The Turbine and Turbine Generator Set Units Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Turbine and Turbine Generator Set Units Market?
The market size for turbine and turbine generator set units has seen significant expansion in recent years. The market was valued at $229.24 billion in 2024 and is projected to reach $252.04 billion in 2025, growing at a compound annual growth rate (CAGR) of 9.9%.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Turbine and Turbine Generator Set Units Industry?
By 2029, the market size for turbine and turbine generator set units is projected to reach $356.53 billion, growing at a compound annual growth rate (CAGR) of 9.1%.
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What are the Key Growth Drivers Fueling the Turbine and Turbine Generator Set Units Market?
The key drivers in the turbine and turbine generator set units market are:
• Renewable energy transition and decentralized power generation
• Government incentives for clean energy
• Grid modernization and smart energy systems
• Urbanization and increased power consumption
Global Market Segmentation: Identifying Major Turbine and Turbine Generator Set Units Industry Segments
The turbine and turbine generator set units market covered in this report 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
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What are the Emerging Trends Shaping the Future of the Turbine and Turbine Generator Set Units Market?
The key trends in the turbine and turbine generator set units market are:
• Modular and compact turbine designs are becoming increasingly popular in the market.
• There is a growing focus on the development of evolving materials and coating technologies.
• The emphasis on predictive maintenance and condition monitoring is a significant emerging trend.
• There is an ongoing trend for global expansion of turbine manufacturing and the development of small-scale and micro turbines.
Who Are the Top Competitors & Leading Players in the Turbine and Turbine Generator Set Units Market?
Major companies in the turbine and turbine generator set units market are:
• Mitsubishi Heavy Industries Ltd.
• Aksa Power Generation Corp.
• Caterpillar Inc.
• Cummins Inc.
• Doosan Corporation
• Kohler Co.
• Wärtsilä Corporation
• Generac Power Systems Inc.
• Harbin Electric Company Limited
• Bharat Heavy Electricals Limited
• Siemens AG
• General Electric Company
• Toshiba Corporation
• Dongfang Electric Corporation Limited
• Ansaldo Energia SpA
• Kawasaki Heavy Industries Ltd.
• Alstom SA
• Hitachi Ltd.
• Nanjing Turbine & Electric Machinery Co. Ltd.
• OPRA Turbines BV
• MAN Energy Solutions SE
• Shanghai Electric Group Company Limited
• Yanmar Co. Ltd.
• Vestas Wind Systems A/S
• Goldwind Science & Technology Co. Ltd.
• Baker Hughes Co.
• Nordex SE
Regional Dominance: Which Area Leads the Global Template Market?
Asia-Pacific was the largest region in the turbine and turbine generator set units market in 2024
