Global Turbine Generator Market Overview
As per MRFR analysis, the Turbine Generator Market Size was estimated at 13.93 (USD Billion) in 2022.The Turbine Generator Market Industry is expected to grow from 14.8(USD Billion) in 2023 to 25.6 (USD Billion) by 2032. The Turbine Generator Market CAGR (growth rate) is expected to be around 6.28% during the forecast period (2024 - 2032).
Key Turbine Generator Market Trends Highlighted
Key market drivers for turbine generators include rising global power demand, increasing investments in renewable energy, and advancements in technology. Opportunities for future growth lie in the development of high-efficiency turbines, the integration of renewable energy sources, and advances in digitalization and remote monitoring.Recent trends in the turbine generator market include a growing emphasis on environmental sustainability, with manufacturers focusing on reducing emissions and improving efficiency. The industry is also witnessing a shift towards modular turbine designs that offer greater flexibility and cost-effectiveness. Additionally, there is a growing adoption of digital technologies for remote monitoring and predictive maintenance, enabling operators to optimize turbine performance and reduce operating costs.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Turbine Generator Market Drivers
Increasing Demand for Electricity
One of the factors contributing to the growth of the turbine generator market is the growing demand for electricity on a global scale. In simple terms, with population growth, the demand for energy resources as a whole becomes higher. Turbine generators are no exception, as they are needed to create any sort of electricity. Another serious driving force is the growing popularity of renewable energy sources. Both solar and wind power demand turbine generators to obtain electricity from the energy sources mentioned.
Stringent Environmental Regulations
Stringent environmental regulations are another major driver of the Turbine Generator Market. Governments around the world are increasingly implementing regulations to reduce emissions from power plants. Turbine generators are essential for generating electricity, and they can be designed to meet the most stringent environmental regulations. As environmental regulations become more stringent, the demand for turbine generators that can meet these regulations is also increasing.
Advancements in Technology
Advancements in technology are also driving the growth of the Turbine Generator Market. Turbine generators are becoming more efficient and reliable, and they are also becoming more affordable. These advancements are making turbine generators a more attractive option for power plants around the world. In addition, the development of new technologies, such as carbon capture and storage, is also driving the demand for turbine generators. These technologies can help to reduce emissions from power plants, and they are becoming more affordable.
Turbine Generator Market Segment Insights
Turbine Generator Market Fuel Type Insights
The Turbine Generator Market segmentation on the basis of Fuel Type includes Steam Turbine Generators, Gas Turbine Generators, Hydro Turbine Generators, Wind Turbine Generators, and Solar Turbine Generators. Among them, the Steam Turbine Generators segment accounted for the largest share of the market in 2023, and it is expected to continue dominating the market for the next few years. The growth of this segment can be attributed to the increasing demand for electricity through large thermal power plants.
Gas Turbine Generators are anticipated to witness substantial as the steam turbine-driven generators have high carbon emissions. The adoption of Hydro Turbine Generators will also take place during this period as it is one of the renewable sources of energy. Wind Turbine Generators and Solar Turbine Generators are also expected to grow during this period as the government initiative and support will increase along with technological development.
The Turbine Generator Market size for Steam Turbine Generators is estimated to reach USD 10.2 billion by 2032, growing at a CAGR of 5.8%. Gas Turbine Generators are anticipated to have a market size of USD 7.6 billion by 2032, growing at a CAGR of 6.5%.Hydro Turbine Generators are expected to reach a size of USD 4.8 billion by 2032, growing at a CAGR of 6.2%. Wind Turbine Generators are expected to have a size of USD 2.2 billion by 2032, growing at a CAGR of 5.9%. Solar Turbine Generators are anticipated to reach the size of USD 0.8 billion by 2032, growing at a CAGR of 6.1%.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Turbine Generator Market Capacity Insights
The Turbine Generator Market segmentation by capacity includes Below 100 MW, 100-500 MW, 500-1000 MW, and Above 1000 MW. Among these, the 100-500 MW segment is expected to hold the largest market share, accounting for over 40% of the global revenue in 2023. This growth can be attributed to the increasing demand for electricity from both developed and developing countries, as well as the rising popularity of renewable energy sources such as wind and solar power, which require turbines to convert their energy into electricity. Additionally, the 500-1000 MW segment is also expected to witness significant growth over the forecast period, owing to the rising demand for larger and more efficient power plants.
