Synchronous Generator Market Size - By Prime Mover, By Phase, By Power Rating, By Application, Growth Forecast, 2025 - 2034

Synchronous Generator Market Size

The global synchronous generator market was estimated at USD 6.8 billion in 2024. The market is expected to grow from USD 7.2 billion in 2025 to USD 11 billion in 2034, at a CAGR of 4.9%.
 

• The growing focus on energy efficiency coupled with rising demand for dependable and high-performance infrastructure will drive the industry outlook. Expansion in renewable energy sectors in tandem with advancement in insulation materials will augment the business landscape.
   
• Synchronous generators play a critical role in modern power systems by efficiently converting mechanical energy into electrical energy through electromagnetic induction. These machines generate alternating current, which is essential for powering a wide range of electrical infrastructure. Their ability to maintain stable voltage and frequency ensures consistent power quality, making them indispensable for grid reliability.
   
• For citation, in 2024, global energy investment exceeded USD 3 trillion, with USD 2 trillion directed toward clean energy infrastructure. Driven by significant growth in renewables, grid enhancements, and energy efficiency, this shift highlights a strong commitment to sustainability and long-term decarbonization.
   
• The synchronous generator market was valued at USD 5.8 billion in 2019 and grew at a CAGR of approximately 3% through 2024. Innovations in materials, design, and control systems are making synchronous generators more efficient and reliable, which in turn will enhance the product deployment.
   
• Asia Pacific synchronous generator market will grow on account of supportive government policies and a growing emphasis on energy efficiency. Ongoing technological advancements, including improved control systems and enhanced efficiency features, are making these generators more adaptable to modern energy infrastructure needs.
   
• Environmental concerns and regulatory pressures are pushing industry toward cleaner energy solutions. Additionally, smart generators equipped with IoT capabilities are gaining traction, allowing for remote monitoring, predictive maintenance, and better energy management features that will enhance the product adoption.
   
• For instance, the Federal Energy Regulatory Commission reported a 12% rise in annual utility spending on electricity generation and distribution, increasing from USD 287 billion in 2003 to USD 320 billion in 2023. This upward trend highlights sustained investment in grid modernization, infrastructure enhancement, and long-term energy reliability across the U.S. utility sector.
   
• Rising frequency of power outages and infrastructure modernization projects coupled with growing needs for peak load management systems will amplify the business scenario. Moreover, the use of these units has significantly evolved, transitioning from a simple backup power source to a critical component across a wide range of applications.
   

Synchronous Generator Market Trends

• Global investments in power generation infrastructure are accelerating, driven by rising electricity demand, decarbonization goals, and aging grid systems. These developments are creating strong demand for synchronous generators, which offer grid stability, reactive power support, and high operational reliability essential features for large-scale power plants and utility-grade installations.
   
• Utilities are upgrading legacy systems with advanced generators that can handle dynamic load conditions and support frequency regulation. These machines are also being deployed in hybrid energy setups, where they complement intermittent sources like wind and solar by maintaining voltage consistency.
   
• For instance, in 2023, utility-scale generators in the U.S. produced approximately 4,178 billion kilowatt-hours of electricity, according to the Energy Information Administration. Additionally, small-scale solar photovoltaic systems contributed an estimated 73.62 billion kWh, reflecting continued growth in decentralized renewable generation.
   
• Rising electricity consumption across industrial sectors is placing immense pressure on existing power infrastructure. Urbanization, digitalization, and economic development are pushing utilities and governments to expand generation capacity. Moreover, electrification of transport, manufacturing, and heating systems will proliferate the synchronous generator market dynamics.
   
• Increasing demand for electricity in remote and underserved regions is prompting governments and private entities to invest in decentralized power generation. Their durability and performance under heavy loads make them a preferred choice for powering critical machinery and maintaining operational efficiency.
   
• For illustration, per capita electricity consumption in India increased significantly, rising by 45.8% from 957 kWh in 2013–14 to 1,395 kWh in 2023–24. This sharp growth reflects rising residential demand, industrial activity & expanded electrification across rural and urban areas. The trend underscores India’s accelerating energy requirements in line with economic development.
   
