Single Shaft Turbine Market Size

Single Shaft Turbine Market size is expected to reach USD 5.2 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of single shaft turbine was over USD 2.6 Billion. The industrial sector's energy consumption is being driven by rapid industrial expansion and economic growth in developing economies. Over 40% of the world's electricity is used by the industries. Industries are using more power as a result of growing manufacturing, increased investments in the industry, and increased output of cement, metal, and mining.

In addition to these, for single shaft turbines, the use of hybrid power systems that combine renewable and conventional energy presents substantial growth prospects. Clean, dependable, and reasonably priced electricity is produced by hybrid power plants that combine natural gas and steam turbines with renewable energy sources including solar, wind, and energy storage. Single shaft turbines are an excellent choice for these hybrid systems because of their efficiency, adaptability, and modularity.