NEWARK, Del, Nov. 27, 2023 (GLOBE NEWSWIRE) -- By 2034, the synchronous generator market is expected to increase from US$ 6.5 billion in 2024 to US$ 11 billion by 2034. The sales of synchronous generators are expected to advance at a 5.4% CAGR between 2024 and 2034.
Evolving Market Trends in Synchronous Generator Technologies
- Synchronous generators are essential parts of power generation systems, and as the need for renewable energy sources has grown, so has the demand for synchronous generators.
- Enhancing the effectiveness of power generation systems has been a persistent focus. To meet the growing demand for energy-efficient solutions, manufacturers have been developing industrial synchronous generators with higher levels of efficiency.
- Economic variables, like the expansion of the world economy, can affect the demand for synchronous generators and impact investment choices for new power generation projects.
- The digitalization and integration of smart technologies have been the trends observed in the synchronous generator industry. The connectivity of synchronous generators enables predictive maintenance, better performance, and real-time monitoring.
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Key Challenges in the Synchronous Generator Sector:
- Economic conditions and industrial activity are frequently associated with the demand for synchronous generators. The brushless synchronous generator market can be impacted by a decline in demand for electricity generation equipment brought on by economic downturns.
- Rapid technological advancements are posing a threat to the industry of traditional synchronous generators, such as the creation of energy storage solutions and alternative energy sources. Transitioning from fossil fuels to renewable energy sources could lessen the demand for traditional synchronous generators.
Regional Dynamics of the Synchronous Generator Market:
- The demand for synchronous generators is driven by a shift in North America's energy consumption toward cleaner sources and an emphasis on grid stability.
- The synchronous generator market is steadily expanding due to North America's developed energy infrastructure, which creates opportunities for upgrades and replacements.
- The United States synchronous generator industry is set to witness an absolute dollar growth of US$ 837.2 million.
- China synchronous generator sales are expected to surge at a CAGR of 6.2% until 2034.
- The market in the Asia Pacific is driven by swift industrialization and an increasing need for dependable power sources in emerging countries such as China and India.
- The industry in South Korea is to witness an absolute dollar growth of US$ 327.1 million.
- The brushless alternator market in Europe is impacted by the focus on renewable energy sources and their integration into the electrical grid.
- The European energy landscape is seeing a rise in the adoption of synchronous generators due to strict environmental regulations and the need for increased grid reliability.
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“Technological advancements and increased demand for dependable power sources contribute to dynamic market growth for synchronous generators. Infrastructure development in emerging economies propels the brushless alternator market, and the increased focus on sustainable energy solutions heightens opportunities. As robust expansion is anticipated, stakeholders are encouraged to use innovation and take advantage of changing market trends to maintain success in the face of competition.” opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
Key Takeaways
- The gas turbine segment in the prime mover category is to exhibit a CAGR of 5.1% from 2024 to 2034.
- In the power rating category, the 10 to 20 MVA segment is to exhibit a CAGR of 4.9% between 2024 and 2034.
- The United States electrical synchronous generator sales are anticipated to surge at a CAGR of 5.7% in 2024.
- The synchronous generator market size in the United Kingdom is set to be worth US$ 444.3 billion in 2024.
- China's market size is to achieve a valuation of US$ 1.8 billion by 2034.
- Japan's synchronous generator market is anticipated to hit a US$ 1.2 billion valuations by 2034.
- Japan's synchronous generator market is to exhibit a CAGR of 6.4% in 2024.
- The market size of synchronous generators in South Korea is expected to surpass a US$ 650.8 billion valuations by 2034.
Competitive Analysis
The synchronous generator industry is characterized by fierce competition, with significant players constantly developing novel approaches to improve reliability and efficiency. Technological developments, regulation alterations, and shifting consumer needs all impact the market dynamics of synchronous generators.
The synchronous generator manufacturers are working to meet industry standards and provide affordable solutions. Investing in research and development and forming strategic alliances are tactics to obtain a competitive advantage.
Prominent Synchronous Generator Manufacturers
- ABB
- WEG
- Siemens Energy
- Meidensha Corporation
- Andritz
Recent Advancements
- ABB received its first order for in-line permanent magnet shaft generator systems from COSCO Shipping, the leading shipping company in China, in November 2022.
- In November 2022, Menzel Elektromotoren provided test fields with complete rotary converter sets, including its own-produced motors and generators, frequency converters, transformers, all accessories, controls, and internally programmed software.
- At Vadalivilai, near the beneficial Aralvaimozhi Pass, WEG installed a cutting-edge gearless wind turbine generator in October 2022 for INR 88 crore.
Restraints:
However, despite the promising growth trajectory, the synchronous generator market encounters certain restraints. Challenges related to high initial investments and technological complexities pose hindrances to market penetration. Additionally, fluctuations in raw material prices might impact market stability, necessitating strategic initiatives to mitigate such challenges.
Key Segments
By Prime Mover:
- Gas Turbine
- Steam Turbine
By Power Rating:
- 10 to 20 MVA
- 2 to 5 MVA
- 20 to 30 MVA
- 30 to 50 MVA
- 5 to 10 MVA
By End User:
- Energy and Power
- Manufacturing
- Oil and Gas
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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