• Expansion of renewable energy projects worldwide is reshaping the dynamics of power generation and grid management. Wind farms, solar parks, and hydroelectric facilities are being developed at unprecedented scales to meet climate goals. Their contribution to balancing supply and demand, especially during peak load periods, or sudden drops in renewable output will sway the synchronous generator market landscape.
   
• Technological advancements are enabling synchronous generators to work more efficiently alongside renewable assets. In regions with aggressive decarbonization targets, these machines are being deployed in conjunction with energy storage systems and smart grid technologies.
   
• For instance, Canada allocated approximately USD 362.1 million under the Smart Renewables and Electrification Pathways (SREPs) Utility Support Stream to accelerate the development of clean energy infrastructure. As part of the broader USD 2.1 billion commitment outlined in the 2023 budget, the initiative backed projects in renewable energy, storage, and grid modernization to enhance electricity system reliability and resilience.
   

Synchronous Generator Market Analysis

• Based on power rating, the industry is segmented into ≤ 5 MVA, > 5 MVA - 15 MVA, > 15 MVA - 30 MVA, > 30 MVA - 50 MVA, > 50 MVA. The > 50 MVA segment dominated the market accounting for around 29.2% share in 2024 and is expected to grow at a CAGR of over 4.5% through 2034.
   
• The synchronous generator rated > 50 MVA are witnessing steady demand across large-scale industrial and utility sectors due to their capability to support high-capacity power generation and grid stability. These machines are increasingly deployed in thermal power plants, hydroelectric stations & large renewable hybrid systems where consistent voltage and frequency regulation are critical.
   
• For instance, U.S. manufacturing witnessed an unprecedented 60% surge in investment in 2023, marking the most significant industrial expansion in nearly three-quarters of a century. This growth reflects strong confidence in domestic production capabilities, driven by reshoring initiatives, advanced manufacturing technologies, and strategic policy support.
   
• The ≤ 5 MVA rated synchronous generator market will project at a CAGR of 5% through 2034. These ratings are gaining traction in distributed energy systems, backup power applications, and localized industrial setups. Innovations including smart control systems, remote monitoring capabilities, and improved cooling mechanisms will elevate the product demand.
   
• The > 5 MVA - 15 MVA synchronous generator segment is witnessing steady demand, mid-scale industrial operations, commercial complexes, and captive power plants that require reliable and efficient energy solutions. Moreover, these generators offer a balance between high output and manageable footprint which will amplify the synchronous generator market growth.
   
• For instance, in March 2022, GE Hydro Solutions signed a service agreement with HYDRO Exploitation SA to refurbish two 120 MVA vertical synchronous generators at Switzerland’s 340 MW Bitsch hydropower plant, operated for Electra-Massa SA. The project aims to extend the plant’s operational life beyond 2048 while enhancing efficiency and reliability.
   
• The > 15 MVA - 30 MVA segment addresses the operational needs of mid-tier power stations and energy-intensive industrial zones that require dependable generation capacity without scaling to utility-grade levels. Their design allows for efficient performance in both continuous and standby modes, making them suitable for facilities with fluctuating energy profiles.
   
• The > 30 MVA - 50 MVA synchronous generator segment is set to exceed USD 2.5 billion by 2034. The growing adoption of captive generating stations by industrial enterprises to secure reliable and cost-effective electricity supply is fostering the business scenario.
   

• Based on prime mover, the synchronous generator market is segmented into gas turbine, steam turbine, reciprocating engine and others. The reciprocating engine segment holds 40.6% market share in 2024 with over 4.5% CAGR till 2034. These generators are recognized for delivering stable power output and offering simplified maintenance protocols, making them a reliable choice for various operational environments.
   
• Gas turbine segment was estimated at USD 1.7 billion in 2024. These systems are widely adopted in combining cycle power plants, industrial cogeneration facilities, and peaking power stations owing to their ability to deliver high power density and operational flexibility.
   
• For instance, the U.S. Department of Energy awarded a USD 6 million grant under its Methane Emissions Reduction Program to support the deployment of Hyliion’s KARNO generators. Backed by a total of USD 8.4 million in combined funding, the project will install up to 2 MW of fuel-agnostic generators with oil and gas partners.
   
