Turbo Generator Market by Type, Cooling System and End-User: Opportunity Analysis and Industry Forecast, 2020–2027
PORTLAND, OREGON, UNITED STATES, August 24, 2021 /
EINPresswire.com/ -- Allied Market Research recently published a report, titled, "
Turbo Generator Market by Type (Gas Turbine Generator, Steam Turbine Generator, and Water Turbine Generator), Cooling System (Air-Cooled, Water-Cooled, and Hydrogen-Cooled), and End-User (Coal Power Plants, Gas Power Plants, Nuclear Power Plants, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global turbo generator industry was pegged at $10.4 billion in 2019, and is anticipated to reach $12.6 billion by 2027, growing at a CAGR of 3.1% from 2020 to 2027.
Rise in need of continuous & stable power supply, rapid growth in gas power plants, and rapid urbanization & industrialization drive the growth of the global turbo generator market. However, implementation of strict government regulations toward environmental pollution and rapid development in the renewable energy sector hamper the growth. On the contrary, surge in investment in electrification of remote & rural areas is expected to create lucrative opportunities for the market growth in the future.
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Depending on the type, the gas turbine generator segment held the highest market share of about 60.2% in 2019, and is expected to maintain its dominance during the forecast period. This is owing to the increase in demand for gas turbine generators for electricity generation from the various industries such as oil & gas, power, large industrial and others, is expected to drive the growth of the market during the forecast period.
On the basis of cooling system, the air-cooled turbo generator holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the increase in need for energy supply from residential consumers. In addition, surge in demand for air-cooled turbo generators from various applications such as agriculture, military, and remotely located construction is fueling the growth of the air-cooled turbo generator market systems.
On the basis of end-user, the coal power plants segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 3.1%. This is attributed to the increase in demand for electricity from the developing and developed economies is expected to fuel the growth of the coal-based power generation, which in turn drives the
turbo generator market growth during the forecast period. In addition, rise in demand for coal-based power generation from the economic growth perspective is expected to drive the market growth in the upcoming years.
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On the basis of the region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2019, and anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region. Moreover, presence of the developing countries such as China, Japan, Australia, and India are anticipated to contribute toward the growth of the market in Asia-Pacific.
The global turbo generator market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include
• Andritz AG
• Bharat Heavy Electrical Limited
• Ansaldo Energia S.p.A.
• Ebara Corporation
• Beijing BEIZHONG Steam Turbine Generator Co., Ltd.
• Mitsubishi Heavy Industries, Ltd.
• General Electric
• Suzlon Energy Ltd.
• Siemens AG
• Toshiba Corporation
Other players operating in the value chain of the global market are Alstom SA, Harbin Electric Company, Dongfang Electric Corporation, Dresser-Rand, Bowman Power Group Ltd., and others.
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COVID-19 impact on the market
The turbo generator market is anticipated to witness steady and sluggish growth for the year 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries across the globe. Owing to the lockdown imposed, globally, decrease has been witnessed in the growth rate of the industries such as transportation, building & construction, manufacturing, and energy sectors. This has further declined the need for electricity, which, in turn, is anticipated to hamper the growth of the turbo generator market in the next one or two years. In Europe, economies such as Germany, France, Spain, and Italy are following stringent measures such as maintaining social distance and limiting movements to prevent the spread of coronavirus, which has further impacted the growth of the market.
David Correa
Allied Analytics LLP
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