Synchronous Generator Market Size

Synchronous Generator Market size is poised to cross USD 12 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of synchronous generator was USD 7 Billion. The reason behind the growth is due to the growing consumption of natural gas across the globe as in comparison to other fossil fuels, it is a cleaner source of energy. For instance, global natural gas consumption was estimated to be around 3 trillion cubic meters in 2022. Through 2050, it is anticipated that natural gas output will increase by over 25% while consumption will increase by more than 30% global.

The growing energy demand is believed to fuel the market growth. Mechanical energy is transformed into electrical energy by synchronous generators which can consume or produce reactive based on the excitation. For instance, global energy consumption is expected to reach over 720 million terajoules by 2040, and it is expected that the world's energy demand is expected to reach 650 quadrillion Btu in 2050, driven by population growth and increased affluence.