Single Shaft Turbine Market Size & Share by Type (Gas Turbines, Steam Turbines, Hydraulic Turbines, Wind Turbines); Power Rating (Up To 50 MW, 50-100 MW, 100-300 MW, 300-500 MW, 500-700 MW, Above 700 MW); End-Use Industry (Power Generation, Oil & Gas, Industrial Aviation, Marine); Application (Power Plants, Oil & Gas Industry, Chemical Industry, Steel Industry, Mining Industry, Aviation, Marine) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5980
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024- 2036

Single Shaft Turbine Market size is expected to reach USD 5.2 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of single shaft turbine was over USD 2.6 Billion. The industrial sector's energy consumption is being driven by rapid industrial expansion and economic growth in developing economies. Over 40% of the world's electricity is used by the industries. Industries are using more power as a result of growing manufacturing, increased investments in the industry, and increased output of cement, metal, and mining.

In addition to these, for single shaft turbines, the use of hybrid power systems that combine renewable and conventional energy presents substantial growth prospects. Clean, dependable, and reasonably priced electricity is produced by hybrid power plants that combine natural gas and steam turbines with renewable energy sources including solar, wind, and energy storage. Single shaft turbines are an excellent choice for these hybrid systems because of their efficiency, adaptability, and modularity.


Single Shaft Turbine Market
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Single Shaft Turbine Market: Growth Drivers and Challenges

Growth Drivers

  • Growing need for electricity - The past few decades have seen a steady increase in the demand for electricity worldwide due to factors such as population growth, fast urbanization, industrialization, and economic development. Given that turbines are necessary for power generation, the single shaft turbine market is significantly influenced by this growing demand for electricity. Over the course of the last ten years, the global demand for energy has climbed by over 25%, with over 23,000 TWh expected in 2020.  The amount of electricity consumed is rising dramatically in nations like China and India. Governments are concentrating on boosting power generation capacity in order to satisfy the increasing demand for electricity, which is consequently propelling the usage of turbines, especially single shaft types.
  • Developments in technology - Advanced and efficient single shaft turbine designs are becoming more and more popular due to recent technology breakthroughs. To increase efficiency, production, and dependability, OEMs are creating cutting-edge turbine models with better materials, aerodynamic profiles, digital capabilities, and automation. Some improvements that have increased turbine performance are integrally bladed rotors, directed solidification of blades, and better blade coatings. Predictive maintenance, decreased downtime, and an extended turbine lifespan have all been made possible by sophisticated monitoring, diagnostics, and control systems. The adoption of single shaft turbines has accelerated due to these technological advancements that have made them more feasible.
  • Government initiatives that are supportive - Single shaft turbine installations are becoming more commonplace worldwide thanks to supportive government policies and programs for the adoption of renewable energy, the modernization of outdated power infrastructure, and investments in the energy sector. Increases in the capacity of renewable energy are being encouraged by policies such as renewable purchase obligations, tax breaks, preferential rates, and auctions. This is causing the deployment of wind turbines. The adoption of single shaft turbines is also aided by programs aimed at updating power production assets and increasing access to electricity. India wants to reach 175 GW of renewable energy capacity by 2022. Such audacious initiatives are stimulating the single shaft turbine market for turbines.

Challenges

  • High start-up and ongoing expenses - One of the biggest challenges in single shaft turbine projects is the high cost of equipment, transportation, installation, and maintenance. High capital costs are a result of the expenses of raw materials, production, and shipping, particularly for big utility-scale turbines. Because of the requirement for precise equipment, regular inspections, and sporadic large overhauls, maintenance expenses are also high. These exorbitant expenses may make adoption unaffordable for smaller consumers. However, as technology matures and benefits from size and localization, costs are gradually coming down. Advancements in technology, economies of scale, and localized production all help to gradually reduce the burden of expensive initial and ongoing costs. All this eventually hinders the single shaft turbine market growth.
  • The adoption of large-scale single shaft turbine capabilities is hindered by grid stability and management issues.
  • Single shaft turbine projects are delayed by protracted planning, permitting, and approval processes brought on by thorough environmental impact evaluations and grid integration studies.

Single Shaft Turbine Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 6%

Base Year Market Size (2023)

 ~ USD 2.6 Billion

Forecast Year Market Size (2036)

 ~ USD 5.2 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Single Shaft Turbine Segmentation

End-Use Industry (Power Generation, Oil & Gas, Industrial Aviation, Marine)

Based on end-use industry, power generation segment is predicted to account for 40% share of the single shaft turbine market during the forecast period. The segment growth is being driven by an increasing demand for power generation due to an increase in power generation operations worldwide. The segment is growing as a result of the power production business's expansion and a greater emphasis on producing electricity from renewable energy sources. Global population growth and urbanization are driving an increase in demand for electricity generation, which is increasing the use of single shaft turbines in the power generation sectors. The emphasis on developing an environmentally sustainable method of power generation is another significant motivator. In 2022, the world's power generation increased by 2.3%, continuing the historical pattern.

