Synchronous Generator Market Research Report By Fuel Type (Diesel, Gas, Hydropower, Nuclear, Solar, Wind), By Power Range (Below 1,000 kVA, 1,000-5,000 kVA, 5,000-10,000 kVA, Above 10,000 kVA), By Voltage Level (Low Voltage (Below 1 kV), Medium Voltage (1-33 kV), High Voltage (Above 33 kV)), By Cooling Type (Air-Cooled, Hydrogen-Cooled, Water-Cooled) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Synchronous Generator Market Overview:

As per MRFR analysis, the Synchronous Generator Market Size was estimated at 17.67 (USD Billion) in 2022. The Synchronous Generator Market Industry is expected to grow from 18.28 (USD Billion) in 2023 to 24.86 (USD Billion) by 2032. The Synchronous Generator Market CAGR (growth rate) is expected to be around 3.47% during the forecast period (2024 - 2032).

Key Synchronous Generator Market Trends Highlighted

The growth of the synchronous generator market continues with the help of technological improvements and the end users’ need for reliable power generation. The shift towards renewable energy systems in the form of wind and solar energy is leading to the use of synchronous generators which help to prevent grid instability. An even more important trend proves to be the growing usage of distributed generation systems causing higher demand for smaller and more efficient synchronous generators. The increase in demand for cleaner and greener energy sources will also lead to an increase in the market for low-emissions synchronous generators. Such trends indicate good prospects for the growth of the synchronous generator market in the near future.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Synchronous Generator Market Drivers

Rising Demand for Renewable Energy

The increasing adoption of renewable energy sources, such as solar and wind power, is driving the demand for synchronous generators. These generators play a crucial role in integrating renewable energy into the grid, as they help to maintain grid stability and reliability. With the growing focus on decarbonization and the transition to a cleaner energy future, the demand for synchronous generators is expected to continue to rise in the coming years.The Synchronous Generator Market Industry is expected to witness significant growth due to the increasing demand for renewable energy sources. Synchronous generators are essential for integrating renewable energy into the grid, as they help to maintain grid stability and reliability. As a result, the growing adoption of renewable energy is expected to drive the demand for synchronous generators. Additionally, government initiatives and policies aimed at promoting the use of renewable energy are also expected to contribute to the growth of the market.Overall, the rising demand for renewable energy is a key market driver for the Synchronous Generator Market Industry.

Increasing Focus on Grid Modernization

The aging and deteriorating electrical grid infrastructure in many regions is leading to a growing need for modernization. Synchronous generators play a vital role in grid modernization, as they help to improve grid stability, reliability, and efficiency. By investing in synchronous generators, utilities can enhance the performance of their grids and meet the growing demand for electricity. The Synchronous Generator Market Industry is also being driven by the increasing focus on grid modernization.Synchronous generators play a crucial role in grid modernization, as they help to improve grid stability, reliability, and efficiency. As a result, the growing focus on grid modernization is expected to drive the demand for synchronous generators. Additionally, government initiatives and policies aimed at modernizing the grid infrastructure are also expected to contribute to the growth of the market. Overall, the increasing focus on grid modernization is a key market driver for the Synchronous Generator Market Industry.

Technological Advancements and Innovation

The Synchronous Generator Market Industry is also being driven by technological advancements and innovation. Synchronous generators are becoming more efficient, reliable, and cost-effective, which is making them more attractive to utilities and other end-users. Additionally, the development of new technologies, such as superconducting synchronous generators, is expected to further boost the growth of the market. Overall, technological advancements and innovation are key market drivers for the Synchronous Generator Market Industry.

Synchronous Generator Market Segment Insights:

Synchronous Generator Market Fuel Type Insights

The Synchronous Generator Market is segmented by fuel type into diesel, gas, hydropower, nuclear, solar, and wind. Among these, the gas segment is expected to hold the largest market share in 2023, owing to the increasing demand for electricity and the growing popularity of combined cycle power plants. The diesel segment is also expected to witness significant growth due to its reliability and affordability. The hydropower segment is expected to experience steady growth, driven by the increasing demand for renewable energy sources. The nuclear segment is also expected to grow as governments around the world look to reduce their reliance on fossil fuels.The growth of the market is attributed to the increasing demand for electricity, the growing popularity of renewable energy sources, and the increasing investment in infrastructure development. The market is also expected to be driven by the growing demand for synchronous generators in the automotive industry, as they are used to provide power to electric vehicles. The increasing adoption of smart grid technologies is also expected to boost the demand for synchronous generators, as they are used to stabilize the grid and improve power quality.The Synchronous Generator Market is a fragmented market, with a number of players competing for market share. The key players in the market include General Electric, Siemens, ABB, and Mitsubishi Electric. These players are focusing on developing new technologies and expanding their geographic reach to gain a competitive edge in the market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Synchronous Generator Market Power Range Insights

The Synchronous Generator Market by Power Range is segmented into Below 1,000 kVA, 1,000-5,000 kVA, 5,000-10,000 kVA, and Above 10,000 kVA. The 1,000-5,000 kVA segment held the largest share of the Synchronous Generator Market in 2023 and is expected to continue to dominate the market during the forecast period. This is primarily attributed to the increasing demand for synchronous generators in the power generation industry, particularly in developing countries. The Above 10,000 kVA segment is expected to witness significant growth during the forecast period due to the rising demand for large-scale power generation projects, such as thermal and nuclear power plants.Moreover, the growing need for reliable and efficient power supply in industrial and commercial applications is driving the demand for synchronous generators in the Above 10,000 kVA segment.

