May 21, 2024

Rising Demand for Renewable Energy Drives Growth of the Single Shaft Turbine Market

 A single shaft turbine utilizes a single rotating shaft to spin a generator and produce electricity through electromagnetic induction. They are single stage turbines, meaning they convert kinetic energy from wind or water flow directly into rotational energy of the shaft in one step. Major applications of single shaft turbines include small and medium scale wind farms and mini/micro hydropower projects. Their compact design makes them well-suited for distributed energy generation in off-grid and rural electrification projects. Key players in the market offer a variety of single shaft turbine models ranging from 5kW to 3MW power ratings.

The global Single Shaft Turbine Market is estimated to be valued at US$ 3.03 Mn 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 Dynamics:

Growing demand for renewable energy is expected to be a major driver for the single shaft turbine market over the forecast period. Governments across the globe are focusing on increasing the share of renewable sources like wind and hydropower in the overall energy mix to reduce dependence on fossil fuels and mitigate climate change. For example, the European Union has set a target of supplying at least 32% of its total energy needs from renewable sources by 2030. Growing investments in distributed wind and hydropower projects utilizing small and medium single shaft turbines are anticipated.

Rising electrification of rural and remote areas without access to main power grids also provides opportunities. Single shaft turbines are suitable for decentralized off-grid renewable energy systems in these regions. Their ability to produce electricity economically at small-scale makes them a viable option compared to conventional grid extension. Ongoing rural electrification programs worldwide are expected to boost demand.

SWOT Analysis

Strength: Single shaft turbines have a simple design which helps reduce maintenance costs and downtimes significantly. Their components are compactly integrated which saves on space. As they require one drive system, single shaft turbines are more energy efficient than multi shaft turbines.

Weakness: Single shaft turbines have lower efficiency compared to multiple shaft designs since all components rotate at the same speed. They have limited customization options as the speed has to be suitable for all sections. Any failure in one component affects the entire system.

Opportunity: Growing demand for renewable energy sources is expected to drive the single shaft turbine market. Their suitability for small hydro power projects especially in rural areas provides an opportunity. Advances in materials and designs can help address current limitations and improve efficiencies.

Threats: Subsidies and tax incentives favoring other renewable technologies like solar and wind power pose a threat. Fluctuating costs of raw materials needed for manufacturing can impact profitability. Emergence of new technologies with higher efficiencies can challenge the single shaft turbine market.

Key Takeaways

The Global Single Shaft Turbine Market Size  is expected to witness high growth over the forecast period of 2024 to 2031 supported by the increasing focus on renewable sources of energy. The Asia Pacific region currently dominates the market accounting for over 35% of the global installation in 2024. China, India, and Japan are major markets driving the demand.

Regional analysis: The Asia Pacific region offers the most promising growth opportunities for single shaft turbine manufacturers led by China, which has set ambitious renewable energy targets. Supportive government policies in the form of incentives and subsidies boost installations. India is also emerging as a fast growing market especially for small hydro projects in rural areas.

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, Salvia Bioelectronics, LifeSensors, OmniVision Technologies Inc., AgaMatrix Inc., Sensirion AG, Broadcom Inc., Sotera Wireless, and Omnivision Technologies. They compete based on product quality, reliability, pricing, and service. Strategic collaborations are common to develop new applications.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it