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

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thanks to supportive government policies and programs for the adoption of renewable energy, the modernization of outdated power infrastructure, and investments in the energy sector.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.