Turbine Generator Market Application Insights
The Turbine Generator Market is segmented by application into power generation, oil and gas, mining, manufacturing, and water and wastewater treatment. The power generation segment accounted for the largest share of the market in 2023 and is expected to continue to dominate the market over the forecast period. The growing demand for electricity from developing countries is driving the growth of this segment. The oil and gas segment is also expected to witness significant growth over the forecast period due to the increasing demand for energy from the oil and gas industry.The mining, manufacturing, and water and wastewater treatment segments are also expected to grow at a steady pace over the forecast period. In 2023, the power generation segment held a market share of around 60%, while the oil and gas segment accounted for 20%. The remaining 20% was distributed among the mining, manufacturing, and water and wastewater treatment segments.
By 2032, the power generation segment is projected to reach a market valuation of USD 18.9 billion, while the oil and gas segment is expected to reach USD 6.5 billion. The mining, manufacturing, and water and wastewater treatment segments are anticipated to exhibit moderate growth, collectively accounting for a market size of USD 3.8 billion by 2032.
Turbine Generator Market Regional Insights
The Turbine Generator Market is segmented into North America, Europe, APAC, South America, and MEA. North America accounted for the largest share of the market in 2023 and is projected to continue to lead the market through 2032. The growth in this region is attributed to the increasing demand for electricity from renewable sources, such as wind and solar power.
Europe is the second-largest market for turbine generators and is expected to witness significant growth over the next decade. The growth in this region is driven by the increasing adoption of distributed generation and the need to replace aging coal-fired power plants.APAC is the third-largest market for turbine generators and is expected to grow at a rapid pace over the next decade. The growth in this region is driven by the increasing demand for electricity from emerging economies, such as China and India.
South America and MEA are expected to witness moderate growth over the next decade. The growth in these regions is driven by the increasing demand for electricity from remote areas and the need to replace aging infrastructure.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Turbine Generator Market Key Players and Competitive Insights
Major players in the Turbine Generator Market industry are facing intense competition due to the presence of leading Turbine Generator Market players. The Turbine Generator Market development is driven by technological advancements and increasing demand for efficient power generation solutions.
Leading Turbine Generator Market players are focusing on expanding their product portfolio, enhancing their manufacturing capabilities, and strengthening their distribution networks to maintain their competitive advantage. They are also investing heavily in research and development to innovate new products and technologies that meet the evolving needs of customers.General Electric (GE) is a leading company in the Turbine Generator Market and offers a wide range of turbine generators, including steam turbines, gas turbines, and wind turbines. GE has a strong global presence and is known for its advanced technology, reliability, and efficiency. The company has a strong focus on customer service and provides comprehensive support to its clients. GE has a long history of innovation and has been instrumental in the development of new technologies for the power generation industry.Mitsubishi Hitachi Power Systems (MHPS) is another key competitor in the Turbine Generator Market. MHPS is a joint venture between Mitsubishi Heavy Industries and Hitachi. The company offers a range of turbine generators, including steam turbines, gas turbines, and combined cycle power plants. MHPS has a strong presence in Asia and is known for its high-quality products and reliable performance. The company is focused on providing innovative solutions to meet the growing demand for efficient power generation.
