Synchronous Generator Industry Expected to Witness the Highest Growth during 2023-2028

According to a latest research, The Synchronous Generator Industry has experienced robust growth in recent years, expanding from USD 4.7 billion in 2023 to USD 5.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. A synchronous generator, also called an AC generator or alternator, is an electromechanical energy conversion device that converts mechanical energy from sources such as engines and turbines into electrical energy in the form of alternating current (AC). It is called an alternator as it produces alternating current electricity, and a synchronous generator because it is necessarily driven at synchronous speed to generate electricity at the desired frequency.

Strong Future Growth Anticipated

The Synchronous Generator Industry is projected to continue its strong growth, reaching .9 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. Synchronous generators are essential in power plants for generating electricity on a large scale as they provide grid stability, high efficiency, voltage regulations and synchronization with the grid.

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The new technological advancements in synchronous generators is virtual synchronous generators (VSGs). Virtual synchronous generators (VSGs) are software-based models of synchronous generators that can be used in power systems to provide inertia and stabilize grid frequency. VSGs use advanced control algorithms to emulate the behavior of traditional synchronous generators, which have been used for decades to provide these grid-stabilizing services. However, VSGs are not physical machines and do not require physical components like rotors or stators. Instead, they can be implemented in power converters connected to renewable energy sources, such as wind turbines and solar panels, enabling these sources to contribute to grid stability in a way that was previously only possible with traditional synchronous generators

Growth Driver Of The Synchronous Generator Industry

The renewable energy segment by end user is expected to be the fastest growing segment of the synchronous generator market. Synchronous generators are widely used in hydroelectric power plants. Water turbines, driven by the force of flowing water or falling water, are coupled to synchronous generators to produce electricity. This setup is commonly used in large-scale hydroelectric projects. They are also frequently employed in wind turbines to convert the mechanical energy from the wind into electrical energy. Synchronous generators offer advantages in renewable power generation, such as stable frequency output, grid synchronization capability, and the ability to provide reactive power for grid stability.

The gas turbine segment by prime mover is projected to be the fastest growing segment of the synchronous generator industry. Gas turbine synchronous generators are known for their high efficiency in converting fuel energy into electricity. They can achieve higher thermal efficiencies compared to other types of generators, such as steam turbines. Gas turbine generators have relatively lower emissions compared to conventional coal-fired power plants. Modern gas turbines employ advanced combustion technologies, such as lean-burn and dry low NOx (DLN) systems, which significantly reduce nitrogen oxide (NOx) emissions.

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The 1,500 RPM segment by speed is projected to be the fastest growing segment of the synchronous generators market. Synchronous generators operating at 1,500 rpm are well-suited for low-speed prime movers such as slow-speed diesel engines or certain types of industrial turbines. These generators can be directly coupled with such prime movers without the need for additional gearing or speed control mechanisms, simplifying the system design and reducing maintenance requirements. Their smaller size and reduced weight result in lower material and manufacturing costs. Additionally, the use of low-speed prime movers, which are often more cost-effective than high-speed engines or turbines, contributes to overall cost savings.

In 2022, the Asia Pacific dominated the global synchronous generator industry, followed by North America & Europe. The region, by country, has been segmented into the China, India, Japan, Australia, South Korea, and Rest of Asia Pacific. China has been actively investing in wind farms and hydroelectric projects, which require synchronous generators for power generation. Additionally, China’s continuous industrialization and urbanization have increased electricity demand, driving the need for synchronous generators in various industries. India has a rapidly growing economy and a rising population, leading to increased energy demand. The country requires reliable and efficient power generation technologies, including steam and gas turbines, to meet this demand. India has been promoting the use of natural gas as a cleaner alternative to coal. This has led to the construction of gas-based power plants, where gas turbines synchronous generators play a crucial role. Japan has a diversified energy mix that includes both conventional and renewable sources. While the country aims to increase its share of renewable energy, it still heavily relies on thermal power generation, where steam and gas turbines are essential.

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Major players operating in the synchronous generator industry include ABB (Switzerland), WEG (Brazil), Siemens Energy (Germany), Meidensha Corporation (Japan),  and Andritz (Austria). These companies have reliable manufacturing facilities as well as strong distribution  networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader  geographical use cases, and a larger product footprint.

