Europe Turbo Generator Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Turbo Generator Market Analysis
The European turbo generator market is expected to grow at a CAGR of over 3.5% during the forecast period.
COVID-19 negatively impacted the market in 2020. Currently. The market has reached pre-pandemic levels.
- Over the medium term, increasing energy demand in Europe which increased the number of power plants, is expected to drive the turbo generator market during the forecast period. Moreover, the major factors driving the turbo generator market are the inherent advantages that turbo generators provide, the ability to be connected directly to the electrical generator, and the resulting lower operating costs.
- On the other hand, the challenges are that countries such as Germany and France are moving toward clean energy, with the increased installation of renewable power capacity to achieve social, economic, and environmental development, which, in turn, is expected to restrain the growth of the market studied.
- Nevertheless, the expansion of energy-intensive industries preferring gas as a fuel over coal and other energy resources in Spain and Germany is expected to provide a significant opportunity for the turbo generator market.
- Germany was expected to be the leading market for turbo generators in the European region in 2021, owing to rapid industrialization and a significant increase in gas-fired power plant projects during the forecast period.
Europe Turbo Generator Market Trends
This section covers the major market trends shaping the Europe Turbo Generator Market according to our research experts:
Gas-fired Power Plants to Dominate the Market Growth
- In 2021, the electricity generation from natural gas as fuel recorded a growth rate of 4.7% in the region. Thus, with an increase in the demand for a peak power source, natural gas is expected to be the significant fuel type, thereby promulgating the number of gas-fired power plants in Europe.
- The gas-fired power plants can be synchronized with the electricity grid within minutes. This makes it a peak-load power plant. Therefore, increasing demand for peak power is expected to pose an increased requirement for gas-fired power plants. This, in turn, is likely to drive the market for turbo generators in the future.
- In 2021, Europe's electricity from natural gas amounted to 799 TWh, which was about 4.1% more than coal. In Spain, gas has almost overtaken coal as an energy source. Germany, primarily a coal and lignite consumer, has significantly used gas as a power source.
- Moreover, in countries such as the United Kingdom, Germany, and France, there has been a significant expansion due to rapid industrialization, which has increased the installation of gas-fired power plants in Europe.
- These development are expected to drive the gas-fired power plants during the forecast period.
Germany to Drive the Market Demand
- Germany is one of the largest markets for turbo generators, with consistent economic growth, growing industrialization, and improving business potential. Moreover, Germany has been investing in gas-fired power plants, in order to reduce power production from nuclear and coal-fired power plants.
- The country is one of the biggest crude oil refiners in Europe, with several upcoming projects and investments to increase refining capacity. Therefore, Germany is expected to drive the demand for turbo generators in refineries, and further promulgate the turbo generators market during the forecast period.
- Additionally, after the outbreak of the Russia-Ukraine conflict leading to a supply disruption of Russian gas, the country has reopened several coal power plants in order to maintain energy security.
- In October 2022, German Chancellor Olaf Scholz announced that Germany was reopening five power plants that burn lignite, while extending the lives of three of its nuclear power plants.
- On the other hand, increasing share of renewable energy in the electricity generation mix is epxetcd to restraint the market growth in the country. As of 2021, solar energy installed capacity stood at around 58 GW and wind energy stood at around 63.7 GW.
- Therefore, with the increased investments and upcoming projects that increase the demand of turbo-generators, Germany is expected to be the largest market during the forecast period.
Europe Turbo Generator Industry Overview
The European turbo generator market is partially fragmented. Some of the key players are (in no particular order) Siemens AG, Toshiba Corporation, General Electric Company, Mitsubishi Heavy Industries Ltd, and Andritz AG.
Europe Turbo Generator Market Leaders
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Siemens AG
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Toshiba Corporation
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General Electric Company
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Andritz AG
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Mitsubishi Heavy Industries Ltd
*Disclaimer: Major Players sorted in no particular order
Europe Turbo Generator Market News
- In December 2022, the Government of the Netherlands announced its plans to build two new nuclear power plants in Borssele by 2035. The construction of the power plants is expected to start in 2028.
- In July 2022, the United Kingdom approved a new nuclear power plant in eastern England. The new Sizewell C nuclear power station is expected to have a capacity of 3,200 MW, and the plant is expected to take 9-12 years to complete construction. The country has allotted USD 2.1 billion of funding for the project's development, with a final investment decision due by 2024.
Europe Turbo Generator Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Study Assumptions and Market Definition
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2027
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 End User
- 5.1.1 Coal-fired Power Plant
- 5.1.2 Gas-fired Power Plant
- 5.1.3 Nuclear Power Plant
- 5.1.4 Other End Users
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5.2 Geography
- 5.2.1 Germany
- 5.2.2 United Kingdom
- 5.2.3 France
- 5.2.4 Rest of Europe
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Toshiba Corporation
- 6.3.2 General Electric Company
- 6.3.3 Siemens AG
- 6.3.4 Andritz AG
- 6.3.5 Mitsubishi Heavy Industries Ltd
- 6.3.6 Ansaldo Energia SpA
- 6.3.7 Kawasaki Heavy Industries Ltd
- 6.3.8 Centrax Gas Turbines Limited
- 6.3.9 MAN Energy Solutions
- 6.3.10 Doosan Power Systems
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityEurope Turbo Generator Industry Segmentation
A turbo generator is an electric generator connected to the shaft of a steam turbine or gas turbine for electric power generation.
The Europe turbo generator market is segmented by end-user and geography. By end-user, the market is segmented into coal-fired power plants, gas-fired power plants, nuclear power plants, and other end users. The report also covers the market size and forecasts for the turbo generator market in the power sector in major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| End User | Coal-fired Power Plant |
| Gas-fired Power Plant | |
| Nuclear Power Plant | |
| Other End Users | |
| Geography | Germany |
| United Kingdom | |
| France | |
| Rest of Europe |
Europe Turbo Generator Market Research FAQs
What is the current Europe Turbo Generator Market size?
The Europe Turbo Generator Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Europe Turbo Generator Market?
Siemens AG, Toshiba Corporation, General Electric Company, Andritz AG and Mitsubishi Heavy Industries Ltd are the major companies operating in the Europe Turbo Generator Market.
What years does this Europe Turbo Generator Market cover?
The report covers the Europe Turbo Generator Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Europe Turbo Generator Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Turbo Generator Industry Report
Statistics for the 2024 Europe Turbo Generator market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Turbo Generator analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
