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Synchronous Generator Market Trends

Report ID: GMI7300
Published Date: Nov 2023
Report Format: PDF

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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 volta

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market valuation of synchronous generator was worth USD 6.2 billion in 2022 and is expected to cross USD 9.7 billion by 2032, due to the increasing focus on energy efficiency, environmental concerns, and regulations worldwide.

Gas turbine synchronous generator industry is expected to register 4.7% CAGR from 2023 to 2032 due to their high efficiency and reliability in applications requiring quick and reliable power generation.

European market for synchronous generator was reached USD 1 billion in 2022 and is expected to witness commendable CAGR from 2023 to 2032, owing to the increasing focus on energy efficiency coupled with stringent regulations focusing on efficient products in the region.

ABB, Siemens, Schneider Electric, Nidec, WEG, ANDRITZ, Jeumont Electric, Ingeteam, and CG Power & Industrial Solutions Ltd. are some of the major synchronous generator companies worldwide.