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Lithium Iron Phosphate Batteries Industry - Analyzing the Growth Drivers and Upcoming Trends

The global lithium iron phosphate batteries market is projected to reach USD 35.5 billion by 2028 from an estimated USD 17.7 billion in 2023, at a CAGR of 14.9% during the forecast period. The growing investments in building offshore wind farms will positively impact the lithium iron phosphate batteries market.

A lithium iron phosphate (LiFePO4) battery is a type of lithium-ion battery that charges and discharges at high speed. It uses lithium iron phosphate as the cathode and graphite as the anode. favorable government policies and the rapid development of EV charging infrastructure are consequently boosting the demand for LFP batteries.

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This report segments the lithium iron phosphate batteries market based on industry into: automotive, power, industrial, consumer electronic, aerospace, marine and others(telecommunication and medical). Industrial segment are expected to be the second largest market during the forecast period. The industrial segment primarily includes forklifts, mining equipments and construction equipments. This segment has a huge demand for equipment and tools for aiding smooth operations. The manufacturers of construction and mining equipment emphasize two major factors—environmental safety and durability. Hence, they are shifting to battery-based technology. Construction equipment include cutting machines, material handling vehicles, and pulley cranes. On the other hand, mining equipment include underground mobile equipment, LED flashlights, and remote haul trucks.

This report segments the lithium iron phosphate batteries market based on application into two categories: portable and stationary. The stationary segment is expected to be the second-largest segment during the forecast period. Stationary applications include power and industrial sectors. The demand for lithium iron phosphate batteries from the power sector refers to the battery-operated grid energy storage systems. Lithium iron phosphate batteries are considered most suitable for energy storage technology because of their declining cost, higher safety, and longer life cycle.

Key Market Players -

    BYD Company Ltd. (China),

    Contemporary Amperex Technology Co., Limited. (China),

    Gotion, Inc. (US),

    CALB (China),

    A123 Systems LLC (US) among others..

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Asia Pacific is expected to be the largest region in the lithium iron phosphate batteries market

Asia Pacific is expected to be the largest lithium iron phosphate batteries market during the forecast period. The Asia Pacific region, comprising major economies such as China, India, Japan, South Korea, and the Rest of Asia Pacific, which have a huge potential for several application areas within the lithium iron phosphate. In recent years, this region has emerged as a hub for automobile production. Recent infrastructure developments and industrialization activities in emerging nations have opened new avenues and opportunities for OEMs. Additionally, the increasing purchasing power of the population has stimulated the demand for automobiles, which would be a driving force for the growth of the lithium iron phosphate batteries market. Asia-Pacific region has a significant presence in the lithium-ion battery industry, both in terms of battery production and demand. Countries, particularly China, South Korea, and Japan, are major manufacturers of lithium-ion batteries. These countries have a well-established battery industry, with large-scale production facilities operated by companies such as BYD Company Ltd, CATL, CALB, LG Chem, and few other key players. They produce batteries for a wide range of applications, including electric vehicles, consumer electronics, and energy storage systems.

Small Modular Reactor Market Size Poised for Growth: Emerging Trends and Key Opportunities in 2030

The global small modular reactor market size is estimated to be USD 5.8 billion in 2023 and is projected to reach USD 6.8 billion by 2030, at a CAGR of 2.3% during the forecast period. Factors such as the versatile nature of nuclear power and the relative advantages of SMRs such as modularization and factory construction are enabling the growth of the market.

"Small modular reactors (SMRS) are defined as nuclear reactors generally 300 MWe equivalent or less, designed with modular technology using module factory fabrication, pursuing economies of series production and short construction times," according to the World Nuclear Association. The ability of SMRS to meet the requirements of flexible power generation for a wide range of applications, such as power generation, process heating, desalination, hydrogen production, industrial applications, and replacing ageing fossil fuel fired power plants, has increased demand for them.

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In 2022, the Asia Pacific dominated the global small modular reactor market, followed by Europe and Americas. The region, by country, has been segmented into the China, Japan, India, South Korea, and the Rest of Asia Pacific.  Due to the enormous number of SMR projects in China, Asia Pacific is a big contributor to the small modular reactor industry in the current environment. SMRs have the potential to replace coal- and other fossil-fuel-fired power stations in the region for power production and process heat applications, which will likely promote the expansion of the regional small modular reactor market.

