The synchronous generator industry refers to the industry sector focused on the production, sales, and services of synchronous generators. These generators are electrical machines that convert mechanical energy into electrical energy and operate at a constant speed regardless of the load. They are widely used in various applications, including power generation, industrial processes, marine propulsion, and backup power systems.
According to a new market research report, the synchronous generator industry is expected to grow from an estimated USD 4.7 billion in 2023 to USD 5.9 billion by 2028, at a CAGR of 4.6% during the forecast period.
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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.
By Prime Mover
- Steam Turbine
- Gas Turbine
- Others
By End User
- Renewable Power Generation
- Oil & Gas
- Conventional Power Generation
- Industrial Manufacturing
- Others
Gas turbines: is to be the fastest growing market
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 accounted for a 44.4% share with a market size worth USD 2,037.2 million in 2022. The Asia Pacific synchronous generator industry, 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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Market Size Estimation
- The bottom-up approach has been used to estimate and validate the size of the synchronous generator market.
- In this approach, the synchronous generator production statistics for each product type have been considered at a country and regional level.
- Extensive secondary and primary research has been carried out to understand the global market scenario for various synchronous generator.
- Several primary interviews have been conducted with key opinion leaders related to synchronous generator system development, including key OEMs and Tier I suppliers.
- Qualitative aspects such as market drivers, restraints, opportunities, and challenges have been taken into consideration while calculating and forecasting the market size.
