Synchronous Generator Market Size - By Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine), By Phase (Single Phase, Three Phase), By Application (Industrial, Utility), Power Rating & Forecast, 2023 – 2032

Synchronous Generator Market Size

Synchronous Generator Market was valued at USD 6.2 billion in 2022 and is projected to expand at more than 4.6% CAGR from 2023 to 2032. Environmental concerns and regulations continue to shape the power generation industry, which in turn will fuel the product penetration. For instance, installation of gas turbines across the Middle East witnesses a growth rate of over 5% in 2022. 
 

Increasing focus on energy efficiency is one of the primary drivers for the market, development infrastructure requires reliability and efficiency resulting in surge for these systems. Moreover, the technological advancements in the industry will result in the upward trend for the demand curve for the market. Innovations enhance the generators performance and capabilities, making them more attractive to various applications.
 

COVID– 19 Impact

The global synchronous generator market has been significantly affected by the COVID-19 pandemic. A shortage of labor, combined with potential supply chain disruptions for equipment and raw materials, has had a negative impact on international trade. Nevertheless, various government initiatives aimed at restarting operations in major industries, manufacturing facilities, and infrastructure projects have contributed to the industry's growth. Additionally, several regions have seen the implementation of large-scale power projects in response to the ongoing pandemic situation.
 

Synchronous Generator Market Trends

The need for reliable electricity in expanding power generation facilities around the globe is proven to be influential for the market. Focus on energy efficiency and sustainability along with growing concern toward stable power generation will augment the business landscape. Moreover, distributed energy resources, microgrids, and decentralized power generation are on the rise. Synchronous generators may be used in various distributed energy systems, serving as backup power sources or grid support devices in remote areas.
 

Synchronous generators are electrical machines that convert mechanical energy into electrical energy by utilizing the principle of electromagnetic induction. These devices generate alternating current (AC) electricity, which is commonly used to supply power to various electrical loads and systems. Key characteristics of synchronous generators include their ability to provide constant voltage and frequency, which is vital for maintaining the quality of electrical power in a grid. They are also known for their synchronous speed, which is directly linked to the frequency of the generated electricity.
 

Synchronous Generator Market Analysis

Based on prime mover, the gas turbine synchronous generator segment is projected to witness 4.7% growth rate up to 2032. These are known for their high efficiency and reliability, making them a preferred choice for applications requiring quick and reliable power generation. Wide scale utilization of these units across combined cycle power plants, where waste heat from the gas turbine is used to produce steam and generate additional electricity with a steam turbine. This approach improves overall efficiency and has been a key trend in the industry.
 

Based on power rating, the ≤ 5 MVA rated synchronous generator market holds a market share of over 25% in 2022. The growing trend toward electrification of various sectors, including transportation and heating will favor the industry scenario. Additionally, integration of these systems with energy storage solutions to provide reliable and flexible power supply options will escalate the business outlook.
 

Based on application, the industrial application is set to surpass USD 2.5 billion by 2032. The demand for synchronous generators is driven by the need for reliable power backup to prevent costly production interruptions, data loss, and equipment damage. Increasing applicability across manufacturing plants and large scale facilities will positively impact the industry landscape.
 

Based on phase, the ongoing infrastructure development projects including construction of new power plants, and transportation systems will drive the business growth. These systems are deployed across areas including remote mining operations, oil and gas exploration, and remote communities, stimulating the industry potential.
 

• The Europe synchronous generator industry was worth over USD 1 billion in 2022. Increasing focus on energy efficiency coupled with stringent regulations focusing on efficient products will foster the business growth.
   
• Surging industrialization in line with expansion of power generation facilities will energize the industry dynamic. Furthermore, the development of demand response programs and microgrid solutions will propel the product deployment. 
   

Synchronous Generator Market Share

The top companies place a strong emphasis on marketing strategies, technological advancements, building their brand, and attaining economies of scale as key factors to effectively compete within their industry. The key market players operating across the industry include:

• ABB
• Siemens
• Schneider Electric
• Nidec
• WEG
• ANDRITZ 
• Jeumont Electric
• Ingeteam
• CG Power & Industrial Solutions Ltd.
• TD Power Systems Limited
• MEIDENSHA CORPORATION
• MENZEL ELEKTROMOTOREN
• Ansaldo Energia
• MARELLI MOTORI
• Mecc Alte SpA 
• Elin Motoren
• Alconza 
• TMEIC
• PARTZSCH Group
• Powertec 
• EvoTec Power Generation Co., Ltd.
• IESS

Synchronous Generator Industry News

• In September 2023, WEG announced the acquisition of Regal Rexnord Corporation. This strategic move is valued at $400.0 million where they have acquired the industrial electric motors and generators operations of well-known brands such as Marathon, Cemp, and Rotor within Regal Rexnord's Industrial Systems segment. This acquisition expanded WEG's global footprint, integrating approximately 2,800 employees across ten manufacturing facilities in seven countries and commercial subsidiaries in eleven countries. The combined revenue of these acquired businesses in 2022 was around USD 2.8 billion.
   
• In June 2022, Nidec Corporation announced the introduction of SynRA. SynRA is a high-efficiency synchronous reluctance motor with an aluminum cage, marking a significant innovation. It combines the simplicity of a cage-type induction motor with the efficiency of a synchronous reluctance motor. With an IE5 certification, SynRA is poised to offer improved performance while remaining cost-effective.
   

This synchronous generator market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD” from 2019 to 2032, for the following segments:

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Market, By Prime Mover

• Gas Turbine
• Steam Turbine
• Reciprocating Engine
• Others

Market, By Phase

• Single Phase
• Three Phase

Market, By Power Rating

• ≤ 5 MVA
• > 5 MVA - 15 MVA
• > 15 MVA - 30 MVA
• > 30 MVA - 50 MVA
• > 50 MVA

Market, By Application

• Industrial
• Utility

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • New Zealand
  • Malaysia
  • Indonesia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
  • South Africa
  • Nigeria
  • Turkey
  • Jordan
• Latin America
  • Brazil
  • Peru
  • Chile
  • Argentina