Turbine and Turbine Generator Set Units Global Market Report 2024

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 observed in the historical period can be attributed to several factors, including the rising demand for energy and the necessity for power generation, increased industrialization leading to infrastructure development, the influence of government policies and regulations concerning energy, global economic expansion and increased investments in energy infrastructure, as well as the utilization of natural resources and the diversification of the 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 anticipated growth in the forecast period is expected to stem from various factors, notably the transition towards renewable energy sources and the rise of decentralized power generation, governmental incentives promoting clean energy initiatives, efforts towards grid modernization and the implementation of smart energy systems, urbanization leading to heightened power consumption, and increased focus on resilience planning and emergency power supply solutions. Key trends projected for the forecast period encompass the emergence of modular and compact turbine designs, advancements in materials and coating technologies enhancing turbine efficiency, a heightened emphasis on predictive maintenance and condition monitoring to optimize turbine performance, the global expansion of turbine manufacturing, and the development of small-scale and micro turbines catering to specific energy needs.

The upsurge in the demand for power is playing a pivotal role in propelling the growth of the turbine and turbine generator set units market. Power demand is intricately linked to the amount of electricity consumed at any given time, with higher demand reflecting increased electricity utilization. Turbines and turbine generator sets play a crucial role in meeting this demand by converting the energy from fluids such as water or steam into electricity. Notably, a report from the International Energy Agency (IEA) in January 2022 highlighted a 6% increase in global energy demand in 2021. Projections from the same report anticipate an average annual growth of 2.7% in electricity demand for the years 2022-2024. Consequently, the escalating demand for power emerges as a key driver for the growth of the turbine and turbine generator set units market.

The continuous rise in electricity demand is expected to further fuel the expansion of the turbine and turbine generator set units market. Electricity demand, indicating the quantity of electrical power required within a specific area or timeframe, drives the need for power generation equipment. As demand for electricity increases, so does the necessity for turbines and turbine generator sets. ExxonMobil notes a global expectation of a 1.8% annual increase in electricity demand, with electricity projected to account for nearly 50% of the sector by 2050, accompanied by a decline in traditional biomass, coal, and oil demand. In India, for instance, government data revealed a double-digit growth of 13.6% in power consumption to 112.81 billion units in November 2022 compared to the same period the previous year. This surge in electricity demand is poised to boost the growth of the turbine and turbine generator set units market throughout the forecast period.

Product innovations emerge as a key trend gaining traction in the turbine and turbine generator set units market, with major companies dedicating efforts to develop groundbreaking products to enhance their market standing. Siemens Gamesa, a leading Germany-based engineering company specializing in offshore and onshore wind turbines and services, exemplifies this trend. In September 2021, Siemens Gamesa introduced the RecyclableBlade, hailed as the world's first wind turbine blade designed for recyclability at the end of its lifecycle. The innovative technology allows for the separation of materials in the blade, facilitating recycling into other applications and marking a significant stride toward sustainability. This development aligns with Siemens Gamesa's ambitious goal of achieving complete turbine recyclability by 2040.

Major players in the turbine and turbine generator set units market are placing a strong emphasis on the development of innovative products to enhance capacity. The introduction of new products plays a pivotal role in advancing a company's offerings in the market. An illustrative example is ReNew Power, the largest renewable energy company in India by operational capacity. In January 2022, ReNew Power installed India's first-ever 3x platform Wind Turbine Generators (WTG) in Gadag, Karnataka. With a nameplate capacity ranging from 3.3 to 3.465 MW and standing at heights of 128-140 meters, these WTGs represent a significant improvement in capacity compared to models previously installed in India. This installation is part of the country's pioneering 'Round The Clock' renewable energy project, integrating wind, solar, and a Battery Energy Storage System (BESS). The project aims to generate enough energy to power over 1 million households in India annually, showcasing the impact of innovative products on improving capacity in the turbine and turbine generator set units market.

In March 2021, the UK-based compressor and industrial machinery manufacturing company, Howden, successfully acquired Peter Brotherhood for an undisclosed amount. This strategic acquisition served to enhance Howden's capacity in delivering environmental and energy technology solutions to its clients. The integration of Peter Brotherhood into Howden's portfolio particularly bolstered the steam turbine product line, providing expanded options with multi-stage and larger-scale technological offerings. Peter Brotherhood, the UK-based manufacturer specializing in steam turbines and turbine generator sets, brought valuable expertise and product capabilities to Howden through this acquisition.

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.

Asia-Pacific was the largest region in the turbine and turbine generator set units market in 2023. Asia-Pacific is expected to be the turbine and turbine generator set units market report fastest-growing region in the forecast period. The regions covered in the turbine and turbine generator set units market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the turbine and turbine generator set units market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Various types of turbines and turbine generator set units exist, including hydro, steam, gas-based, wind, and nuclear, which come in different capacities categorized as below 75 kVA, 75-350 kVA, and above 350 kVA. Hydro turbines specifically function within hydroelectric power plants, converting the energy derived from moving water into electricity by means of a rotating shaft. These turbines serve various purposes such as standby backup power, providing prime or continuous power, and peak shaving power. They cater to a wide range of end-users, including residential, commercial, and industrial applications.

The turbine and turbine generator set units market research report is one of a series of new reports that provides turbine and turbine generator set units market statistics, including turbine and turbine generator set units industry global market size, regional shares, competitors with a turbine and turbine generator set units market share, detailed turbine and turbine generator set units market segments, market trends and opportunities, and any further data you may need to thrive in the turbine and turbine generator set units industry. This turbine and turbine generator set units market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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