The Synchronous Generator Market is expected to grow during the forecast period of 2024-2028, driven by the rising demand for electricity from renewable energy sources and the increasing power needs in developing countries.

According to TechSci Research report, “Synchronous Generator Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Synchronous Generator Market stood at USD 8.71 billion in 2022 and is anticipated to grow with a CAGR of 5.01% in the forecast period, 2023-2028.  One of the key drivers of the global synchronous generator market is the ever-increasing demand for electricity and the need for infrastructure development to meet this demand. Rapid industrialization, urbanization, and population growth are driving up the global consumption of electricity.

This surge in demand necessitates the expansion and modernization of power generation infrastructure, including the installation of synchronous generators. In emerging economies and developing regions, where economic growth is particularly robust, there is a substantial need for new power plants, both conventional and renewable, to cater to the growing energy needs.

Synchronous generators are vital components of these power plants, playing a central role in converting mechanical energy into electrical energy. They are used in a wide range of power generation technologies, including gas turbines, steam turbines, and hydroelectric generators, making them indispensable for meeting the escalating energy requirements.

The global push towards cleaner and more sustainable energy sources, including wind, solar, and hydropower, is a significant driver for the synchronous generator market. As countries strive to reduce their carbon footprint and combat climate change, there is a growing emphasis on renewable energy generation. Synchronous generators play a crucial role in renewable energy systems by converting the mechanical energy produced by sources like wind turbines and hydroelectric plants into electrical power.

Wind turbines, in particular, rely on synchronous generators to convert the rotational energy from wind into electricity. The increasing deployment of wind farms and the construction of larger and more powerful wind turbines drive the demand for synchronous generators in this sector.

Additionally, the expansion of hydropower projects worldwide contributes to the adoption of synchronous generators for hydroelectric generation. Government incentives, subsidies, and renewable energy targets further incentivize the adoption of renewable energy technologies, thereby propelling the demand for synchronous generators in these applications. As the transition to renewable energy sources accelerates, the synchronous generator market continues to benefit from this global shift towards cleaner and more sustainable power generation methods. 

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The Global Synchronous Generator Market is segmented into prime mover, speed, power rating, end user and region. Based on its prime mover, The Gas Turbine segment is projected to experience rapid growth during the forecast period. Gas turbines are widely used in power generation applications, both for base-load and peaking power plants. They operate on the Brayton cycle, using compressed air and fuel combustion to drive a turbine and generate mechanical power.

Synchronous generators are an integral part of gas turbine power plants, as they convert the mechanical power produced by the gas turbine into electrical power. This combination of gas turbines and synchronous generators is commonly found in natural gas power plants and provides a reliable and efficient method of electricity generation.

One of the notable developments in the power generation industry is the use of combined cycle power plants, which incorporate both gas turbines and steam turbines. In such plants, the gas turbine generates electricity directly, and the waste heat is captured to produce steam, which drives a steam turbine connected to another synchronous generator. This combined cycle configuration significantly improves overall plant efficiency.

Synchronous generators play a vital role in these systems by converting the mechanical energy from both the gas and steam turbines into electrical power. Gas turbines, particularly aeroderivative gas turbines, are used in industrial and commercial facilities to provide onsite power generation. These facilities, such as manufacturing plants, hospitals, data centers, and universities, rely on gas turbines to meet their electricity and thermal energy needs. Synchronous generators are paired with gas turbines to ensure a stable and reliable power supply.

Based on power rating, the 2-5 MVA segment emerged as the dominant player in the global market for synchronous generator in 2022. The 2-5 MVA synchronous generator segment is characterized by its suitability for medium-sized power generation applications. This power rating range is often employed in various sectors, including manufacturing, commercial facilities, and smaller utility-scale power plants. The growing demand for reliable power sources in these applications drives the market for 2-5 MVA synchronous generators.

Industries such as manufacturing, petrochemicals, and mining require consistent and stable power sources to support their operations. The 2-5 MVA synchronous generators are well-suited for providing backup or prime power to industrial facilities. They offer the necessary capacity to run critical machinery and systems, ensuring uninterrupted production processes. Commercial buildings, data centers, hospitals, and institutional facilities demand reliable power sources to maintain essential services and operations. 

Major companies operating in Global Synchronous Generator Market are:

  • ABB Ltd
  • Siemens Gamesa Renewable Energy S.A.,
  • GE Renewable Energy
  • Mitsubishi Heavy Industries, Ltd.
  • Andritz AG
  • Bharat Heavy Electricals Limited
  • Hitachi Energy Ltd.
  • Suzlon Energy Limited
  • Wood Group PLC
  • GE Power Conversion

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“The Global synchronous generator market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. Synchronous generators are used in renewable energy applications, such as solar and wind power, to convert the intermittent power generated by these sources into a steady stream of electricity. The increasing demand for electricity from renewable energy sources is driving the growth of the synchronous generator market. 

Developing countries are experiencing rapid economic growth, which is leading to an increase in demand for power. Synchronous generators are used in power plants to generate electricity, and the growing demand for power in developing countries is driving the growth of the synchronous generator market.

Additionally, Governments and private companies are investing in infrastructure projects, such as roads, railways, and airports. Synchronous generators are used in these projects to power the machinery and equipment. The rising investments in infrastructure are driving the growth of the synchronous generator market. Therefore, the market of synchronous generator is expected to boost in the upcoming years..,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Synchronous Generator Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Prime Mover (Steam Turbine and Gas Turbine), By Speed (1,500 RPM and 3,000 RPM), By Power Rating (2-5 MVA, 10-20 MVA, 20-30 MVA, & 30-50 MVA), By End User (Hospitals, Data Centers, Telecommunications Networks, Residential and Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Synchronous Generator Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Synchronous Generator Market.

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