The single shaft turbine is an essential component used in power generation applications. It consists of a compressor, combustor, and turbine placed on the same central shaft. Single shaft turbines provide advantages such as compact design, reduced noise levels, and ease of installation and maintenance. They are commonly used to power large electrical generators and produce electricity in power plants. With growing electricity demand globally and rising deployment of renewable energy sources, the market need for efficient power generation technologies is increasing.
The global Single Shaft Turbine Market is estimated to be valued at US$ 3.03 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the single shaft turbine market is the increasing adoption of digital technologies by key players. Manufacturers are leveraging technologies such as IIoT, AI, and predictive maintenance to enhance turbine performance and reduce downtime. Digital solutions help monitor critical parameters, predict component failures, and schedule timely repairs. This improves overall efficiency, lowers maintenance costs, and increases uptime of single shaft turbines. Remote monitoring via sensors embedded in turbines enables condition-based maintenance by player operators. Data analytics further aids in predictive maintenance by analyzing operational data for anomalies. Adoption of such digital technologies is allowing players to develop newer turbine models with advanced features that meet the evolving needs of power generation efficiently. This emerging technology trend is expected to fuel market expansion over the coming years.
The single shaft turbine is an essential component used in power generation applications. It consists of a compressor, combustor, and turbine placed on the same central shaft. Single shaft turbines provide advantages such as compact design, reduced noise levels, and ease of installation and maintenance. They are commonly used to power large electrical generators and produce electricity in power plants. With growing electricity demand globally and rising deployment of renewable energy sources, the market need for efficient power generation technologies is increasing.
Market key trends:
One of the key trends driving growth in the single shaft turbine market is the increasing adoption of digital technologies by key players. Manufacturers are leveraging technologies such as IIoT, AI, and predictive maintenance to enhance turbine performance and reduce downtime. Digital solutions help monitor critical parameters, predict component failures, and schedule timely repairs. This improves overall efficiency, lowers maintenance costs, and increases uptime of single shaft turbines. Remote monitoring via sensors embedded in turbines enables condition-based maintenance by player operators. Data analytics further aids in predictive maintenance by analyzing operational data for anomalies. Adoption of such digital technologies is allowing players to develop newer turbine models with advanced features that meet the evolving needs of power generation efficiently. This emerging technology trend is expected to fuel market expansion over the coming years.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the single shaft turbine market is moderate. New entrants face high initial investment and established brand loyalty of existing players. However, emerging opportunities in renewable energies may attract new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers in the single shaft turbine market is moderate. Buyers have convenient options but hold less bargaining power due to high switching costs and need for customized solutions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have established distribution networks and switching costs for buyers are moderately high. However, differentiated components allow room for negotiation.
Threat of new substitutes: The threat of substitutes is moderate as other renewable technologies like wind turbines are gaining traction. However, single shaft turbines have features advantageous for certain applications that limit viable substitutes.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players offering varied customized offerings. Players compete on innovations, product differentiation, and pricing.
Key Takeaways
The Global Single Shaft Turbine Market Size is expected to witness high growth supported by rising demand for clean energy sources. Asia Pacific region dominates the market currently owing to rising energy needs and government support for renewable projects in China, India and Southeast Asian nations.
Regional analysis: Asia Pacific holds the largest share of over 35% of the single shaft turbine market currently. China leads the regional market with extensive project installations to meet domestic power demand and replace aging coal plants. India is an emerging market on back of renewable capacity addition targets under National Solar Mission.
Key players: Key players operating in the single shaft turbine market are Bioelectronics Corporation, Nova Biomedical Corporation, Medtronic Plc., Sensirion AG, F. Hoffmann-La Roche Ltd., Bayer A.G., Abbott, Siemens AG. Key players are focusing on expanding in high growth regions through partnerships and establishing local manufacturing units.
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