Synchronous Generator Market worth $5.9 Billion by 2028 - Exclusive Report by MarketsandMarketstm
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 MarketsandMarketstm. 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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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
- In Nov 2022, ABB secured its first order from COSCO Shipping, China's largest shipping company, for in-line permanent magnet shaft generator systems.
- In Nov 2022, Menzel Elektromotoren supplies complete rotary converter sets for test fields, with motors and generators from its own production, as well as frequency converters, transformers, all accessories, controls, and software being programmed in-house.
- In Oct 2022, WEG installed a state-of-the-art gearless wind turbine generator at the cost of INR 88 crore at Vadalivilai, which is close to the advantageous Aralvaimozhi Pass.
- In Apr 2022, ABB introduced latest in-line shaft generator from ABB will enable ship operators to benefit from the efficiency, performance, and reliability advantages of permanent magnet technology. The new generator brings flexibility and ease of installation to a wide range of vessels, including bulk carriers, container carriers, liquid natural gas tankers, and ferries transporting passengers and cars.
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