Global Turbine and Turbine Generator Set Units Market Competitive Landscape, Top Market Segments, And Fastest Growing Regions
6 Jul, 2023
The global turbine and turbine generator set units market size is expected to grow from $234.76 billion in 2022 to $258.44 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global turbine and turbine generator set units market size is expected to reach $367.34 billion in 2027 at a CAGR of 9.2%.
Global Turbine and Turbine Generator Set Units Market Key Driver
The spike in power consumption will considerably contribute to the future expansion of the turbine and turbine generator set units market. The demand for power is determined by the amount of power used at any one time. The greater the demand, the more electricity people use at any particular time. Turbines and turbine generator sets generate power by transforming fluid energy such as water or steam into electricity.
Get a sample of the global turbine and turbine generator set units market reportGlobal Turbine and Turbine Generator Set Units Market Segments
The global turbine and turbine generator set units market is segmented:
1) By Product: Hydro, Steam, Gas-based, Wind, Nuclear
2) By Capacity: Below 75 kVA, 75-350 kVA, Above 350 kVA
3) By Application: Standby Backup Power, Prime Or Continuous Power, Peak Shaving Power
4) By End-User: Residential, Commercial, Industrial
5) By Geography: The regions covered in the turbine and turbine generator set units market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global turbine and turbine generator set units market.
Major Turbine and Turbine Generator Set Units Industry Players
Mitsubishi Heavy Industries Ltd., Aksa Power Generation, Briggs & Stratton Corporation, Caterpillar Inc., Cummins Inc., Doosan Corporation, Kohler Company, Wärtsilä Corporation, Generac Power Systems, Harbin Electric Company Limited, Bharat Heavy Electricals Limited (BHEL), Siemens AG, General Electric Company, Toshiba Corporation, Dongfang Electric Corporation Limited, Wacker Neuson SE
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Turbine and Turbine Generator Set Units Market Overview
A turbine refers to a machine in which the rotation of a bladed rotor transforms the kinetic energy of a moving fluid into mechanical energy. Turbine generator set units refer to the combination of a turbine and generator, which turns the turbine's mechanical energy into electricity.
Turbine and Turbine Generator Set Units Global Market Report 2023 provides data on the global turbine and turbine generator set units market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The turbine and turbine generator set units market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.