June 25, 2024

Single Shaft Turbine Market is Estimated to Witness High Growth Owing to Opportunity to Generate Cost-Effective Power

Single shaft turbines are commonly used in small-scale hydropower applications to generate cost-effective power. A single shaft turbine consists of blades mounted on a central shaft that converts kinetic energy from moving water directly into mechanical power. It offers advantages such as simple design, easy maintenance, and lower operational costs compared to multi-stage turbines. The growing focus on renewable energy sources to reduce dependency on fossil fuels is driving the demand for small hydropower systems using single shaft turbines.

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 Opportunity:
Growing Investment in Rural Electrification to Boost Single Shaft Turbine Market
Governments and private organizations are investing heavily in rural electrification projects using off-grid renewable energy systems. As single shaft turbines are suitable for small-scale hydropower plants, their demand is expected to rise with the increasing focus on rural electrification through off-grid renewable solutions. This presents lucrative market opportunities for single shaft turbine manufacturers.

Porter’s Analysis

Threat of new entrants: Low as there are high costs involved in setting up manufacturing unit for turbines. Significant capital is required to achieve economos of scale.

Bargaining power of buyers: Moderate as there are number of key players operating in the market providing substitutable products. However, brand loyalty and customized product offerings keep bargaining power in check.

Bargaining power of suppliers: Moderate as raw materials required are commonly available but engineering expertise is specialized. However, presence of multiple component suppliers balance out supplier power.

Threat of new substitutes: Moderate as new technologies like wind turbines are emerging but single shaft turbines still dominate applications requirng reliability and efficiency.

Competitive rivalry: High as the key global players intensely compete on the basis of product quality, customer service and pricing.

SWOT Analysis

Strengths: Established brand names, global distribution network, robust R&D to improve design and efficiency.

Weaknesses: High dependency on specific end-use industries, vulnerability to raw material price volatility, intensive capital requirements.

Opportunities: Expanding into new geography, growing demand from emerging economies, scope for product differentiation and customized solutions.

Threats: Substitution threat from new renewable technologies, regulatory uncertainty around carbon emissions, intense price wars among established players.

Key Takeaways

The Global Single Shaft Turbine Market Size  is expected to witness high growth over the forecast period supported by increasing power demand and emphasis on efficiency improvements. The market is dominated by Asia Pacific region led by China, India and Japan. China accounts for over 35% of global market share attributed to large manufacturing base and presence of key domestic players.

Regional analysis of fastest growing regions comprises Latin America and Middle East Africa region. Both regions are witnessing exponential increase in industrialization and infrastructure development which is driving demand for single shaft turbines from manufacturing, mining, and power industries.

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. Most leaders are focusing on product innovation, mergers and acquisitions to strengthen regional footprint.

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