Synchronous Generator Market Size & Share, by Prime Mover (Gas Turbine, Steam Turbine); Power Rating (10 to 20 MVA, 2 to 5 MVA, 20 to 30 MVA, 30 to 50 MVA, 5 to 10 MVA); End-User (Energy and Power, Manufacturing, Oil and Gas, Renewable Power Generation) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5713
  • Published Date: Feb 21, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 -2036

Synchronous Generator Market size is poised to cross USD 12 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of synchronous generator was USD 7 Billion. The reason behind the growth is due to the growing consumption of natural gas across the globe as in comparison to other fossil fuels, it is a cleaner source of energy. For instance, global natural gas consumption was estimated to be around 3 trillion cubic meters in 2022. Through 2050, it is anticipated that natural gas output will increase by over 25% while consumption will increase by more than 30% global.

The growing energy demand is believed to fuel the market growth. Mechanical energy is transformed into electrical energy by synchronous generators which can consume or produce reactive based on the excitation. For instance, global energy consumption is expected to reach over 720 million terajoules by 2040, and it is expected that the world's energy demand is expected to reach 650 quadrillion Btu in 2050, driven by population growth and increased affluence.


Synchronous Generator Market
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Synchronous Generator Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Focus on Energy Efficiency – Manufacturers have been creating industrial synchronous generators with improved efficiency in response to the increased need for energy-efficient solutions, that can generate utility-grade electricity without the need for an external power grid.
  • For instance, in power plants, synchronous generators operate at around 98% efficiency, which means only 1% of the energy is lost as waste heat.
  • Growing Marine Industry- High efficiency and dependability are provided by synchronous generators in maritime facilities and are also used to share loads and bring generators in parallel.
  • Increasing Usage as a Power Backup Source- Energy from mechanical sources can be transformed into electrical energy via a synchronous generator which is frequently employed in hospitals, data centers, telecom networks, and apartment buildings as backup power supplies.
  • Surging Demand for Electric Vehicles- A type of alternating current (AC) motor renowned for its simplicity and excellent efficiency is the Synchronous Reluctance Motor (SynRM), which is gaining a lot of attention lately and is a respectable substitute for electric and hybrid cars.

Challenges

  • Presence of Alternatives such as Renewable Energy Sources- Our climate, health, and environment all greatly benefit from renewable energy, which includes wind, solar, geothermal, hydropower, and biomass as they create less pollution, and their installations often require less maintenance compared to conventional generators, renewable energy. Moreover, noise pollution and carbon emissions are two major environmental effects of synchronous generators, as they are usually powered by common fossil fuels such as natural gas or coal.
  • Strict environmental regulations may encourage the adoption of sustainable energy technologies
  • Exorbitant initial cost compared to other generators which may limit the adoption of synchronous generator

Synchronous Generator Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~5%

Base Year Market Size (2023)

~ USD 7 Billion

Forecast Year Market Size (2036)

~ USD 12 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Synchronous Generator Segmentation

Power Rating (10 to 20 MVA, 2 to 5 MVA, 20 to 30 MVA, 30 to 50 MVA, 5 to 10 MVA)

The 5 to 10 MVA segment in the synchronous generator market is estimated to gain a robust revenue share of about 27% in the coming years. Those in the 5 to 10 MVA range are ideal for powering medium- to large-scale industrial processes, and for medium-sized grid applications where stability maintenance is crucial. Facilities such as hospitals, key infrastructure facilities, and data centers are guaranteed to have enough power reserves to continue operating during emergencies or grid disruptions owing to the use of synchronous generators with a capacity range of 5 to 10 MVA that serve as reliable backup power systems. Moreover, manufacturers' constant innovation efforts to enhance generator performance, and synchronous generators of 5 to 10 MVA are becoming more and more popular to provide a scalable answer to the rising energy demand in developing nations.

Prime Mover (Gas Turbine, Steam Turbine)

The gas turbine segment in the synchronous generator market is set to garner a notable share shortly. Custom-built synchronous generators are used in gas turbines which can start up quickly compared to other generators and are known to be more efficient. Synchronous generators deliver dependable, superior electricity as they have great efficiency in turning gas into electricity which also makes them suitable for operation with reciprocating engines, steam engines, and gas turbines that have higher thermodynamic efficiency when operating at high temperatures.

Our in-depth analysis of the global market includes the following segments:

          Prime Mover

  • Gas Turbine
  • Steam Turbine

          Power Rating

  • 10 to 20 MVA
  • 2 to 5 MVA
  • 20 to 30 MVA
  • 30 to 50 MVA
  • 5 to 10 MVA

          End-User

  • Energy and Power
  •  Manufacturing
  • Oil and Gas
  •  Renewable Power Generation

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Synchronous Generator Industry- Regional Synopsis

APAC Market Forecast

The synchronous generator market in the Asia Pacific is predicted to account for the largest share of 45% by 2036 impelled by growing urbanization. India's towns and cities have grown quickly as a result of people migrating there owing to the country's natural population expansion, migration from rural to urban areas caused by rural poverty, and unemployment. For instance, in India, more than 460 million people live in urban areas, and this figure is increasing annually by over 2%. The process of urbanization depends heavily on infrastructure development including roads, public transportation, and sewage systems. Moreover, over the next five to ten years, India plans to invest more than USD1 trillion in roads, trains, and other infrastructure.

North American Market Statistics

The North America synchronous generator market is estimated to be the second largest, during the forecast period, led by the growing power outages. Owing to an aging grid, and increasingly extreme weather, such as the snowstorm in New York, which is a result of climate change, Americans experience power outages twice a year on average. For instance, the average length of a power outage in the United States increased from over 3 hours to over seven hours between 2013 and 2021. Particularly, in the last ten years, in the US, the number of power outages has surged by more than 60%.

Research Nester
Synchronous Generator Market size
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Companies Dominating the Synchronous Generator Landscape

top-features-companies
    • ABB Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Siemens Energy
    • General Electric Company
    • Cymbet Corporation
    • Caterpillar Inc
    • WEG S.A
    • Andritz

In-the-news

In The News

  • ABB Ltd. announced the launch of the latest in-line shaft generator to enable ship operators to benefit from the permanent magnet technology and to bring flexibility and ease of installation to a wide range of vessels, including bulk carriers, container carriers, and liquid natural gas tankers.
  • Siemens Energy announced the delivery of the first-ever hybrid grid stabilization and large-scale battery storage plant to rapidly make up for frequency variations and fortify the grid's stability, can store and discharge extra renewable energy when needed, and offers a way to optimize the usage of renewable energy sources even in the absence of wind.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5713
  • Published Date: Feb 21, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing consumption of natural gas across the globe and the growing energy demand are the major factors driving the growth of the market.

The market size of synchronous generator is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2024-2036.

The major players in the market are Siemens Energy, General Electric Company, Cymbet Corporation, Caterpillar Inc, WEG S.A, Andritz, Meidensha Corporation, Ricoh Company, and others.

The 5 to 10 MVA segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
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