Dublin, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The "Synchronous Generator Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The Global Synchronous Generator Market is forecast to exhibit significant growth, displaying resilience with a steady CAGR of 5.01% between 2023 and 2028. This progression is anchored by the burgeoning demand for reliable electricity and the surge in power generation capacity worldwide.
Key Growth Factors
The market is primarily propelled by the increasing integration of power generation capacities to meet the escalating global energy demand. With economies expanding and the push for sustainable energy solutions, synchronous generators are finding substantial application in both conventional and renewable power plants, essential for maintaining grid stability and consistency.
The substantial stride towards renewable energy adoption, especially in wind and hydropower, has further catalyzed the market. Synchronous generators integral to these green technologies are indispensable for energy system reliability and align with global emission reduction initiatives.
Market Segmentation Insights
The 2-5 MVA range category, suitable for an array of medium-sized power applications, has notably established market dominance. This segment fulfills the critical demand for steady power in diverse industries, including manufacturing and commercial enterprises. Furthermore, the surge in regional infrastructure development, particularly in the Asia Pacific region, is augmenting the need for synchronous generators for both primary and backup power generation.
Parallelly, the Gas Turbine segment is accelerating, with its usage in natural gas power plants and peaking power infrastructures. The integration of gas turbines with synchronous generators in combined cycle power plants underscores an efficiency enhancement, further driving market growth.
Regional Market Performance
The Asia Pacific has surfaced as the market leader, attributed to the spike in electricity demand and investments in renewable energy, with China at the forefront of market expansion. North America, led by the USA, and Europe, with Germany as a key contributor, follow closely, powered by their increasing energy needs and integration of solar and wind resources.
Competitive Landscape and Market Challenges
Despite the flourishing growth trajectory, the market faces challenges, particularly with the integration of variable renewable sources and the adaptation to sophisticated non-synchronous technologies. Nevertheless, ongoing technological advancements and government policies supportive of renewable energy incentives offer a counterbalance, nurturing market resilience.
With the keen competitive landscape, the report provides an elaborate analysis of key market players and their strategic roles in shaping the synchronous generator landscape.
The Global Synchronous Generator Market stands at the cusp of transformation, with its potential tapped through regional expansion, technology integration, and a powerful impetus from renewable energy advancements. The detailed market segmentation and regional insights lay out a roadmap for stakeholders to navigate this dynamic market landscape.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $8.71 billion |
| Forecasted Market Value (USD) by 2028 | $11.78 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
Report Scope:
In this report, the Global Synchronous Generator Market has been segmented into the following categories:
Synchronous Generator Market, By Prime Mover:
- Steam Turbine
- Gas Turbine
Synchronous Generator Market, By Speed:
- 1,500 RPM
- 3,000 RPM
Synchronous Generator Market, By Power Rating:
- 2-5 MVA
- 10-20 MVA
- 20-30 MVA
- 30-50 MVA
Synchronous Generator Market, By End User:
- Hospitals,
- Data Centers
- Telecommunications Networks,
- Residential
- Others
Companies Profiled:
- ABB
- Siemens Gamesa Renewable Energy
- GE Renewable Energy
- Mitsubishi Heavy Industries
- Andritz
- Bharat Heavy Electricals
- Hitachi Energy
- Suzlon Energy
- Wood Group
- GE Power Conversion
For more information about this report visit https://www.researchandmarkets.com/r/39jeu2
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