Key Companies in the Turbine Generator Market Include
- Alstom
- Doosan Heavy Industries Construction
- Mitsubishi Heavy Industries
- Hyundai Heavy Industries
- IHI Corporation
- Siemens Energy
- General Electric
- Toshiba Energy Systems Solutions
- Ansaldo Energia
- Kawasaki Heavy Industries
- Shanghai Electric
- Harbin Electric
- Bharat Heavy Electricals
- Power Machines
- Hitachi Energy
Turbine Generator Market Industry Developments
The Turbine Generator Market is projected to reach a valuation of USD 25.6 billion by 2032, exhibiting a CAGR of 6.28% during the forecast period of 2024-2032. The market growth is primarily attributed to the increasing demand for electricity, coupled with the rising adoption of renewable energy sources such as solar and wind power. The surging investments in infrastructure development and the need for reliable and efficient power generation are further propelling the market expansion. Technological advancements, such as the development of high-efficiency turbines and generators, are also contributing to the growth of the Turbine Generator Market.
Turbine Generator Market Segmentation Insights
- Turbine Generator Market Fuel Type Outlook
- Steam Turbine Generators
- Gas Turbine Generators
- Hydro Turbine Generators
- Wind Turbine Generators
- Solar Turbine Generators
- Turbine Generator Market Capacity Outlook
- Below 100 MW
- 100-500 MW
- 500-1000 MW
- Above 1000 MW
- Turbine Generator Market Application Outlook
- Power Generation
- Oil and Gas
- Mining
- Manufacturing
- Water and Wastewater Treatment
| Report Attribute/Metric |
Details |
| Market Size 2022 |
13.93(USD Billion) |
| Market Size 2023 |
14.8(USD Billion) |
| Market Size 2032 |
25.6(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.28% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Alstom, Doosan Heavy Industries Construction, Mitsubishi Heavy Industries, Hyundai Heavy Industries, IHI Corporation, Siemens Energy, General Electric, Toshiba Energy Systems Solutions, Ansaldo Energia, Kawasaki Heavy Industries, Shanghai Electric, Harbin Electric, Bharat Heavy Electricals, Power Machines, Hitachi Energy |
| Segments Covered |
Fuel Type, Capacity, Application, Regional |
| Key Market Opportunities |
Increasing demand for renewable energy Technological advancements Growing industrialization Government incentives Expansion of combined cycle power plants |
| Key Market Dynamics |
Increased demand for renewable energy Technological advancements in turbine design Shift towards modular and prefabricated turbines Growing investments in power generation infrastructure Focus on energy efficiency and environmental regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Turbine Generator Market was valued at USD 14.8 billion in 2023 and is expected to reach USD 25.6 billion by 2032, exhibiting a CAGR of 6.28% during the forecast period.
North America held the largest market share in 2023 and is expected to continue to dominate the market over the forecast period.
The key factors driving the growth of the Turbine Generator Market include the rising demand for electricity, increasing investments in renewable energy projects, and growing adoption of combined cycle power plants.
The key competitors in the Turbine Generator Market include Siemens, General Electric, Mitsubishi Heavy Industries, and Ansaldo Energia.
The Turbine Generator Market is expected to grow at a CAGR of 6.28% from 2024 to 2032.
Turbine Generators are primarily used in power plants to generate electricity. They are also used in combined cycle power plants, which combine gas and steam turbines to achieve higher efficiency.
The Turbine Generator Market faces challenges such as the high cost of manufacturing and installation, the need for skilled professionals for operation and maintenance, and the environmental regulations related to emissions.
The Turbine Generator Market offers opportunities for growth due to the increasing demand for electricity, the growing renewable energy sector, and the development of new technologies such as advanced materials and digitalization.
The key trends in the Turbine Generator Market include the increasing adoption of renewable energy sources, the growing popularity of combined cycle power plants, and the development of more efficient and environmentally friendly technologies.
The future outlook of the Turbine Generator Market is positive, driven by the increasing demand for electricity, the growing renewable energy sector, and the development of new technologies. The market is expected to continue to grow at a steady pace in the coming years.
