Overview and Scope
A turbine refers to a machine in which the rotation of a bladed rotor transforms the kinetic energy of a moving fluid into mechanical energy. Turbine generator set units refer to the combination of a turbine and generator, which turns the turbine’s mechanical energy into electricity.
Sizing and Forecast
The turbine and turbine generator set units market size has grown rapidly in recent years. It will grow from $213.96 billion in 2023 to $235.54 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to energy demand and power generation needs, industrialization and infrastructure development, government policies and energy regulations, global economic growth and investments, natural resource utilization and energy mix..
The turbine and turbine generator set units market size is expected to see strong growth in the next few years. It will grow to $336.42 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to renewable energy transition and decentralized power generation, government incentives for clean energy, grid modernization and smart energy systems, urbanization and increased power consumption, resilience planning and emergency power supply.. Major trends in the forecast period include modular and compact turbine designs, evolving materials and coating technologies, emphasis on predictive maintenance and condition monitoring, global expansion of turbine manufacturing, development of small-scale and micro turbines..
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Segmentation & Regional Insights
The turbine and turbine generator set units market covered in this report is segmented –
1) By Product: Hydro, Steam, Gas-based, Wind, Nuclear
2) By Capacity: Below 75 kVA, 75-350 kVA, Above 350 kVA
3) By Application: Standby Backup Power, Prime Or Continuous Power, Peak Shaving Power
4) By End-User: Residential, Commercial, Industrial
Asia-Pacific was the largest region in the turbine and turbine generator set units market in 2023. Asia-Pacific is expected to be the turbine and turbine generator set units market report fastest-growing region in the forecast period. The regions covered in the turbine and turbine generator set units market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The surge in demand for power is significantly contributing to the growth of the turbine and turbine generator set units market going forward. The amount of power used at any particular time determines the demand for it. The greater the demand, the more electricity individuals are utilizing at any given time. Turbines and turbine generator sets are used to generate electricity by converting the energy of fluids like water or steam into electricity. For instance, in January 2022, according to a report released by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization that provides analysis and data on the global energy sector, global energy demand increased by 6 percent in 2021. The report predicted an average annual increase in electricity demand of 2.7% for the years 2022–2024. Therefore, the surge in demand for power is driving the growth of the turbine and turbine generator set units market.
Key Industry Players
Major companies operating in the turbine and turbine generator set units markets are focusing on development of innovative product to improve capacity. The launch of a new product refers to the introduction or unveiling of a completely new offering by a company or business entity into the market. For example, in January 2022, ReNew Power, an India-based largest renewable energy company by operational capacity, installaed India’s firstever 3x platform Wind Turbine Generators (WTG) in Gadag, Karnataka. The WTGs have a nameplate capacity of 3.3-3.465 MW (megawatt) and are 128-140m in height. They offer significantly improved capacity over models installed in India to date, which typically have a nameplate capacity of 2-3 MW. The new WTGs will be a part of the country’s first ‘Round The Clock’ renewable energy project, combining wind, solar and a Battery Energy Storage System (BESS). This project will produce enough energy to power over 1 million households in India annually.
The turbine and turbine generator set units market report table of contents includes:
1. Executive Summary
2. Turbine and Turbine Generator Set Units Market Characteristics
3. Turbine and Turbine Generator Set Units Market Trends And Strategies
4. Turbine and Turbine Generator Set Units Market – Macro Economic Scenario
5. Global Turbine and Turbine Generator Set Units Market Size and Growth
….
31. Global Turbine and Turbine Generator Set Units Market Competitive Benchmarking
32. Global Turbine and Turbine Generator Set Units Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Turbine and Turbine Generator Set Units Market
34.Turbine and Turbine Generator Set Units Market Future Outlook and Potential Analysis
35. Appendix
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