Portland, OR, Nov. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global turbo generator market was pegged at $10.4 billion in 2019, and is projected to reach $12.6 billion by 2027, growing at a CAGR of 3.1% from 2020 to 2027.
Rise in need of continuous & stable power supply, rapid industrialization & urbanization, and increase in number of gas power plants drive the growth of the global turbo generator market. However, development in the renewable energy sector and implementation of stringent government regulations toward environmental pollution hamper the market growth. On the contrary, surge in investment on electrification of remote & rural area open new opportunities for the market players in the future.
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Covid-19 scenario:
- The outbreak of Covid-19 resulted in a temporary ban on import-export and disrupted the supply chain.
- Since the pandemic, the demand for electricity decreased as several industries temporarily closed their manufacturing factories.
- However, the demand for electricity is increasing due to government’s declaration to resume power generation, which is expected to get the market back on track.
The global turbo generator market is segmented on the basis of type, cooling system, end user, and geography. Based on type, the market is divided into gas turbine generator, steam turbine generator, and water turbine generator. The gas turbine generator segment dominated the market in 2019, accounting for around three-fifths of the market. However, the steam turbine generator segment is expected to reach 3.3% during the forecast period.
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On the basis of cooling system, the market is categorized into air-cooled, water-cooled, and hydrogen-cooled. The air-cooled system segment held the largest share in 2019, accounting for nearly three-fifths of the market. Moreover, the segment is estimated to manifest the highest CAGR of 3.3% during the forecast period.
The global turbo generator market is analyzed across various regions such as North America, Europe, Asia-Pacific, and region. The market across Asia-Pacific held the largest share in 2019, contributing to around three-fourths of the market. In addition, the region is expected to register the highest CAGR of 3.2% during the forecast period.
The global turbo generator market report includes an in-depth analysis of the major market players such as Andritz AG, Bharat Heavy Electrical Limited, Ansaldo Energia S.p.A., Ebara Corporation, Beijing BEIZHONG Steam Turbine Generator Co., Ltd., Mitsubishi Heavy Industries, Ltd., General Electric, Suzlon Energy Ltd., Siemens AG, and Toshiba Corporation.
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