Type (Gas Turbines, Steam Turbines, Hydraulic Turbines, Wind Turbines)

Based on type, gas turbine segment is predicted to account for 30% share of the single shaft turbine market during the forecast period. New needs for technology advancement in the gas turbine industry are expected to fuel market growth. The market is anticipated to be driven by the R&D efforts undertaken by major players to increase the gas turbines' market relevance. Further, gas turbine applications, such as storage and renewable energy hybridization, are anticipated to propel the market. In addition, it is anticipated that the gas turbine's retrofitting to ensure that it can burn large volumes of hydrogen and other renewable fuels will aid in the expansion of the market. Furthermore, it is expected that growing attention to improved energy efficiency and the general functionality of contemporary gas turbines will drive single shaft turbine market expansion.

Our in-depth analysis of the global market includes the following segments:

          Type

  • Gas Turbines
  • Steam Turbines
  • Hydraulic Turbines
  • Wind Turbines

          Power Rating

  • Up To 50 MW
  • 50-100 MW
  • 100-300 MW
  • 300-500 MW
  • 500-700 MW
  • Above 700 MW

         End-Use Industry

  • Power Generation
  • Oil & Gas
  • Industrial Aviation
  • Marine

         Application

  • Power Plants
  • Oil & Gas Industry
  • Chemical Industry
  • Steel Industry
  • Mining Industry
  • Aviation
  • Marine

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Single Shaft Turbine Industry - Regional Synopsis

APAC Market Forecast

Single shaft turbine market is projected to hold largest revenue share with about 33% during the forecast period. The region's rapidly growing middle class and increasing urbanization are the main drivers of power consumption. One defining megatrend in the Asia-Pacific region is still urbanization. Over 2.2 billion people, or 54% of the world's metropolitan population, reside in Asia. Asia's urban population is predicted to increase by 50% by 2050, adding 1.2 billion new residents. Moreover, the existence of developing nations like China and India, along with the accessibility of affordable labor and raw materials, encourages multinational corporations to grow their regional operations.

North American Market Statistics

Single shaft turbine market in North America is estimated to hold second largest revenue share of about 27% during the forecast period. The main factors driving the need for gas turbines in North America are the availability of shale gas deposits and advancements in mining and extraction technologies, which are continuously bringing down the cost of gas extraction operations. Additionally, there have been numerous large-scale gas-based power commissioning in this region. The commercial production of shale gas by oil and gas firms has been made possible by technological advancements in completion processes such as multistage hydraulic fracturing and drilling techniques like horizontal wellbores.

Research Nester
Single Shaft Turbine Market Size
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Companies Dominating the Single Shaft Turbine Market

top-features-companies
    • General Electric
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Siemens Energy
    • Ansaldo Energia
    • Bharat Heavy Electricals Ltd.
    • Centrax Gas Turbines
    • MAN Energy Solutions
    • Solar Turbines Inc.
    • OPRA Turbines
    • Rolls-Royce plc
    • Harbin Electric Machinery Company Limited

In-the-news

In The News

  • Multinational corporation General Electric is well-known for offering a broad range of goods and services across numerous industries. Marine signed a deal with TAIS OG-STM Ä°Åϸ OrtaklıÄϦı, a partnership company with its headquarters in Istanbul, Turkey. This joint venture aims to pursue certain projects or endeavors to supply the LM2500 maritime gas turbine engine by bringing together different organizations or stakeholders under a single structure. This will be installed in the Turkish MILGEM Project's Istif-Class frigates 6, 7, and 8, which will have a unique lightweight composite enclosure.
  • Siemens is a global business well-known for its wide range of electrification, automation, and digitalization products and services. The company put its biggest, most potent, and most effective heavy-duty gas turbine aboard an inland cargo ship. The turbine is currently traveling to Keadby, Lincolnshire, in the United Kingdom, where it will be tested at a power plant run by the energy generator SSE Thermal, which is situated in the country.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5980
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The rapid industrial expansion and economic growth in developing economies are the major factors driving the growth of the single shaft turbine market.

The market size of single shaft turbine is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2024-2036.

The major players in the market are Siemens Energy, Ansaldo Energia, Bharat Heavy Electricals Ltd., Centrax Gas Turbines, MAN Energy Solutions, Solar Turbines Inc., OPRA Turbines, Rolls-Royce plc, Harbin Electric Machinery Company Limited, and others.

The power generation segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Single Shaft Turbine Market Report Scope
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