• The steam turbine synchronous generator market is witnessing growth, driven by increasing investments in thermal power generation and waste-to-energy facilities. Additionally, advancements in turbine design, improved steam cycle efficiency, and integration with digital control systems are enhancing operational performance and lifecycle economics.
   

• The U.S. dominated the synchronous generator market in North America with around 68.2% share in 2024 and generated USD 814.8 million in revenue. Improved load management and lifecycle energy optimization in line with increasing localized production hubs will foster the business growth.
   
• The North America synchronous generator market is projected to surge over USD 1.6 billion by 2034. The inability of existing electrical grids to accommodate rising demand coupled with the impact of recent severe hurricane events will significantly accelerate industry growth. Moreover, the implementation of diverse state-level policies encouraging the adoption of these units.
   
• For instance, in 2025, investments in the U.S. energy manufacturing sector are projected to surpass USD 230 billion, facilitating the establishment or expansion of over 920 production facilities. These capital commitments are set to bolster domestic supply chains and accelerate the shift toward a more sustainable and resilient energy infrastructure.
   
• The Europe synchronous generator market was evaluated at USD 1.2 billion in 2024. The market is undergoing significant transformation, fueled by escalating concerns over energy security, the deterioration of aging grid infrastructure, and increasing reliance on backup power across multiple industries.
   
• The Asia Pacific synchronous generator holds a market share of 37.5% in 2024. Surging industrialization along with the ongoing expansion of power generation infrastructure are set to enhance the market momentum. Furthermore, the advancement of demand response initiatives and deployment of microgrid solutions will elevate the business landscape.
   
• For instance, in December 2024, the European Bank for Reconstruction and Development (EBRD) introduced its Infrastructure Sector Strategy 2025–2029, targeting critical infrastructure needs across its regions of operation. The strategy prioritizes investments aligned with the Paris Agreement, reinforcing the bank’s commitment to sustainable, climate-resilient infrastructure development.
   
• The China holds the large market share in the region driven by rapid industrial expansion, large-scale infrastructure development, and substantial investments in power generation capacity. The country’s focus on energy security, modernization of grid systems, and deployment of high-efficiency generation technologies continues to reinforce its dominant market position.
   
• The Middle East & Africa synchronous generator market is set to reach over USD 1.5 billion by 2034. Competitive pricing strategies and diversification of product lines in conjunction with increased public private partnerships between manufacturers will escalate the region dynamics.
   
• The Latin America synchronous generator industry is set to grow at a rate of over 5% from 2025 to 2034. The region’s push toward energy reliability and modernization of aging infrastructure is encouraging the deployment of medium and high-capacity generator sets.
   
• For instance, Energy investments in the Middle East are projected to reach approximately USD 175 billion in 2024, reflecting the region’s strategic focus on expanding power generation capacity, modernizing infrastructure, and supporting energy transition initiatives. This surge in capital deployment underscores growing opportunities across conventional and renewable energy segments.
   

Synchronous Generator Market Share

• The top 5 companies in the synchronous generator industry are ABB, Siemens Energy, GE Vernova, Andritz and WEG contribute around 40% of the market share in 2024.
   
• The synchronous generator industry exhibits moderate to high market concentration, characterized by the presence of several global leaders alongside specialized regional manufacturers. The competitive landscape is shaped by technological innovation, customized product offerings, and strong after-sales service networks.
   
• Over the past 3 years, the synchronous generator market for industrial utilities has shown consistent and resilient growth, despite global economic uncertainties. By 2023, supply chain stabilization and increased emphasis on energy security and operational continuity further boosted adoption across sectors. In 2024, infrastructure expansion in emerging economies, coupled with a growing focus on grid stability and disaster preparedness, significantly boosted the deployment of synchronous generators across utility and backup power applications.
   
• Siemens Energy is recognized as one of the leaders in the synchronous generator market, offering a robust portfolio of generators known for their high efficiency, advanced engineering, and grid compatibility. The company leverages its strong global brand and extensive service network to support diverse industrial utility applications, including power plants, manufacturing facilities, and heavy industries.
   
• Its focus on innovation, digital integration, and energy reliability positions it as a preferred choice for mission-critical and large-scale synchronous generation solutions. The company has consistently invested in cutting-edge technologies that enhance generator performance, including advanced excitation systems, real-time monitoring platforms, and predictive maintenance tools.
   
