According to the report, titled, “Power Generation Equipment Market by Type (Turbine and Engines, Generators, and Others), and Application (Utility, Industrial, Commercial, and Residential): Global Opportunity Analysis and Industry Forecast, 2023-2032,” the global power generation equipment market is experiencing growth due to several factors such as surge in demand for decentralized power generation and rise in industrialization and urbanization. However, high initial costs of investment and capital intensity in power generation equipment hinder the market growth.
Moreover, the power generation equipment market is witnessing promising opportunities propelled by integration of energy storage solutions. This integration addresses several challenges in the power sector such as intermittent issues with renewable energy sources such as solar and wind power. Also, integration of energy storage with power generation equipment enables greater flexibility and responsiveness in meeting dynamic energy demands.
The turbine and engines segment
By type, the turbine and engines segment held the highest market share in 2022, accounting for less than three-fifths of the global power generation equipment market revenue and is estimated to maintain its leadership status during the forecast period.
The decentralization and digitization of power generation infrastructure drives the adoption of turbines and engines in distributed energy systems. Distributed generation such as Combined Heat and Power (CHP) plants, microgrids, and cogeneration facilities, relies on turbines and engines for onsite power generation, heating, and cooling. These distributed energy systems offer benefits such as increased energy efficiency, grid resilience, and energy independence, which drives the demand for turbines and engines in various industrial, commercial, and residential applications.
The utility segment
By application, the utility segment held the highest market share in 2022, accounting for more than two-fifths of the global power generation equipment market revenue and is estimated to dominate during the forecast period.
The transition towards cleaner and more sustainable energy sources drives the investments in utility-scale power generation equipment. Governments and global utilities are adopting renewable energy sources such as solar, wind, hydroelectric, and biomass to reduce carbon emissions and mitigate climate change.
This shift towards renewable energy necessitates the deployment of utility-scale power generation equipment tailored for these sources such as solar panels, wind turbines, hydroelectric dams, and biomass power plants.
The Asia-Pacific region
Region-wise, Asia-Pacific was the fastest growing region in terms of revenue in 2022 representing 5.18% of the CAGR. Technological advancements and innovations in power generation equipment play a pivotal role in market expansion. The Asia-Pacific region is witnessing rapid advancements in power generation technologies such as advanced gas turbines, combined cycle power plants, ultra-supercritical coal-fired power plants, and energy storage systems. These innovations are aimed at enhancing energy efficiency, reducing emissions, and ensuring grid stability, thereby catering to the evolving energy landscape of the region.
Leading Market Players
The report recognises the following players as the major ones at this time: ABB; Bharat Heavy Electricals Limited (BHEL); Caterpillar; Cummins Inc.; General Electric; Mitsubishi Heavy Industries, Ltd.; Schneider Electric; Siemens Energy; Toshiba Energy Systems & Solutions Corporation; and Wärtsilä.
For further information: https://bit.ly/3TiUwkz
