Europe Power Generation Equipment Market Size study, by Type (Turbine and Engines, Generators, Others) by Application (Utility, Industrial, Commercial, Residential) and Country Forecasts 2022-2032

Europe Power Generation Equipment Market Size study, by Type (Turbine and Engines, Generators, Others) by Application (Utility, Industrial, Commercial, Residential) and Country Forecasts 2022-2032

Europe Power Generation Equipment Market is valued approximately at USD 2.47 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 3.12% over the forecast period 2024-2032. Power Generation Equipment includes various technologies and components used to convert different forms of energy into electricity. Common examples are generators, turbines, transformers, boilers, solar panels, wind turbines, hydroelectric plants, and nuclear reactors. These technologies utilize energy sources like fossil fuels (coal, natural gas, oil), renewables (solar, wind, hydro), and nuclear reactions to generate electricity. Power generation equipment is essential for meeting the energy needs of industries, businesses, homes, and infrastructure, thereby supporting the functioning of modern societies and economies. Europe continues to lead the global transition towards renewable energy sources such as wind, solar, and hydroelectric power. Favorable government policies, ambitious renewable energy targets, and declining costs are driving significant investments in renewable energy generation equipment would lead the market growth.

Europe is undergoing a significant transition towards renewable energy sources such as wind, solar, and hydroelectric power. Ambitious renewable energy targets, supported by government incentives and policies, are driving investments in wind farms, solar parks, and other renewable energy projects, leading to increased demand for power generation equipment in these sectors. Moreover, the focus on improving energy efficiency and reducing energy waste is driving investments in efficient power generation equipment and cogeneration systems. Combined cycle gas turbines (CCGT), cogeneration plants, and district heating systems are gaining popularity due to their high efficiency and ability to utilize waste heat for heating and cooling applications. Furthermore, Europe Power Generation Equipment Market is driven by continuous innovation and technological advancement in power generation equipment and Investment in grid modernization and smart grid technologies. However, aging infrastructure and retrofitting costs on the other hand, will stifle market growth between 2022 and 2032.

The key countries considered for the Europe Power Generation Equipment market study includes UK, Germany, France, Italy, Spain, and Rest of Europe. In 2023, Germany was the dominating market in terms of revenue. In its long-term strategy, Germany has been at the forefront of the energy transition, known as the ""Energiewende,"" which aims to shift the country towards a low-carbon, renewable energy-based economy. This initiative has spurred significant investments in renewable energy technologies such as wind, solar and biomass, leading to a growing demand for power generation equipment such as wind turbines, solar panels, and biomass boilers. Germany is home to several major power generation equipment manufacturers, including Siemens Energy, one of the world's leading suppliers of gas turbines, steam turbines, generators, and renewable energy solutions. Siemens Energy's expertise and innovation in power generation technologies have positioned Germany as a hub for advanced and sustainable energy solutions. The market in UK, on the other hand, is expected to grow at the fastest rate over the forecast period.

Major market player included in this report are:

Siemens Energy

Andritz AG

Voith Group

MAN Energy Solutions

Company 5

Company 6

Company 7

Company 8

Company 9

Company 10

The detailed segments and sub-segment of the market are explained below:

By Type

Turbine and Engines

Generators

Others

By Application

Utility

Industrial

Commercial

Residential 

By Region:

Europe

UK

Germany

France

Spain

Italy

ROE

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and Country level analysis for each market segment.

Detailed analysis of geographical landscape with Country level analysis.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the market.

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