Synchronous Generator Market worth $5.9 Billion by 2028

Jun 07, 2023

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05 Jun, 2023, 11:30 ET

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CHICAGO, June 5, 2023 /PRNewswire/ -- Synchronous Generator Market size is estimated to be USD 4.7 billion by 2023 and is projected to reach USD 5.9 billion by 2028, at a CAGR of 4.6% according to a new report by MarketsandMarkets™. 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). It is called an alternator as it produces alternating current electricity, and a synchronous generator because it is necessarily driven at synchronous speed to generate electricity at the desired frequency.

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Browse in-depth TOC on "Synchronous Generator Market"

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Synchronous Generator Market Scope:

Report Coverage

Details

Market Size

USD 5.9 billion in 2028

Growth Rate

4.6% of CAGR

Largest Market

Asia Pacific

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2023-2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Synchronous Generator Market by Prime Mover, Speed, Power rating, End User, and Region

Geographies Covered

Asia Pacific, North America, Europe, South America, and Middle East & Africa.

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Ability of synchronous generators to provide uninterrupted and stable power supply

Key Market Drivers

Rising electricity demand and replacement of aging infrastructure

2-5 MVA segment by power rating is expected to result in the segment occupying the least market share of the synchronous generator.

The 2-5 MVA segment accounted for a share of 6.2% of the synchronous generator market in 2022. synchronous generators are medium to high power rating generators that generate electrical power in the range of 2 to 5 megavolt-amperes. These generators can effectively meet the power requirements of industrial facilities, commercial establishments, and medium-sized communities. 2–5 MVA synchronous generators are designed with maintenance and serviceability in mind, ensuring convenient upkeep, and are equipped with user-friendly access points that facilitate inspections, repairs, and component replacements, minimizing downtime and maximizing generator performance.

Gas trubines are estimated to be the fastest growing segment in the synchronous generator industry

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.

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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Key Market Players:

Major players operating in the Synchronous Generator Companies include ABB (Switzerland), WEG (Brazil), Siemens Energy (Germany), Meidensha Corporation (Japan), and Andritz (Austria).

Recent Developments

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