Synchronous Generator Market Voltage Level Insights

Voltage Level is a crucial segmentation for the Synchronous Generator Market, influencing revenue generation and industry growth. The Low Voltage segment (Below 1 kV) held a substantial market share in 2023, owing to its widespread use in residential and commercial applications. However, the Medium Voltage segment (1-33 kV) is projected to witness significant growth during the forecast period, driven by increasing demand from the industrial sector. The High Voltage segment (Above 33 kV) is expected to contribute a considerable revenue share to the Synchronous Generator Market, primarily due to its applications in power transmission and distribution networks.Overall, the segmentation of the Synchronous Generator Market based on Voltage Level provides valuable insights into market dynamics, competitive strategies, and future growth opportunities for market players.

Synchronous Generator Market Cooling Type Insights

The Synchronous Generator Market segmentation by Cooling Type includes Air-Cooled, Hydrogen-Cooled, and Water-Cooled. Air-Cooled generators are anticipated to hold a significant market share due to their cost-effectiveness and widespread use in small-scale applications. Hydrogen-Cooled generators are preferred for high-power applications owing to their improved efficiency and compact size. Water-Cooled generators are projected to witness steady growth, driven by their reliability and ability to handle high temperatures. The Synchronous Generator Market revenue for Air-Cooled generators is expected to reach 9.62 Billion USD by 2027, while Hydrogen-Cooled generators are poised to garner 6.38 Billion USD by 2027.Water-Cooled generators are projected to capture a market size of 4.87 Billion USD by 2027. The market growth for each segment is influenced by factors such as technological advancements, industry regulations, and evolving customer preferences.

Synchronous Generator Market Regional Insights

The Synchronous Generator Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, owing to the presence of a large number of power plants and the increasing demand for electricity. Europe is expected to be the second-largest market, followed by APAC. The APAC region is expected to witness significant growth in the coming years due to the increasing demand for electricity from emerging economies such as China and India. South America and MEA are expected to account for a relatively smaller share of the global market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Synchronous Generator Market Key Players And Competitive Insights:

Major players in the Synchronous Generator Market are developing and launching new products to gain a competitive edge. For instance, in February 2023, WEG launched a new line of synchronous generators designed for use in various applications, such as power generation, marine propulsion, and industrial applications. The new line of generators offers high efficiency, reliability, and durability and is compliant with the latest industry standards. Leading Synchronous Generator Market players are investing in research and development to enhance their product offerings and gain a competitive advantage. For example, in March 2023, MITSUBISHI HEAVY INDUSTRIES (MHI) announced that it had developed a new superconducting synchronous generator. The new generator is designed to improve the efficiency and stability of power systems. Synchronous Generator Market development is driven by the increasing adoption of renewable energy sources. The growing demand for renewable energy is leading to the development of new power generation technologies, such as wind turbines and solar panels. These technologies require synchronous generators to convert the variable-frequency AC power generated by the turbines or panels into a stable, constant-frequency AC power that can be fed into the grid.Leading Synchronous Generator Market players, such as ABB, Siemens, and General Electric, have a strong global presence and a wide range of product offerings. These players have a long history of innovation and have developed a strong reputation for quality and reliability. They have a well-established distribution network and provide excellent customer service. ABB is a leading provider of synchronous generators and has a strong presence in the Americas, Europe, and Asia. Siemens is another major player in the Synchronous Generator Market and has a strong presence in Europe and Asia. General Electric is a global leader in the power generation industry and has a strong presence in the Americas, Europe, and Asia.A leading company in the Synchronous Generator Market is WEG. WEG is a Brazilian company that has been operating for over 60 years. The company offers a wide range of electrical equipment, including synchronous generators, motors, and transformers. WEG has a strong presence in South America and is also expanding its operations in other regions. The company has a reputation for providing high-quality products and excellent customer service. WEG is committed to innovation and is investing in research and development to improve its products and services. One of the company's main strengths is its ability to customize its products to meet the specific needs of its customers. WEG also has a strong distribution network and provides excellent customer service.

Key Companies in the Synchronous Generator Market Include:

• Siemens


• Mitsubishi Electric


• Danfoss


• Schneider Electric


• Hitachi


• Rockwell Automation


• Eaton


• ABB


• Emerson Electric


• GE


• Nidec


• WEG


• Toshiba

Synchronous Generator Market Industry Developments

The synchronous generator market is projected to reach USD 24.86 billion by 2032 from USD 18.28 billion in 2023, at a CAGR of 3.47%. The increasing demand for reliable and efficient power generation, coupled with the growing adoption of renewable energy sources, is driving the growth of the market. Additionally, government initiatives to promote the use of renewable energy and reduce carbon emissions are further fueling the demand for synchronous generators.Recent developments in the market include the launch of new products with improved efficiency and reliability, as well as strategic partnerships and acquisitions among key players. For instance, in 2023, Siemens Energy and Shanghai Electric signed an agreement to establish a joint venture for the development and manufacturing of synchronous generators in China. Such developments are expected to intensify competition and drive innovation in the market.

Synchronous Generator Market Segmentation Insights

Synchronous Generator Market Fuel Type Outlook

• Diesel


• Gas


• Hydropower


• Nuclear


• Solar


• Wind

Synchronous Generator Market Power Range Outlook

• Below 1,000 kVA


• 1,000-5,000 kVA


• 5,000-10,000 kVA


• Above 10,000 kVA

Synchronous Generator Market Voltage Level Outlook

• Low Voltage (Below 1 kV)


• Medium Voltage (1-33 kV)


• High Voltage (Above 33 kV)

Synchronous Generator Market Cooling Type Outlook

• Air-Cooled


• Hydrogen-Cooled


• Water-Cooled

Synchronous Generator Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa