Power is an important requirement for sustainable growth all over the globe. Several countries have initiated the installation of power plants in order to cater to the increasing demand for energy. High capacity power plants are utilized for generation of electricity as an alternative to fossil fuels. Turbo generators are turbines that are connected to electric generators for the generation of electricity, and they can serve as auxiliary power units. Turbo generators are used for the distribution, conversion, production, and efficient usage of electricity worldwide.
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The turbo generator market can be segmented based on type, application, and region. A turbo generator is a major equipment that is installed in hydrocarbons fuelled power plants and other renewable plants. Turbo generators are turbine-driven generators. Based on type, the turbo generator market can be segmented into gas turbine turbo generator, steam turbine turbo generator, and water turbine turbo generator. Gas turbine turbo generator is a turbines that is considered to be the smallest class of turbo generators. The motive forces of using gas turbine turbo generators are efficient burning of gaseous fuels. Steam turbine turbo generators are much larger in size as compared to gas turbo generators. The steam is generated by using nuclear, coal, or geothermal energy. It generates high and efficient amount of electrical power. Water turbine turbo generators are considered to be traditional turbo generators, and they function on hydro power. The energy is acquired from the moving water, which is used in many hydro-electric power plants. Turbo generators could be also used as virtually hydro-electric power plants. Turbo generators also utilized in steam locomotives as a major power supplier for coach lighting and heating systems.
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The usage of turbo generators as an alternative energy source derived from fossil fuels is a major driver of the turbo generator market. Advancements and technological inventions are leading to a reduction in manufacturing costs. Environmental litigations and government subsidies are granted to curb environmental pollution. Apart from turbines, turbo generators are also used in isolated networks and generator starters. Furthermore, turbo generators are primarily used as a standby and also as an emergency source of power.
High cost of production is poised to be a major restraint of the turbo generator market. Generation of energy are still dependent on fossilized fuels such as coal and oil & gas. Safety of the crew needs to be considered during installation of turbo generators. Maintenance cost of turbo generator are high.
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In terms of region, countries in Asia Pacific such as India, China, Singapore, and Japan are emerging markets for turbo generators due to in the rapid urbanization and industrialization in these countries. Countries in Europe such as the U.K., Germany, and France have witnessed a high demand for turbo generators due to the environment-friendly energy norms imposed by these governments. Demand for turbo generators is increasing significantly in North America as an alternative energy source to oil & gas. Subsidies are offered by governments in order to curb environmental pollution. Countries in Africa and Latin America are recovering from an economic slowdown and the turbo generator market in these countries is likely to expand during the forecast period.
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Key players operating in the turbo generator market are General Electric, Inc., Mitsubishi Hitachi Power Systems, Suzlon Energy Ltd, BHEL, and Siemens AG.
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