Growing energy requirements and surge in number of power plants is expected to drive the demand for global turbo generator market in forecast period.
Turbo generator offers several advantages such as high efficiency and high control response, reliability, and have a longer life. Turbine generators are used for the power generation including the gas turbine generators in gas fired plants, water turbine generators in hydro power plants and others. Growing energy requirements around the globe and the rise in the installations of new power plants which uses turbine generator for energy generation is expected to fuel the demand of turbo generator market. Increase demand for the peak energy source and the subsequent rise in demand of the natural gas is contributing significantly to the market growth.
However, the growing installations of clean energy fuels to curb down pollution levels may restrain the turbo generator market growth.
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Global turbo generator market is segmented into type, end user, cooling type, regional distribution, and company. Based on the end user, the market can be divided into coal-fired power plant, gas-fired power plant, nuclear power plant, and others. The gas-fired power plant segment is expected to account for major market share in the forecast period, 2022-2026. Growing demand for the generation of electricity around the globe owing to its huge applications in different verticals is driving the demand of this segment. The surge in the demand for the peak power source which uses natural gas as a significant fuel and the decline in the price of natural gas is expected to influence the demand of this segment. The gas-fired power plants can be connected with the electric grid instantly without taking much time and therefore finds high demand.
Based on the cooling type, the market can be divided into air cooled, hydrogen cooled, and water-hydrogen cooled. The air-cooled segment is expected to dominate the market in the next five years. High demand from the residential consumers for the consumption of electricity is influencing the growth of this segment. The use of air-cooled turbo generators for different applications including the military, agriculture, and construction industry is expected to create lucrative opportunities for the global turbo generator market growth. Based on the type, the market can be divided into gas turbine generator, steam turbine generator, and water turbine generator. The gas turbine generator is expected to witness growth in the predicted period owing to the growing demand for energy consumption from several industries including power, oil & gas, and large industries.
Alstom S.A., Andritz AG, Ansaldo Energia S.p.A., Ebara Corporation, General Electric Company, Mitsubishi Heavy Industries, Ltd., Siemens AG, Suzlon Energy Ltd., Toshiba Corporation, Dongfang Electric Corporation are the leading players operating in global turbo generator market. Market players are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several turbo generator manufacturers are coming up with their technologically advanced offerings.
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“The growing electrification process across the developing countries and the rapid infrastructural developments owing to urbanization and industrialization are influencing the turbo generator market growth. The launch of the projects by the leading authorities promoting access to electricity to reach every sector of society is expected to fuel the market growth for the next five years. Market players are investing huge amounts for the technological up-gradation of the existing system to increase their efficiency and performance which in turn is anticipated to propel the turbo generator market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Turbo Generator Market By Type (Gas Turbine Generator, Steam Turbine Generator, and Water Turbine Generator), By End User (Coal-fired Power Plant, Gas-fired Power Plant, Nuclear Power Plant, and Others), By Cooling Type (Air Cooled, Hydrogen Cooled, and Water-hydrogen Cooled), By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of global turbo generator market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global turbo generator market.
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