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

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

The turbo generator market is expected to witness a CAGR of more than 3.8% over the forecast period, 2020-2025. Factors, such as the increasing energy demand in the world resulting in an increase in the number of power plants, are expected to drive the market, during the forecast period. Moreover, the inherent advantages that turbo generators provide, in addition to the ability to be connected directly to the electrical generator and the resulting lower operating costs, are the factors spurring the turbo generator market. The challenge, however, is that the countries are moving toward clean energy, with the increased installation of renewable power capacity to achieve social, economic, and environmental development. The above-mentioned factor is restraining the growth of the turbo generator market.

• 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 an increasing requirement for generating electricity rapidly.
• The expansion of energy-intensive industries in the African countries, such as Nigeria, Angola, and Ghana, is expected to provide significant opportunities for the turbo generator market in the near future.
• Asia-Pacific is the expected to be the fastest-growing market, with the increasing demand for power, on account of expansion in industrial infrastructure, especially in countries, such as China, India, Japan, and Indonesia.

• In 2018, the electricity generated from natural gas as fuel recorded a growth rate of 3.9% when compared to 2017. Thus, with an increase in demand for a peak power source, natural gas is expected to be the significant fuel type, and hence promulgate the number of gas-fired power plants.
• The gas-fired power plants can be synchronized with an electricity grid within minutes. This makes it a peak load power plant. Therefore, the increasing demand for peak power is expected to pose an increased requirement for gas-fired power plants. This, in turn, is likely to drive the market for turbo generators in the near future.
• In North America, the major hotspots for natural gas production include the Permian, Appalachian, Marcellus, and Utica reserves. The Permian and Appalachian are expected to account for 55% of the natural gas supply in North America.
• The supply from Marcellus and Utica is expected to account for around 40% of the total natural gas supply in North America. Therefore, the rising production of natural gas is also one of the major factors that is proliferating the development of gas-fired power plants.

• Asia-Pacific is one of the fastest-growing markets for turbo generators, with consistent economic growth, growing industrialization, and improving business potential.
• China consumes more than a quarter of the world's energy demand. Moreover, it is projected that the country's energy production will rise while consumption is also estimated to grow. The increase is much more than the global forecast energy production and consumption growth, which is 29% and 31%, respectively. The country is expected to lead the market for turbo generators in the long-term, due to its growing energy demand.
• In March 2019, the Indian government approved INR 31,560 crore investments in power projects in the country, which include two coal-based power plants and one hydropower project. With the burgeoning need for power demand, fossil fuel-based power plants are likely to play a significant role in the Indian power sector. This is expected to boost the growth of the market studied.
• In Asia-Pacific, China is one of the most dominant countries, and it is expected to drive the turbo generator market. Whereas, countries, such as India, Japan, China, Australia, and Malaysia, are expected to follow the trend and augment the demand for turbo generator market, during the forecast period.

The turbo generator market is consolidated. Some of the key players in this market 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