PUBLISHER: The Business Research Company | PRODUCT CODE: 1664774
PUBLISHER: The Business Research Company | PRODUCT CODE: 1664774
A turbine is a machine that utilizes the kinetic energy of a moving fluid, transforming it into mechanical energy through the rotation of a bladed rotor. Turbine generator set units, on the other hand, combine a turbine and generator to convert the mechanical energy produced by the turbine into electricity.
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 from The Business Research Company 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 turbine and turbine generator set units market size has grown strongly in recent years. It will grow from $229.24 billion in 2024 to $252.04 billion in 2025 at a compound annual growth rate (CAGR) of 9.9%. 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 $356.53 billion in 2029 at a compound annual growth rate (CAGR) of 9.1%. 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.
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 rising demand for electricity is projected to drive the growth of the turbine and turbine generator set units market in the future. Electricity demand refers to the amount of electrical power required or consumed in a specific location, region, or period. As the demand for electricity increases, so does the need for power generation equipment, such as turbines and turbine generator sets. The heightened demand for power significantly influences the growth of this market, as more electricity is consumed at any given time, necessitating additional power generation equipment. For instance, in January 2024, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported that global electricity demand rose by 2.2% in 2023. In 2022, electricity demand in the United States grew by 2.6%. Therefore, the increasing electricity demand is expected to enhance the growth of the turbine and turbine generator set units market during the forecast period.
Product innovations are emerging as a key trend in the turbine and turbine generator set units market. Major companies in this sector are concentrating on developing innovative products to maintain their market position. For example, EnergyAustralia, an electricity and gas retailing company based in Australia, launched the Tallawarra B Power Station, which is the country's first dual-fuel capable gas plant. This 320-MW facility, powered by GE Vernova's 9F.05 gas turbine, can operate on natural gas and is planned to transition to a 5% hydrogen blend by 2025, positioning it as a vital asset for supporting renewable energy integration and reducing carbon emissions in Australia.
Companies in the turbine and turbine generator set units market are also focused on developing innovative products like high-capacity generator set units to strengthen their market presence. High-capacity generator set units are robust, large-scale systems designed to produce substantial amounts of electrical energy, typically measured in megawatts (MW). For instance, in January 2023, ReNew Power, a leading renewable energy company in India, installed the country's first 3x platform wind turbine generators (WTG) in Gadag, Karnataka. These WTGs have a nameplate capacity ranging from 3.3 to 3.465 MW and stand 128 to 140 meters tall. They provide significantly enhanced capacity compared to previously installed models in India, which usually have a nameplate capacity of 2 to 3 MW. The new WTGs will contribute to India's first 'Round the Clock' renewable energy project, which integrates wind, solar, and a battery energy storage system (BESS), generating enough energy to power over 1 million households annually.
In July 2023, ReNew, an Indian renewable energy company, formed a partnership with Gentari to develop 5 GW of renewable capacity in India, reinforcing both companies' dedication to enhancing decarbonization efforts and progressing the renewable energy landscape in the region. This collaboration marks a significant advance towards achieving sustainability goals and addressing the increasing demand for clean energy in India. Gentari Sdn. Bhd. is a renewable energy company based in Malaysia.
Major companies operating in the turbine and turbine generator set units market include Mitsubishi Heavy Industries Ltd., Aksa Power Generation Corp., Caterpillar Inc., Cummins Inc., Doosan Corporation, Kohler Co., Wartsila Corporation, Generac Power Systems Inc., Harbin Electric Company Limited, Bharat Heavy Electricals Limited, Siemens AG, General Electric Company, Toshiba Corporation, Dongfang Electric Corporation Limited, 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 2024. 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.
The turbine and turbine generator set units market consists of sales of tower, nacelle, hub and blades, and other components. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
Turbine and Turbine Generator Set Units Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on turbine and turbine generator set units market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for turbine and turbine generator set units ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The turbine and turbine generator set units market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.