The synchronous generator market is estimated to be USD 4.7 billion in 2023 to USD 5.9 billion by 2028, at a CAGR of 4.6% during the forecast period. The factors that drive the market growth include growing electricity demand and rising global energy consumption, Increase oil and gas demand, need for reliable and uninterrupted power supply.
The synchronous generator market is dominated by a few globally established players such as ABB (Switzerland), WEG (Brazil), Siemens Energy (Germany), Meidensha Corporation (Japan), and Andritz (Austria). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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ABB (Switzerland) held the majority of the synchronous generator market share in 2022. ABB offers a wide range of products and services in various industries, allowing it to cater to diverse customers with different needs. This enables ABB to maintain a strong market position and compete effectively in the synchronous generator market. ABB strongly focuses on innovation and technology and invests heavily in research and development.
Siemens Energy followed in the second place with extremely huge portfolio. The company also has global operations and generates the remaining revenue from the Middle East, Asia Pacific, South America, North America, and Africa. Furthermore, the company’s dominant presence in Europe and the global synchronous generator market is expected to contribute to the revenue growth of ABB.
Andritz is considered to have the third largest share in the synchronous generator market. Their synchronous generators are known for their high efficiency, reliability, and versatility. With a wide range of products, Andritz offers generators tailored to various applications, including hydroelectric power plants, thermal power plants, and industrial processes. The company's expertise in advanced technologies, innovative designs, and extensive experience in the power generation industry have established Andritz as a trusted provider of synchronous generators worldwide.
Meidensha Corporation is considered to have the forth largest share in the synchronous generator market. The company's generators are known for their robust construction, high-performance components, and superior control systems, ensuring stable and efficient power generation. Meidensha's commitment to innovation, quality, and customer satisfaction has established them as a trusted provider of generators, catering to the evolving needs of the global energy market. By investing heavily in research and development and leveraging its experience installing thousands of synchronous generators worldwide.
Another important player in synchronous generators market is WEG. WEG’s engineering capabilities allow it to provide solutions that meet each customer’s specific needs. WEG has a strong engineering team that can design and develop customized solutions for its customers. WEG has a strong manufacturing infrastructure that enables it to produce high-quality products efficiently. The company’s manufacturing facilities are equipped with advanced technologies and are designed to meet international standards.
Synchronous Generator Market by Prime Mover (Steam turbine, Gas turbines), Speed ( 1,500 RPM, 3,000 RPM), Power Rating (2-5 MVA, 5-10 MVA, 10-20 MVA, 20-30 MVA, & 30-50 MVA), End User (Renewable Power Generation) & Region - Global Forecast to 2028
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