Turbine and Turbine Generator Set Units Global Market Report 2024 - By Growth, Share, Trends, Outlook By 2033

The turbine and turbine generator set units market size has grown rapidly in recent years. It will grow from $213.96 billion in 2023 to $235.54 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to energy demand and power generation needs, industrialization and infrastructure development, government policies and energy regulations, global economic growth and investments, natural resource utilization and energy mix.

The turbine and turbine generator set units market size is expected to see strong growth in the next few years. It will grow to $336.42 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to renewable energy transition and decentralized power generation, government incentives for clean energy, grid modernization and smart energy systems, urbanization and increased power consumption, resilience planning and emergency power supply.. Major trends in the forecast period include modular and compact turbine designs, evolving materials and coating technologies, emphasis on predictive maintenance and condition monitoring, global expansion of turbine manufacturing, development of small-scale and micro turbines.

Market Overview -
A turbine refers to a machine in which the rotation of a bladed rotor transforms the kinetic energy of a moving fluid into mechanical energy. Turbine generator set units refer to the combination of a turbine and generator, which turns the turbine's mechanical energy into electricity.

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Power Demand Surge Propels Growth In Turbine And Turbine Generator Set Units Market
The surge in demand for power is significantly contributing to the growth of the turbine and turbine generator set units market going forward. The amount of power used at any particular time determines the demand for it. The greater the demand, the more electricity individuals are utilizing at any given time. Turbines and turbine generator sets are used to generate electricity by converting the energy of fluids like water or steam into electricity. For instance, in January 2022, according to a report released by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization that provides analysis and data on the global energy sector, global energy demand increased by 6 percent in 2021. The report predicted an average annual increase in electricity demand of 2.7% for the years 2022-2024. Therefore, the surge in demand for power is driving the growth of the turbine and turbine generator set units market.

Competitive Landscape -
Major companies operating in the turbine and turbine generator set units market report are Mitsubishi Heavy Industries Ltd., Aksa Power Generation Corp., Briggs & Stratton Corporation, Caterpillar Inc., Cummins Inc., Doosan Corporation, Kohler Co., Wärtsilä Corporation, Generac Power Systems Inc., Harbin Electric Company Limited, Bharat Heavy Electricals Limited, Siemens AG, General Electric Company, Toshiba Corporation, Dongfang Electric Corporation Limited, Wacker Neuson SE, Gamesa Corporación Tecnológica SA, Senvion SA, Ansaldo Energia SpA, Kawasaki Heavy Industries Ltd., Alstom SA, Hitachi Ltd., Nanjing Turbine & Electric Machinery Co. Ltd., OPRA Turbines BV, MAN Energy Solutions SE, Shanghai Electric Group Company Limited, Yanmar Co. Ltd., Vestas Wind Systems A/S, Goldwind Science & Technology Co. Ltd., Baker Hughes Co., Nordex SE.

Innovative Strides Propel Turbine And Turbine Generator Set Units Market Trends
Product innovations are the key trends gaining popularity in the turbine and turbine generator set units market. Major companies operating in the turbine and turbine generator set units market are focusing on developing innovative products to sustain their position in the market. For instance, in September 2021, Siemens Gamesa, a Germany-based engineering company that provides offshore and onshore wind turbines and services, launched the RecyclableBlade, the world's first wind turbine blade that can be recycled at the end of its lifecycle. With this technology, it is possible to separate the materials in the blade at the end of its lifespan, enabling recycling into other applications and defining the next sustainability milestone. This development is an important milestone in Siemens Gamesa's ambitious plan to make turbines completely recyclable by 2040.

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Key Segments -
The turbine and turbine generator set units market covered in this report is segmented -
1) By Product: Hydro, Steam, Gas-based, Wind, Nuclear
2) By Capacity: Below 75 kVA, 75-350 kVA, Above 350 kVA
3) By Application: Standby Backup Power, Prime Or Continuous Power, Peak Shaving Power
4) By End-User: Residential, Commercial, Industrial

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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