The upto 100 MW segment by power rating is expected to be the third-largest growing segment of the small modular reactor market. The reactor unit can be built in a factory and delivered to the site of installation. Because of the modular construction, many SMR units can be deployed together to satisfy varied energy demands. A 100 MW SMR's major use is electricity generating. It may function as a stand-alone power plant, supplying clean and dependable electricity to cities, industries, and isolated regions. The excess heat generated by a 100 MW SMR can be used for district heating, which involves distributing thermal energy to surrounding residential, commercial, and institutional buildings for space heating and water heating.

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The gases segment by coolant is projected to be the fastest growing segment of the small modular reactor market. During operation, the gas-cooled reactor uses helium as a coolant medium, allowing it to be easily pressurized and maintain a stable high temperature, allowing for greater operational efficiency. Using gas as a medium in the reactor can prevent corrosion on the reactor's surfaces, reducing the need for maintenance. These operational advantages are propelling the gases segment forward. Graphite is used as a neutron moderator in gas-cooled reactors, and carbon dioxide gas is used as a coolant.

The light-water reactors segment by type is projected to be the fastest growing segment of the small modular reactor market. In 2022, the light water reactor category accounted for 40.6% of the small modular reactor market. These reactors, which use common water as a coolant, are the most widely used since they pose the fewest technological dangers. SMR designs based on LWR technology are similar to large-scale LWRs in use today. Such SMRS employ well-tested technologies and products with small and integrated components and higher passive safety measures over current big scale LWRS. Light-water SMRS have a better level of technological readiness than other SMB designs. Because traditional LWR technology is well-developed, these reactors provide fewer hurdles to present licencing processes. Most regulators are familiar with the technology, resulting in a relatively short learning curve for both regulatory bodies and designers in light water reactors. In the case of a Pressurised Water Reactor (PWR), this is done after the safety rods have been lowered and unlatched.

The hydrogen generation segment by application is projected to be the forth-largest growing segment of the small modular reactor market. Hydrogen is essential in a variety of industrial applications. It can help with the decarbonization of electricity and transportation by being used for energy storage or as a fuel for hydrogen fuel-cell cars, trains, ships, and aeroplanes. Hydrogen can be produced using the fast neutron reactor, molten salt reactor, and high-temperature reactor technologies. The type of reactor technology influences the choice of hydrogen technologies to be combined with the SMRS. Only electricity is required for a few hydrogen manufacturing systems, such as traditional electrolysis. In contrast, methods such as thermochemical cycles may just require process heat, whereas hybrid technologies, such as high-temperature steam electrolysis (HTSE) and hybrid thermochemical cycles, require both heat and electricity.

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Europe is expected to grow at the second-highest CAGR during the forecast period. Russia, the United Kingdom, France, and the rest of Europe are all considered in the European small modular reactor market. Italy, Luxembourg, Denmark, the Czech Republic, Sweden, Ukraine, Finland, Estonia, Poland, and Romania are included in the rest of Europe. Nuclear energy accounts for around 28.4% of the region's electricity generation mix, according to the BP Statistical Review of World Energy 2022. The region was responsible for 30.2% of global nuclear power usage. Investments in SMRS development, as well as a trend towards the usage of clean energy to address climate change, are expanding the potential for SMRS deployment in this region. For instance, the government dedicated USD 298 million to SMRS in 2021 as part of the UK Research and Innovation (UKRI) Low-Cost Nuclear (LCN) programme in November 2020. UKRI offered an initial match financing of USD 23 million to the UK SMR consortium lead by Rolls-Royce in November 2019 for the development of a conceptual SMR design. Rosatom (Russia) announced intentions to invest USD 7 billion in new nuclear technology by 2030 in June 2021.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Contact:

Mr. Rohan Salgarkar

MarketsandMarkets Inc.

1615 South Congress Ave.

Suite 103, Delray Beach, FL 33445

USA: +1-888-600-6441

Email: newsletter@marketsandmarkets.com