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Synchronous Generator Market Trends

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

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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.

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.