions to facilitate investment across multiple sectors in India through an India Japan Fund. As governments invest in infrastructure to support economic growth and development, the demand for turbo generators is expected to rise, driving market expansion in the region. 

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Leading Market Players: – 

• ANDRITZ 
• Ansaldo Energia 
• Beijing BEIZHONG Steam Turbine Generator Co., Ltd. 
• Bharat Heavy Electricals Limited 
• EBARA CORPORATION 
• GE Vernova 
• MITSUBISHI HEAVY INDUSTRIES, LTD. 
• Siemens AG 
• Suzlon Energy Limited 
• TOSHIBA CORPORATION

The report provides a detailed analysis of these key players in the global turbo generator market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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