The global Single Shaft Turbine Market is estimated to be valued at US$2.63 billion in 2023, and is expected to exhibit a CAGR of 5.3% over the forecast period from 2023 to 2030, according to a new report published by Coherent Market Insights.
Market Overview:
Single shaft turbines are widely used in power generation due to their high efficiency and compact design. These turbines consist of a single rotor shaft connected to a generator, resulting in simplified operations and maintenance. The need for reliable and efficient power generation solutions is driving the demand for single shaft turbines in various industries such as energy, oil and gas, and manufacturing.
Market Key Trends:
One key trend in the single shaft turbine market is the increasing adoption of renewable energy sources. With the growing focus on reducing carbon emissions and achieving sustainability goals, there is a rising demand for power generation from renewable sources such as wind and solar. Single shaft turbines are being used in renewable energy projects to convert the kinetic energy of wind or the sun’s rays into electricity, driving the market growth. This trend is expected to continue as governments and organizations worldwide continue to invest in renewable energy infrastructure.
Porter’s Analysis
Threat of New Entrants:
The threat of new entrants in the single shaft turbine market is relatively low. The market is highly capital intensive, requiring substantial investments in research and development, manufacturing facilities, and distribution networks. Additionally, the existing key players in the market have established strong brand recognition and customer loyalty, making it difficult for new entrants to gain market share.
Bargaining Power of Buyers:
Buyers in the single shaft turbine market have moderate bargaining power. The market is highly competitive, with several key players offering similar products. This gives buyers the flexibility to choose from a variety of options and negotiate for competitive pricing and favorable contract terms. However, the high switching costs associated with turbine installations limit the bargaining power of buyers to some extent.
Bargaining Power of Suppliers:
Suppliers in the single shaft turbine market have moderate bargaining power. The market relies on the availability of high-quality components and materials, which are sourced from a limited number of suppliers. However, the strong competition among key players and the presence of substitute suppliers in the market give buyers some leverage in negotiating prices and terms.
Threat of New Substitutes:
The threat of new substitutes in the single shaft turbine market is relatively low. Single shaft turbines are widely used in various industries for power generation and mechanical drive applications, offering high efficiency and reliability. While there may be alternative technologies such as dual shaft turbines or renewable energy sources, the cost-effectiveness and performance of single shaft turbines make them the preferred choice for many applications.
Competitive Rivalry:
The competitive rivalry in the single shaft turbine market is high. The market is dominated by key players such as Siemens, GE, Voith, ANDRITZ, Toshiba, and others. These players compete based on factors such as product quality, performance, innovation, and pricing. The presence of strong competition drives continuous product development and innovation, benefiting customers with advanced technological solutions.
Key Takeaways
The global single shaft turbine market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period (2023-2030). This growth can be attributed to the increasing demand for power generation in emerging economies and the growing awareness of the benefits of single shaft turbine technology.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the single shaft turbine market. The region’s rapid industrialization and urbanization, coupled with the increasing demand for electricity, are driving the installation of single shaft turbines in various sectors.
Key players operating in the single shaft turbine market include Siemens, GE, Voith, ANDRITZ, Toshiba, Harbin Electric, BHEL, Hitachi, Kirloskar, and Ansaldo Energia. These key players have a strong market presence and offer a wide range of single shaft turbine solutions to cater to diverse customer requirements.
Key players in the market are constantly innovating to stay ahead in the competitive landscape. The Asia Pacific region is expected to emerge as a dominant player in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
