Synchronous Generator Market Size - By Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine), By Phase (Single Phase, Three Phase), By Power Rating, By Application, By Regional Outlook & Forecast, 2024 – 2032

Synchronous Generator Market Size

Synchronous Generator Market was valued at USD 6.4 billion in 2023 and is anticipated to grow at a CAGR of 4.7% from 2024 to 2032. A growing emphasis on energy efficiency along with increasing demand for reliable and efficient infrastructure development is leading to a surge in demand for these systems.
 

Synchronous generators are electrical machines that transform mechanical energy into electrical energy using the principle of electromagnetic induction. These generators produce alternating current (AC) electricity, widely used to power various electrical loads and systems. A notable feature of synchronous generators is their capacity to deliver constant voltage and frequency, crucial for maintaining the quality of electrical power in a grid. Additionally, they operate at a synchronous speed directly related to the frequency of the generated electricity.
 

Synchronous Generator Market Trends

The growing demand for reliable electricity along with robust expansion of power generation facilities worldwide is significantly impacting the market. Emphasis on energy efficiency and sustainability, coupled with increasing concerns about stable power generation, will enhance the business landscape. Furthermore, the popularity of distributed energy resources, microgrids, and decentralized power generation is rising. Synchronous generators play a crucial role in various distributed energy systems, acting as backup power sources or providing grid support in remote areas.
 

Synchronous Generator Market Analysis

The reciprocating engine synchronous generator will exceed over USD 3 billion by 2032. Increasing demand for reliable and efficient power solutions across wide tandem of industries will positively sway the industry potential. These generators are known for their ability to provide consistent power output and ease of maintenance. Additionally, the rising need for backup power solutions amid frequent grid outages and the integration of renewable energy sources is further propelling the product demand.
 

The single phase synchronous generator market size will witness growth rate of over 4% through 2032. The increasing integration of captive generating stations to meet the electricity needs of industrial establishments has created a positive business environment. In addition, rising heat demand and the growing deployment of combined heat and power plants in countries with extreme climatic conditions will enhance the industry prospects. The increasing trend toward electrifying various sectors comprising of transportation and heating will fuel the product penetration.
 

Asia Pacific synchronous generator market is set to surpass USD 2.8 billion by 2032. The business growth will be driven by a heightened emphasis on energy efficiency and stringent regulations mandating the use of efficient products. The surge in industrialization along with the expansion of power generation facilities will invigorate the industry dynamics. Moreover, the development of demand response programs and microgrid solutions will accelerate the product deployment.
 

The U.S. synchronous generator market will witness an upsurge grow on account of heightened emphasis on adding capacity to combined cycle gas turbine power plants and strict government regulations promoting clean energy generation. The electrical grids inability to handle increased demand, along with recent severe hurricane events will significantly drive the industry expansion. The implementation of diverse state policies promoting the adoption of CHPs owing to their enhanced resiliency and disaster mitigation capabilities is set to positively influence the industry landscape.
 

Synchronous Generator Market Share

Elin Motoren specializes in high-quality electric motors and generators, including synchronous generators. These generators are renowned for their robust construction, efficiency, and reliability in various industrial applications. The company design to deliver optimal performance with minimal maintenance, featuring advanced technology for improved power factor correction, voltage regulation, and efficiency. They are used in power plants, renewable energy systems, and other critical power applications, where precise control and stable power supply are essential. Its commitment to innovation and quality ensures that their synchronous generators meet stringent industry standards and customer requirements, making them a preferred choice in the market.
 

Synchronous Generator Market Companies

The key industry players include:

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

Synchronous Generator Industry News

• In July 2023, in a collaborative initiative, ABB and Yaskawa Environmental Energy jointly addressed a longstanding challenge in the maritime industry, powering ship operations and amenities. For over 150 years, the industry has grappled with the issue of generating the necessary electricity. Through their concerted efforts, they launched Permanent Magnet (PM) shaft generators, incorporating neodymium magnets to optimize the magnetic field efficiently. This innovation resulted in a 2%–4% reduction in fuel consumption compared to traditional units, potentially saving up to USD 2 million in fuel costs and preventing the emissions of 5,000 tons of CO2 over a vessel's typical lifespan. Rigorously tested at their Large Drive Test Centre in Finland, the PM technology ensures both reliability and superior performance.
   
• In March 2023, Meidensha Corporation completed the development of a new Power Conditioning System (PCS) tailored for lithium-ion batteries. The company is also actively enhancing its PCS by developing a new model equipped with a Virtual Synchronous Generator (VSG) function. This innovation, planned for implementation in fiscal year 2025, addresses the evolving landscape of power grids with a high ratio of renewable energy sources. The VSG function, developed in collaboration with TEPCO Power Grid, Inc., aims to virtually equip inertia, improving the stability and flexibility of power grids amid the changing energy dynamics.
   

This synchronous generator market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 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