• ABB’s synchronous generator units are highly regarded for critical power generation and continuous operation in industrial utility settings, often integrated with advanced control systems and remote monitoring capabilities. The company’s ongoing innovation in energy efficiency, low-emission technologies, and digital performance monitoring reinforces its reputation as a trusted brand in the power generation industry.
   
• The company’s commitment to sustainability and innovation is reflected in its efforts to reduce emissions, optimize fuel usage, and support grid stability through smart synchronization capabilities. Moreover, With a global footprint and a strong service network, ABB provides end-to-end support from design and commissioning to lifecycle management making it a trusted partner for industrial utilities seeking long-term, high-performance power generation solutions.
   

Synchronous Generator Market Companies

• Schneider Electric reported revenues of USD 41.2 billion in 2024, reinforcing its position as a global leader in energy management and automation. The company’s strategic investments in digital technologies and sustainability initiatives have been key drivers of growth across its industrial business segments. By integrating smart solutions and promoting energy-efficient practices, Schneider Electric continues to strengthen its market presence.
   
• Siemens Energy reported total revenues of USD 40.5 billion in 2024, underscoring its strong position in the global energy sector. The company achieved a gross profit of USD 5.3 billion, reflecting solid operational performance across its business units. Additionally, Siemens Energy invested USD 1.4 billion in research and development, reinforcing its commitment to innovation, energy transition, and the development of advanced technologies for sustainable and reliable power solutions.
   
• ABB reported consolidated revenues of USD 32.9 billion in 2024, operating through four core business segments: electrification, motion, process automation, and robotics & discrete automation. The electrification segment emerged as one of the leading contributors, generating USD 15.4 billion in revenue marking a 6.2% year-over-year increase.
   

Major players operating in the synchronous generator market are:

• ABB
• Alconza
• ANDRITZ
• Ansaldo Energia
• CG Power & Industrial Solutions
• Elin Motoren
• EvoTec Power Generation
• GE Vernova
• Ingeteam
• Jeumont Electric
• Koncar
• Marelli Motori
• Mecc Alte
• Meidensha Corporation
• MENZEL ELEKTROMOTOREN
• Nidec
• PARTZSCH Group
• POWERTEC GENERATOR SYSTEM
• Schneider Electric
• Siemens Energy
• TD Power Systems
• TMEIC
• WEG
• Wolong Electric Group
   

Synchronous Generator Market News

• In July 2024, ABB launched a modular 20 MW-class synchronous generator aimed at supporting grid stability during the energy transition. Designed for peak shaving, intermediate, or continuous baseload operation, it offers enhanced flexibility to meet diverse power demands. The system can integrate flywheels to increase inertia, addressing stringent grid code challenges. Moreover, an upgraded cooling mechanism also improves operational efficiency and performance.
   
• In June 2024, Marelli Motori introduced the MJH900LA8 synchronous generator, setting a new standard for efficiency and power density in power generation. Engineered for applications such as CHP and hydro, the generator features an advanced cooling system and modular design to enhance performance and simplify maintenance. Its standardized components offer high reliability and serviceability, meeting the evolving demands of modern power-gen environments.
   
• In December 2023, Koncar secured a contract for the design, manufacturing, and testing of a compact vertical synchronous generator for Japan’s Chidori SHPP, in partnership with an Austrian turbine manufacturer. The 2,800 kVA generator, rated at 6,600 V and 428.6 rpm, is customized to meet specific site and transport constraints. Delivery is planned by the end of 2024, with commissioning set for mid-2025.
   
• In March 2023, Meidensha Corporation completed development of a next-generation Power Conditioning System (PCS) optimized for lithium-ion battery applications, with a focus on grid stability and renewable integration. Central to this innovation is a new model featuring a Virtual Synchronous Generator (VSG) function, scheduled for launch in fiscal year 2025. Developed in collaboration with TEPCO Power Grid, Inc., the VSG functionality emulates the inertia of traditional synchronous generators, enhancing grid flexibility and resilience in systems with high penetration of renewable energy.
   

The synchronous generator market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2025 to 2034, for the following segments:

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 countries:

• 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