Shaft Generator System Market Size, Share, Growth, and Industry Analysis by Type (Less than 500 V, 500-1000 V, Over 1 kV), by Application (Bulk Cargo Ship, Container Ship, Liquefied Natural Gas (LNG) Ship, Others), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Shaft Generator System Market Report Overview

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The global shaft generator system market size was USD 245.81 million in 2022. As per our research, the market is expected to reach USD 365.8 million in 2028, exhibiting a CAGR of 6.85% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with shaft generator system market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

A shaft generator is a type of electrical generator directly connected to the shaft of a rotating machine such as a steam turbine, gas turbine, or diesel engine, and the rotation of the machine's shaft drives the generator, which then converts the mechanical energy into electrical energy. The advantage of a shaft generator is that it eliminates the need for a separate engine-driven generator, reduces the weight and space requirements of the system, and is more efficient. Shaft generator is commonly used in the marine industry, power generation systems, and industrial applications. The use of shaft generators in new ships and retrofitting of existing ships is projected to increase enhancing the shaft generator market growth. It qualifies ship operators to profit from the efficiency, performance and reliability advantages of permanent magnet technology. The new generator brings flexibility and comfort of installation to a wide range of vessels including bulk carriers, container carriers, liquid natural gas tankers and ferries transporting passengers and cars.

Growth in the shipping industry brings growth potential for shaft power generation systems. Use of shaft generators can decrease the maintenance costs and lubrication costs for the auxiliary engines. With rising global seaborne trade, the reliance on sustainable technologies like shaft generators is only set to increase, reinforcing an upward trend in market growth. Participating are fixing their efforts on encouraging R&D. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:  Pandemic hampered the market due to unexpected disruption in the sector

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

Latest Trends

"Use of innovative products to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

Shaft Generator System Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Less than 500 V, 500-1000 V, Over 1 kV.

Less than 500 V will capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into bulk cargo ship, container ship, liquefied natural gas (LNG) ship, others.

Shaft generator system market players cover segment as bulk cargo ship will dominate the market share during forecast period.

Driving Factors

"Increase in demand for electricity in marine sector to boost the market growth"

The marine industry depend on heavily on electrical power for various operations, such as navigation, communication, and cargo handling. Using traditional engine-driven generators for power generation results in high fuel consumption and emissions. Shaft generators are considered a more efficient alternative to conventional generator systems as they can utilize the existing rotating machinery, reducing fuel consumption and emissions. Cargo vessels, container ships, and bulk carriers are used in marine transportation to transport large quantities of goods from one place to another. The demand is motivated by the growth of these industry which is anticipated to enhance market growth.

"Technological advancement and development to upsurge the market."

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the shaft generator system market growth. Growing investment in research and development activities and growing awareness about benefits of shaft generator are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices.

Restraining Factors

"Raw material prices instability to hamper the market growth"

Raw material prices fluctuation is hampering development of shaft generator system market. Prices of these raw materials can be issue to instability due to factors such as supply-demand discrepancies, fluctuations in costs, and geopolitical factors. Sudden price increases or supply disruptions can affect the profitability of market players. Technical difficulties will reduce the industry revenue.

Shaft Generator System Market Regional Insights

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"Asia Pacific to dominate the region due to sustainable and cost-effective technology"

Asia Pacific is further expected to witness growth in the shaft generator system market share. The region is dominating the market due to more supportable and profitable technologies. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

List of Market Players Profiled

• Wärtsilä (Finland)
• Taiyo Electric Co., Ltd (Japan)
• NISHISHIBA ELECTRIC CO., LTD. (Japan)
• Ingeteam (Spain)
• C&A Electric (South Korea)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.