Market Size of Europe Turbo Generator Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Turbo Generator Market Analysis
The European turbo generator market is expected to grow at a CAGR of over 3.5% during the forecast period.
COVID-19 negatively impacted the market in 2020. Currently. The market has reached pre-pandemic levels.
- Over the medium term, increasing energy demand in Europe which increased the number of power plants, is expected to drive the turbo generator market during the forecast period. Moreover, the major factors driving the turbo generator market are the inherent advantages that turbo generators provide, the ability to be connected directly to the electrical generator, and the resulting lower operating costs.
- On the other hand, the challenges are that countries such as Germany and France are moving toward clean energy, with the increased installation of renewable power capacity to achieve social, economic, and environmental development, which, in turn, is expected to restrain the growth of the market studied.
- Nevertheless, the expansion of energy-intensive industries preferring gas as a fuel over coal and other energy resources in Spain and Germany is expected to provide a significant opportunity for the turbo generator market.
- Germany was expected to be the leading market for turbo generators in the European region in 2021, owing to rapid industrialization and a significant increase in gas-fired power plant projects during the forecast period.
