Synchronous Generator Market to Grow with a CAGR of 5.01% through 2028
Increasing demand for electricity from renewable
energy sources and Growing demand for power in developing countries are likely to
drive market in the forecast period, 2024-2028.
According to TechSci Research report, “Synchronous
Generator Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Synchronous Generator
Market stood at USD 8.71 billion in 2022 and is anticipated to grow with a CAGR
of 5.01% in the forecast period, 2023-2028. One
of the key drivers of the global synchronous generator market is the
ever-increasing demand for electricity and the need for infrastructure
development to meet this demand. Rapid industrialization, urbanization, and
population growth are driving up the global consumption of electricity. This
surge in demand necessitates the expansion and modernization of power
generation infrastructure, including the installation of synchronous
generators. In emerging economies and developing regions, where economic growth
is particularly robust, there is a substantial need for new power plants, both
conventional and renewable, to cater to the growing energy needs. Synchronous
generators are vital components of these power plants, playing a central role
in converting mechanical energy into electrical energy. They are used in a wide
range of power generation technologies, including gas turbines, steam turbines,
and hydroelectric generators, making them indispensable for meeting the
escalating energy requirements.
The global push towards cleaner and more
sustainable energy sources, including wind, solar, and hydropower, is a
significant driver for the synchronous generator market. As countries strive to
reduce their carbon footprint and combat climate change, there is a growing
emphasis on renewable energy generation. Synchronous generators play a crucial
role in renewable energy systems by converting the mechanical energy produced
by sources like wind turbines and hydroelectric plants into electrical power. Wind
turbines, in particular, rely on synchronous generators to convert the
rotational energy from wind into electricity. The increasing deployment of wind
farms and the construction of larger and more powerful wind turbines drive the
demand for synchronous generators in this sector. Additionally, the expansion
of hydropower projects worldwide contributes to the adoption of synchronous
generators for hydroelectric generation. Government incentives, subsidies, and
renewable energy targets further incentivize the adoption of renewable energy
technologies, thereby propelling the demand for synchronous generators in these
applications. As the transition to renewable energy sources accelerates, the
synchronous generator market continues to benefit from this global shift
towards cleaner and more sustainable power generation methods.
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The Global Synchronous Generator Market is segmented
into prime mover, speed, power rating, end user and region. Based on its prime
mover, The Gas Turbine
segment is projected to experience rapid growth during the forecast period. Gas
turbines are widely used in power generation applications, both for base-load
and peaking power plants. They operate on the Brayton cycle, using compressed
air and fuel combustion to drive a turbine and generate mechanical power.
Synchronous generators are an integral part of gas turbine power plants, as
they convert the mechanical power produced by the gas turbine into electrical
power. This combination of gas turbines and synchronous generators is commonly
found in natural gas power plants and provides a reliable and efficient method
of electricity generation. One of the notable developments in the power
generation industry is the use of combined cycle power plants, which
incorporate both gas turbines and steam turbines. In such plants, the gas
turbine generates electricity directly, and the waste heat is captured to
produce steam, which drives a steam turbine connected to another synchronous
generator. This combined cycle configuration significantly improves overall
plant efficiency. Synchronous generators play a vital role in these systems by
converting the mechanical energy from both the gas and steam turbines into
electrical power. Gas turbines, particularly aeroderivative gas turbines, are
used in industrial and commercial facilities to provide onsite power
generation. These facilities, such as manufacturing plants, hospitals, data
centers, and universities, rely on gas turbines to meet their electricity and thermal
energy needs. Synchronous generators are paired with gas turbines to ensure a
stable and reliable power supply.
Based on power rating, the 2-5 MVA segment emerged as
the dominant player in the global market for synchronous generator in 2022. The
2-5 MVA synchronous generator segment is characterized by its suitability for
medium-sized power generation applications. This power rating range is often
employed in various sectors, including manufacturing, commercial facilities,
and smaller utility-scale power plants. The growing demand for reliable power
sources in these applications drives the market for 2-5 MVA synchronous
generators. Industries such as manufacturing, petrochemicals, and mining
require consistent and stable power sources to support their operations. The
2-5 MVA synchronous generators are well-suited for providing backup or prime
power to industrial facilities. They offer the necessary capacity to run
critical machinery and systems, ensuring uninterrupted production processes.
Commercial buildings, data centers, hospitals, and institutional facilities
demand reliable power sources to maintain essential services and operations.
Major companies operating in Global Synchronous
Generator Market are:
- ABB Ltd
- Siemens Gamesa Renewable Energy S.A.,
- GE Renewable Energy
- Mitsubishi Heavy Industries, Ltd.
- Andritz AG
- Bharat Heavy Electricals Limited
- Hitachi Energy Ltd.
- Suzlon Energy Limited
- Wood Group PLC
- GE Power Conversion
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“The Global synchronous generator market is expected
to rise in the upcoming years and register a significant CAGR during the
forecast period. Synchronous generators are used in renewable energy
applications, such as solar and wind power, to convert the intermittent power
generated by these sources into a steady stream of electricity. The increasing
demand for electricity from renewable energy sources is driving the growth of
the synchronous generator market.
Developing
countries are experiencing rapid economic growth, which is leading to an
increase in demand for power. Synchronous generators are used in power plants
to generate electricity, and the growing demand for power in developing
countries is driving the growth of the synchronous generator market.
Additionally, Governments and private companies are investing in infrastructure
projects, such as roads, railways, and airports. Synchronous generators are
used in these projects to power the machinery and equipment. The rising
investments in infrastructure are driving the growth of the synchronous
generator market. Therefore, the market of synchronous generator is expected to
boost in the upcoming years..,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Synchronous Generator Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, Segmented
By Prime Mover (Steam Turbine and Gas Turbine), By
Speed (1,500 RPM and 3,000 RPM), By Power Rating (2-5 MVA, 10-20 MVA, 20-30
MVA, & 30-50 MVA), By End User (Hospitals, Data Centers, Telecommunications
Networks, Residential and Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Synchronous Generator Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Synchronous Generator Market.
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