Turbo Generator Market to Garner $12.6 Bn, Globally, by 2027 at 3.1% CAGR: Allied Market Research

PORTLAND, Ore., March 2, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Turbo Generator Market 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". 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.

Major determinants of the market growth

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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Covid-19 scenario:

• 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.

The gas turbine generator segment dominated the market

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.

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The gas power plants segment to manifest the highest CAGR through 2027

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.

Asia-Pacific, followed by Europe and North America, held the largest share

By region, the market across Asia-Pacific dominated the market in 2019, accounting for around two-thirds of the market. Moreover, the region is estimated to portray the highest CAGR of 3.2% during the forecast period. This is due to presence of large number of key players, availability of the manufacturing facilities in these countries, and rise in demand for disinfectant & antimicrobial chemicals from the developing countries in the region. On the other hand, the market across North America is anticipated to register a CAGR of 2.8% during the forecast period.

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Major market players

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

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