Turbine Generator Market

ID: MRFR/E&P/24700-HCR

100 Pages

Chitranshi Jaiswal

September 2025

Turbine Generator Market Research Report By Fuel Type (Steam Turbine Generators, Gas Turbine Generators, Hydro Turbine Generators, Wind Turbine Generators, Solar Turbine Generators), By Capacity (Below 100 MW, 100-500 MW, 500-1000 MW, Above 1000 MW), By Application (Power Generation, Oil and Gas, Mining, Manufacturing, Water and Wastewater Treatment) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2034

Turbine Generator Market Research Report — Global Forecast till 2034 Infographic

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Summary Table of Contents Segmentation Infographic

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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Turbine Generator Market Summary

The Global Turbine Generator Market is projected to grow from 16.7 USD Billion in 2024 to 32.7 USD Billion by 2035, indicating robust growth potential.

Key Market Trends & Highlights

Turbine Generator Key Trends and Highlights

The market is expected to experience a compound annual growth rate of 6.29 percent from 2025 to 2035.
By 2035, the market valuation is anticipated to reach 32.7 USD Billion, reflecting increasing demand for energy generation.
In 2024, the market is valued at 16.7 USD Billion, showcasing a solid foundation for future growth.
Growing adoption of renewable energy sources due to environmental concerns is a major market driver.

Turbine Generator Market

CAGR

6.29%

Market Size & Forecast

2024 Market Size	16.7 (USD Billion)
2035 Market Size	32.7 (USD Billion)
CAGR (2025-2035)	6.29%

Major Players

General Electric, Mitsubishi Hitachi Power Systems, Alstom, Doosan Heavy Industries Construction, Mitsubishi Heavy Industries, Hyundai Heavy Industries, IHI Corporation, Siemens Energy, Toshiba Energy Systems Solutions, Ansaldo Energia, Kawasaki Heavy Industries, Shanghai Electric, Harbin Electric, Bharat Heavy Electricals, Power Machines, Hitachi Energy

Turbine Generator Market Trends

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, Market Research Future Database and Analyst Review

The transition towards renewable energy sources is likely to drive substantial growth in the turbine generator market, as nations increasingly prioritize sustainable power generation.

U.S. Energy Information Administration

Turbine Generator Market Drivers

Growing Demand for Renewable Energy

The increasing global emphasis on renewable energy sources is a primary driver for the Global Turbine Generator Market Industry. Governments worldwide are implementing policies to reduce carbon emissions and promote sustainable energy solutions. For instance, the International Energy Agency indicates that renewable energy capacity is expected to grow significantly, with wind and solar power leading the charge. This shift is projected to boost the market value to 16.7 USD Billion in 2024, as more countries invest in turbine generators to harness wind energy. The transition towards cleaner energy sources is likely to sustain growth in the sector.

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, Market Research Future 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.

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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.

Turbine Generator Market Regional Insights

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

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 market include

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 2025-2034. 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.

Future Outlook

Turbine Generator Market Future Outlook

The Turbine Generator Market is projected to grow at a 6.29% CAGR from 2024 to 2035, driven by renewable energy adoption, technological advancements, and increasing energy demands.

New opportunities lie in:

Invest in advanced turbine technologies to enhance efficiency and reduce emissions.
Explore partnerships with renewable energy firms to expand market reach.
Develop smart grid solutions integrating turbine generators for optimized energy distribution.

By 2035, the Turbine Generator Market is expected to be robust, reflecting substantial growth and innovation.

Market Segmentation

Turbine Generator Market Capacity Outlook

Power Generation
Oil and Gas
Mining
Manufacturing
Water and Wastewater Treatment

Turbine Generator Market Regional Outlook

North America
Europe
South America
Asia Pacific
Middle East and Africa

Turbine Generator Market Fuel Type Outlook

Below 100 MW
100-500 MW
500-1000 MW
Above 1000 MW

Turbine Generator Market Application Outlook

North America
Europe
South America
Asia Pacific
Middle East and Africa

Report Scope

Report Attribute/Metric	Details
Market Size 2024	16.72 (USD Billion)
Market Size 2025	17.77 (USD Billion)
Market Size 2034	30.76 (USD Billion)
Compound Annual Growth Rate (CAGR)	6.28% (2025 - 2034)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year	2024
Market Forecast Period	2025 - 2034
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

FAQs

What is the market size of the Turbine Generator Market?

The Turbine Generator Market was valued at USD 16.72 billion in 2024 and is expected to reach USD 30.76 billion by 2034, exhibiting a CAGR of 6.28% during the forecast period.

Which region is expected to hold the largest market share in the Turbine Generator Market?

North America held the largest market share in 2023 and is expected to continue to dominate the market over the forecast period.

What are the key factors driving the growth of the Turbine Generator Market?

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.

Who are the key competitors in the Turbine Generator Market?

The key competitors in the Turbine Generator Market include Siemens, General Electric, Mitsubishi Heavy Industries, and Ansaldo Energia.

What is the expected growth rate of the Turbine Generator Market?

The Turbine Generator Market is expected to grow at a CAGR of 6.28% from 2025 to 2034.

What are the major applications of Turbine Generators?

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.

What are the challenges faced by the Turbine Generator Market?

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.

What are the opportunities for the Turbine Generator Market?

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.

What are the key trends in the Turbine Generator Market?

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.

What is the future outlook of the Turbine Generator Market?

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.

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