Turbo Generator Market - Growth, Trends and Forecasts (2023 - 2028)

The Turbo Generator Market is segmented by end-user (Coal-fired Power Plant, Gas-fired Power Plant, Nuclear Power Plant, and Other End Users), Cooling Type (Air Cooled, Hydrogen Cooled, and Water-hydrogen Cooled), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers the market size and forecasts in revenue (USD billion) for all the above segments.

Turbo Generator Market Size

Turbo Generator Market  Summary
Study Period: 2019-2027
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: > 3.8 %

Major Players

Turbo Generator Market  Major Players

*Disclaimer: Major Players sorted in no particular order


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Turbo Generator Market Analysis

The Turbo Generator Market is expected to register a CAGR of over 3.8% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, increasing investment in power plants and energy demand is expected to drive the market's growth.
  • On the other hand, increased installation of renewable power capacity is expected to hamper the growth of the turbo generator market during the forecast period.
  • Nevertheless, the expansion of energy-intensive industries in African countries, such as Nigeria, Angola, and Ghana, is likely to create lucrative growth opportunities for the Turbo Generator Market in the forecast period.
  • The Asia-Pacific region dominates the market and is likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing demand for power, and the expansion of industrial infrastructure in the countries of this region, including India, China, and Japan.

Turbo Generator Industry Segmentation

A Turbo Generator is an electric generator connected to a gas or steam turbine shaft to generate electric power. The Turbo Generator Market is segmented by end-user, cooling type, and geography. By end-user, the market is segmented into the coal-fired power plant, gas-fired power plants, nuclear power plants, and other end users. As per the cooling type, the market is segmented into air-cooled, hydrogen-cooled, and water-hydrogen cooled. The report also covers the market size and forecasts for the turbo generator market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).

End User
Coal-fired Power Plant
Gas-fired Power Plant
Nuclear Power Plant
Other End Users
Cooling Type
Air Cooled
Hydrogen Cooled
Water-hydrogen Cooled
North America
South America
Middle-East and Africa

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Turbo Generator Market Trends

This section covers the major market trends shaping the Turbo Generator Market according to our research experts:

Gas-fired Power Plants to Dominate the Market

  • In 2021, the electricity generated from natural gas as fuel recorded a growth rate of 2.3% compared to 2020. Thus, with an increase in demand for a peak power source, natural gas is expected to be the significant fuel type and promulgate the number of gas-fired power plants.
  • In 2021, electricity generation from fossil-based energy sources worldwide had a combined power capacity of over 4.4 terawatts. Coal is still the most significant source of electricity generation worldwide, followed by natural gas.
  • The gas-fired power plants can be synchronized with an electricity grid within minutes. This makes it a peak-load power plant. Therefore, the increasing demand for peak power is expected to pose an increased requirement for gas-fired power plants. This, in turn, is likely to drive the market for turbo generators in the near future.
  • The major hotspots for natural gas production in North America include the Permian, Appalachian, Marcellus, and Utica reserves. The Permian and Appalachian are expected to account for 55% of the natural gas supply in North America.
  • The supply from Marcellus and Utica is expected to account for around 40% of the total natural gas supply in North America. Therefore, the rising production of natural gas is also one of the significant factors proliferating the development of gas-fired power plants.
  • On account of such developments, the segment is expected to dominate in the forecast period.
Turbo Generator Market: Installed Electricity Capacity, in Gigawatts, by Source, Global, 2021

Asia-Pacific to Witness a Significant Growth

  • Asia-Pacific is one of the fastest-growing markets for turbo generators, with consistent economic growth, growing industrialization, and improving business potential.
  • China consumes more than a quarter of the world's energy demand. Moreover, it is projected that the country's energy production will rise while consumption is also estimated to grow. The increase is much more than the global forecast energy production and consumption growth of 29% and 31%, respectively. The country is expected to lead the market for turbo generators in the long term due to its growing energy demand.
  • In February 2022, Zhejiang's eastern Chinese coastal province approved the construction of a new USD 1.10 billion coal-fired power plant with 2 gigawatts (GW) of generating capacity. The State Grid Corporation expects another 150 GW of new coal-fired power capacity to be built over the 2021-2025 period, bringing the total to 1,230 GW. 
  • In September 2022, India's Power Minister announced plans to add about 56 GW of coal-fired generation capacity by 2030 in order for the country to meet the growing demand for electricity. This is expected to boost the growth of the market studied.
  • According to Energy Information Agency, China will add more than 2.0 million bpd (barrels per day) of new capacity over the next two years (2023). For instance, the Jieyang project is expected to commence operations by end of 2022, and the Yulong project is expected to begin operations in 2023. This, inturn is expected to drive the demand for turbo generators in refineries, and further promulgating the turbo generators market during the forecast period.
  • In Asia-Pacific, China is one of the most dominant countries, and it is expected to drive the turbo generator market. Whereas, countries, such as India, Japan, China, Australia, and Malaysia, are expected to follow the trend and augment the demand for turbo generator market, during the forecast period.
Turbo Generator Market: Growth Rate by Region, 2020-2027

Turbo Generator Industry Overview

The Turbo Generator Market is moderately consolidated. Some key players in this market (in no particular order) are Siemens AG, Toshiba Corporation, General Electric Company, Mitsubishi Heavy Industries Ltd, and Andritz AG.

Turbo Generator Market Leaders

  1. Siemens AG

  2. Toshiba Corporation

  3. General Electric Company

  4. Mitsubishi Heavy Industries Ltd.

  5. Andritz AG

*Disclaimer: Major Players sorted in no particular order

Turbo Generator Market Concentration

Turbo Generator Market News

  • June 2022: Rolls-Royce announced the development of turbogenerator technology for more efficiency and a small engine for hybrid-electric use.
  •  September 2022: Hindustan Aeronautics Limited (HAL) and Honeywell jointly signed a memorandum of understanding (MoU) to manufacture high-power, high-voltage turbogenerators.

Turbo Generator Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 End User

      1. 5.1.1 Coal-fired Power Plant

      2. 5.1.2 Gas-fired Power Plant

      3. 5.1.3 Nuclear Power Plant

      4. 5.1.4 Other End Users

    2. 5.2 Cooling Type

      1. 5.2.1 Air Cooled

      2. 5.2.2 Hydrogen Cooled

      3. 5.2.3 Water-hydrogen Cooled

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 South America

      5. 5.3.5 Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Toshiba Corporation

      2. 6.3.2 General Electric Company

      3. 6.3.3 Siemens AG

      4. 6.3.4 Dongfang Electric Corporation Limited

      5. 6.3.5 Andritz AG

      6. 6.3.6 Bharat Heavy Electricals Limited

      7. 6.3.7 Harbin Electric Company Limited

      8. 6.3.8 Mitsubishi Heavy Industries Ltd

      9. 6.3.9 Ansaldo Energia SpA

      10. 6.3.10 Wartsila Oyj Abp

    4. *List Not Exhaustive

**Subject to Availability
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Turbo Generator Market Research FAQs

The Turbo Generator Market market is studied from 2019 - 2027.

The Turbo Generator Market is growing at a CAGR of >3.8% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Siemens AG, Toshiba Corporation, General Electric Company, Mitsubishi Heavy Industries Ltd., Andritz AG are the major companies operating in Turbo Generator Market.

Turbo Generator Industry Report

Statistics for the 2023 Turbo Generator market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Turbo Generator analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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