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Synchronous Generator Market Size

Report ID: GMI7300
Published Date: Jun 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Synchronous Generator Market Size in 2023:	USD 6.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.7%
2032 Value Projection:	USD 9.7 Billion
Historical Data for:	2021 - 2023
No. of Pages:	140
Tables, Charts & Figures:	65
Segments covered:	Prime Mover, Phase, Power Rating, Application & Region
Growth Drivers:	Increasing energy demand Surging investments toward expansion of power generation facilities Robust growth of industrial sector Large scale renewable integration prospects
Pitfalls & Challenges:	High initial cost Availability of other alternatives

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of synchronous generator was worth USD 6.4 billion in 2023 and is projected to expand at 4.7% CAGR from 2024 to 2032, led by the growing emphasis on energy efficiency along with increasing demand for reliable and efficient infrastructure development.

The reciprocating engine prime mover segment in the synchronous generator industry is projected to surpass USD 3 billion by 2032, on account of the surging demand for reliable and efficient power solutions.

The single-phase segment in the synchronous generator industry is estimated to grow at over 4% CAGR between 2024 and 2032, led by the increasing integration of captive generating stations to meet the electricity needs of industrial establishments.

Asia Pacific synchronous generator market is estimated to surpass USD 2.8 billion by 2032, driven by the heightened emphasis on energy efficiency and stringent regulations mandating the use of efficient products.