The Turbine and Turbine Generator Set Units by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Turbine and Turbine Generator Set Units, 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.
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.
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The turbine and turbine generator set units market covered in this report is segmented –
1) Turbine and Turbine Generator Set Units Market By Product: Hydro, Steam, Gas-based, Wind, Nuclear
2) Turbine and Turbine Generator Set Units Market By Capacity: Below 75 kVA, 75-350 kVA, Above 350 kVA
3) Turbine and Turbine Generator Set Units Market By Application: Standby Backup Power, Prime Or Continuous Power, Peak Shaving Power
4) Turbine and Turbine Generator Set Units Market By End-User: Residential, Commercial, Industrial
Top Major Players
Mitsubishi Heavy Industries Ltd
Product innovations are the key trends gaining popularity in the turbine and turbine generator set units market. Major companies operating in the turbine and turbine generator set units market are focusing on developing innovative products to sustain their position in the market. For instance, in September 2021, Siemens Gamesa, a Germany-based engineering company that provides offshore and onshore wind turbines and services, launched the RecyclableBlade, the world’s first wind turbine blade that can be recycled at the end of its lifecycle. With this technology, it is possible to separate the materials in the blade at the end of its lifespan, enabling recycling into other applications and defining the next sustainability milestone. This development is an important milestone in Siemens Gamesa’s ambitious plan to make turbines completely recyclable by 2040.
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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