A synchronous generator, also called an AC generator or alternator, is an electromechanical energy conversion device that converts mechanical energy from sources such as engines and turbines into electrical energy in the form of alternating current (AC).
According to a new market research report, the synchronous generator market is estimated to be USD 4.7 billion in 2023 to USD 5.9 billion by 2028, at a CAGR of 4.6% during the forecast period. The factors that drive the market growth include growing electricity demand and rising global energy consumption, Increase oil and gas demand, need for reliable and uninterrupted power supply.
The synchronous generator market is dominated by a few globally established players such as ABB (Switzerland), WEG (Brazil), Siemens Energy (Germany), Meidensha Corporation (Japan), and Andritz (Austria). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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This research report categorizes the synchronous generator market based on Prime Mover, Speed, Power rating, End User, and region.
By Speed
- 1,500 RPM
- 3,000 RPM
By Prime Mover
- Steam Turbine
- Gas Turbine
- Others
By Power Rating
- 2-5 MVA
- 5-10 MVA
- 10-20 MVA
- 20-30 MVA
- 30-50 MVA
By End User
- Renewable Power Generation
- Oil & Gas
- Conventional Power Generation
- Industrial Manufacturing
- Others
By Region
- North America
- Asia Pacific
- South America
- Europe
- Middle East & Africa
Gas turbines are estimated to be the fastest growing market
Based on the prime mover segment of synchronous generator systems, gas turbine synchronous generators have fast start-up time than other generators, enabling them to respond rapidly to fluctuations in power demand. They can run on different fuels such as natural gas, diesel, and kerosene, hence providing flexibility in fuel choice.
Due to their compact and lightweight design, gas turbine generators are well-suited for applications where space is limited.
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Asia Pacific likely to emerge as the largest synchronous generator market
Asia Pacific accounted for a 44.4% share with a market size worth USD 2,037.2 million in 2022. The Asia Pacific synchronous generator market, by country, has been segmented into the China, India, Japan, Australia, South Korea, and and Rest of Asia Pacific.
In the region, Natural gas is being used as one of the primary energy source as it is much cleaner for environment, and thus power generation is experiencing significant development opportunities for gas turbines synchronous generator. Natural gas plants are likely to dominate this market’s growth during the forecast period due to increased usage of natural gas for power generation across the region, especially in India and China.
A new thermal plant is under study, which uses thorium as the primary fuel. The progress in this field can lead to a renaissance in thermal power plants as thorium creates much less waste, is cheaper, and is more abundant than uranium.
This, in turn, is expected to create significant opportunities for synchronous generator manufacturers to tap into this new market.
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