Europe Turbo Generator Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Europe Turbo Generator Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The European turbo generator market is expected to grow at a CAGR of over 3.5% during the forecast period. Increasing energy demand in Europe that resulted in an increase in the number of power plants, is expected to drive the turbo generator market during the forecast period. Moreover, the inherent advantages that turbo generators provide, along with the ability to be connected directly to the electrical generator and the resulting lower operating costs, are the major factors driving the turbo generator market. However, the challenges are that the countries, such as Germany and France, are moving toward clean energy, with the increased installation of renewable power capacity to achieve social, economic, and environmental development, which, in turn, is expected to restrain the growth of the market studied.

• The gas-fired power plant is expected to be the largest segment for turbo generators during the forecast period, owing to the decreasing price of natural gas as a fuel and a shift from coal to gas-fired power plants in the region.
• Expansion of energy-intensive industries preferring gas as a fuel over coal and other energy resources in Spain and Germany is expected to provide a significant opportunity for the turbo generator market in the future.
• Germany was expected to be the leading market for turbo generators in the European region in 2019, owing to rapid industrialization and significant increase in gas-fired power plant projects during the forecast period.

• In 2018, the global electricity generation from natural gas as fuel recorded a growth rate of 3.9%. Thus, with an increase in the demand for a peak power source, natural gas is expected to be the significant fuel type, thereby, promulgating the number of gas-fired power plants in Europe as well.
• The gas-fired power plants can be synchronized with the electricity grid within minutes. This makes it a peak load power plant. Therefore, increasing demand for peak power is expected to pose an increased requirement of gas-fired power plants. This, in turn, is likely to drive the market for turbo generators in the future.
• Gas-fired power stations contributed 134.6 TWh to the European power supply, in 2019, which was about 41% more than coal. In Spain, gas has almost overtaken coal as an energy source. Whereas, in Germany, which is primarily a coal and lignite consumer, has significantly used gas as a power source.
• Moreover, in countries, such as United Kingdom, Germany, and France, there has been a significant expansion due to rapid industrialization, which has increased the installation of gas-fired power plant in Europe, thus, driving the European turbo generator market during the forecast period.

• Germany is one of the largest markets for turbo generators, with consistent economic growth, growing industrialization, and improving business potential. Moreover, Germany has been investing in gas-fired power plants, in order to reduce power production from nuclear and coal-fired power plants.
• The country is one of the biggest crude oil refiners in Europe, with several upcoming projects and investments to increase refining capacity. Therefore, Germany is expected to drive the demand for turbo generators in refineries, and further promulgating the turbo generators market during the forecast period.
• Total and Domo Chemicals inaugurated a EUR 60 million benzene production and extraction project at Total’s Leuna Refinery in Germany. The project includes constructing a new unit at the refinery that enriches an intermediate product from the gasoline production. ​
• In 2019, Royal Dutch Shell PLC struck a deal with Dutch tank terminal firm, HES International BV, to partially restart a German oil refinery. With these initiatives, the demand for the turbo generators is expected to remain on a positive side in the country.
• Therefore, with the increased investments and upcoming projects that increase the demand of turbo-genertors, Germany is expected to be the largest market during the forecast period.

The European turbo generator market is partially fragmented. Some of the key players are Siemens AG, Toshiba Corporation, General Electric Company, Mitsubishi Heavy Industries Ltd, and Andritz AG.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support