Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Single Shaft Turbine Market size was valued at USD 2.76 billion in 2024 and is expected to reach USD 5.47 billion by 2037, expanding at around 5.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of single shaft turbine is assessed at USD 2.89 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.
