Research Nester’s recent market research analysis on “Synchronous Generator Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global synchronous generator market in terms of market segmentation by prime mover, power rating, end user and by region.
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Rising Focus on Energy Efficiency, Increasing Marine Industry, and Surging Demand for Electric Vehicles to Promote Global Market Share of Synchronous Generator Market
The global synchronous generator market is estimated to grow majorly on account of the increased population, industrialization, and urbanization. The synchronous generators are commonly utilized for variable-speed wind turbines. In the year 2023, there will be almost 400, 000 wind turbines all over the world. This is projected to garner remarkable growth during the forecasted period. Other than this, the rising electrification of transportation, including electric vehicles offer various market opportunities. These generators are helpful in meeting the rising demand for electric mobility and aid in making the infrastructure important for charging. It has been estimated that in the year 2023, total number of electric cars in the world will be almost 26.1 million. Hence, the rising demand for electric vehicles augments the growth of the global synchronous generator during the forecasted period. Other than this, with the rising emphasis on renewable energy sources, synchronous generators are important for maintaining the stability of the grid and facilitating the amalgamation of renewable energy sources. The rising need for sustainable energy solutions fuels the market opportunities for the global synchronous generator in the forecasted period. There has been a constant need for an uninterrupted power supply that is fueling the demand for the global synchronous generator market.
Some of the major growth factors and challenges that are associated with the growth of the global synchronous generator are:
Growth Drivers:
• The Rising Electrification of Electric Vehicle Transportation
• The Growing Need for Dependable and Effective Power Production
Challenges:
Hefty upfront expenditures for infrastructures, strict environmental regulations, and the presence of alternatives are some of the major factors anticipated to hamper the global market size of global synchronous generators.
By power rating, the global synchronous generator is segmented into 10 to 20 MVA, 2 to 5 MVA, 20 to 30 MVA, 30 to 50 MVA, and 5 to 10 MVA. Out of these, the 5 to 10 MVA segment is projected to gain a robust market share of almost 27% in the coming years. The segment 5 to 10 MVA are becoming more popular to render a scalable answer to the rising energy demand in developing nations.
By region, the Europe synchronous generator is to generate the highest revenue by the end of 2036. The rising need for effective power generation solutions is projected to propel the industry in the region. The market is moving toward improved grid stability and renewable energy sources.
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