Single Shaft Turbine Market Analysis

End-Use Industry (Power Generation, Oil & Gas, Industrial Aviation, Marine)

Based on end-use industry, power generation segment is predicted to account for 40% share of the single shaft turbine market during the forecast period. The segment growth is being driven by an increasing demand for power generation due to an increase in power generation operations worldwide. The segment is growing as a result of the power production business's expansion and a greater emphasis on producing electricity from renewable energy sources. Global population growth and urbanization are driving an increase in demand for electricity generation, which is increasing the use of single shaft turbines in the power generation sectors. The emphasis on developing an environmentally sustainable method of power generation is another significant motivator. In 2022, the world's power generation increased by 2.3%, continuing the historical pattern.

Type (Gas Turbines, Steam Turbines, Hydraulic Turbines, Wind Turbines)

Based on type, gas turbine segment is predicted to account for 30% share of the single shaft turbine market during the forecast period. New needs for technology advancement in the gas turbine industry are expected to fuel market growth. The market is anticipated to be driven by the R&D efforts undertaken by major players to increase the gas turbines' market relevance. Further, gas turbine applications, such as storage and renewable energy hybridization, are anticipated to propel the market. In addition, it is anticipated that the gas turbine's retrofitting to ensure that it can burn large volumes of hydrogen and other renewable fuels will aid in the expansion of the market. Furthermore, it is expected that growing attention to improved energy efficiency and the general functionality of contemporary gas turbines will drive single shaft turbine market expansion.

Our in-depth analysis of the global market includes the following segments: