Turbo generator is a mechanical device used to generate electricity. It is basically a turbine connected to electric generator which converts mechanical energy into electrical energy. Turbo generator is available in different size and shape according residential requirement, also manufacturers make them available as per industrial requirement.
Growing need for electricity in developing countries from industrial sector is a major factor driving growth of the global turbo generator market. In addition, turbo generator is considered as a standby and emergency source of power, this resulted in increasing adoption of turbo generator from various industries such as manufacturing, hospitals, etc., which is another factor expected to drive growth of the global turbo generator market.
High production cost is a major factor restraining growth of the global turbo generator market. In addition, high maintenance cost of turbo generator, use of fossil fuel to run generators which add extra cost into its operation are other factors expected to challenge growth of the global turbo generator market.
Technological advancement such as cost effective turbo generators is expected to create new opportunities to market players operating in global turbo generator market over the forecast period.
The global turbo generator market is segmented on the basis of product type, application, and region. On the basis of region, the global turbo generator market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle east & Africa.
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North America market is a dominant player in the global turbo generator market and accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to well-developed application segment, and rise in number of end users opting use of turbo generator. Europe market accounts for the second largest revenue share contribution to the global turbo generator market followed by markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to have the fastest growth in terms of revenue, owing to increasing industrial development in emerging economies in this region.
Prominent market players operating in the global turbo generator market are General Electric, ANDRITZ, Mitsubishi Hitachi Power Systems, Ltd., TMEIC, BRUSH, Harbin Electric, Inc., NPO ELSIB OAO, Shanghai Electric Power Co Ltd., Dongfang Electric Corporation, and Ansaldo Energia.
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