Power is an essential requirement for facilitating sustainable growth all across the world. Many nations have initiated the establishment of power plants so as to serve the rising demand for energy. Transparency Market Research has recently published a report on turbo generators which produce power, titled “Turbo Generator Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
The report sets out by defining turbo generators as turbines which are attached to electric generators for the production of electricity, so that they can serve as supplementary power units. Turbo generators are utilized in generator starters and isolated networks as well. They are also a standby and a source of emergency power supply. It states that turbo generators are used to generate energy, in place of fossil fuels. This is the key factor fueling the demand in turbo generator market. Besides, advancement in technology, leading to decline in cost of manufacturing, is also proving to be a boon for the market. Government subsidies and environment regulations on less polluting means of generating power is bolstering the market as well
Increased production expenses is one of the major factors that is likely to hamper the growth of turbo generator market. In addition, high maintenance cost of the products is further dampening uptake. As a result production of energy is still largely dependent on fossil fuels for example, oil and gas and coal since it is way cheaper. Moreover, during the installation of turbo generators the safety of the crew also needs to be considered and taken care of. This is another risky factor pulling back the market growth.
The turbo generator market is segmented on the basis of application, type, and region. On the basis of type, the turbo generator market is categorized into steam turbine turbo generator, gas turbine turbo generator, and water turbine turbo generator. Gas turbine turbo generator is considered among the smallest range of turbo generators. The main reason behind using gas turbine turbo generators is it burns the gaseous fuel efficiently. Steam turbine turbo generators are comparatively bigger in size than the gas turbo generators.
As per geography, the nations in Asia Pacific for example China, India, Japan, and Singapore are attractive markets for turbo generators owing to increase in industrialization and urbanization in these nations. Moreover, nations in Europe for example Germany, the U.K., and France have experienced an increased demand for turbo generators owing to eco-friendly energy regulations mandated by these governments. Besides, demand for turbo generators is rising noticeably in North America region as an alternative source of energy production of oil and gas. Government has been offering subsidies on them to limit pollution in the environment.
Request to view Sample Report:
BHEL, Mitsubishi Hitachi Power Systems, General Electric, Inc., Suzlon Energy Ltd., and Siemens AG are some of the key players dominating the global turbo generators market.