Single shaft turbines Market Propelled by increasing application for industrial power generation
Single shaft turbines are widely used in various industrial applications for power generation. They have high efficiency and are easier to install as compared to multi-shaft turbines. Single shaft turbines find applications like gas compression, water pumping, mechanical drives in industries such as oil & gas, mining, marine, and utilities.
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 key trends:
The increasing application of single shaft turbines for industrial power generation is one of the key trends fueling market growth. Several industries such as oil & gas, mining, and utilities are increasingly adopting single shaft turbines to drive their critical equipment and systems as they are more efficient and cost effective compared to alternative power sources. Single shaft turbines offer high power density in compact packages making them ideal for various industrial power requirements. The ability of single shaft turbines to efficiently convert thermal energy to mechanical energy continues to drive their adoption across different industrial verticals.
SWOT Analysis
Strength: Single shaft turbine has a simple design with fewer components which results in lower manufacturing costs and increased reliability compared to multi-shaft designs.
Weakness: Single shaft turbines have lower efficiency compared to multi-shaft designs due to increased frictional losses within the single shaft. They also have operational limitations for variable loads.
Opportunity: Increasing demand for small-scale power generation especially in remote areas provides growth opportunities for single shaft turbine manufacturers. Adoption in microgrids and mini-grids can further boost the market.
Threats: Strict environmental regulations regarding carbon emissions may reduce demand for conventional turbine technologies. Advancements in renewable energy sources also pose a threat.
Key Takeaways
The Global Single Shaft Turbine Market Size is expected to witness high growth. Regional analysis
The Asia Pacific region dominates the global single shaft turbine market and is expected to witness the fastest growth over the forecast period driven by strong demand from countries like China and India. These countries are focusing on power generation to meet the increasing demand from industrial and manufacturing sectors.
Key players analysis
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 are focusing on innovating turbine designs to improve efficiencies and reduce manufacturing costs.
Get more insights on this topic:
https://www.insightprobing.com/single-shaft-turbine-market-trends-size-and-share-analysis/
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