Global Shaft Generator System Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Shaft Generator System Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Commonly used on marine vessels, a shaft generator system can support the main engine of a ship by generating electricity for the onboard grid and by acting as a motor, it can boost the power on the main propulsion shaft. A shaft generator system can provide the power needed to turn the propeller for maneuvering a ship as back-up in case of main propulsion engine malfunction.

Market Overview:

The latest research study on the global Shaft Generator System market finds that the global Shaft Generator System market reached a value of USD 245.81 million in 2022. It’s expected that the market will achieve USD 365.8 million by 2028, exhibiting a CAGR of 6.85% during the forecast period.

In the context of carbon neutrality and economic globalization, higher requirements are placed on greenhouse gas emissions. Coupled with the large changes in fuel prices, relatively strong turmoil has been generated, which has led ship manufacturers, manufacturers, and operators to adopt various methods in order to reduce operating costs and create greater economic benefits. At present, the common practice is to use marine power plants to save energy and reduce emissions. Therefore, the application of shaft generator systems has been increased, which can provide convenience for navigation and achieve the goals of low emissions, environmental protection, energy saving, and high efficiency.

1 Drivers & Growth Opportunities

1.1 Under the goal of carbon neutrality, the advantages of energy saving and emission reduction of shaft power generation system promote the development of the industry.
1.2 Growth in the shipping industry brings growth potential for shaft power generation systems.

2 Market Challenges and Impact

2.1 Shaft generator systems have certain limitations.
2.2 Raw material prices fluctuate.

Region Overview:

China was the largest revenue market with a market share of 40.92% in 2017 and 40.11% in 2022, a decrease of 0.81%. In 2022, South Korea market share was 35.78%, ranking second.

Company Overview:

The industry concentrate rate is relatively high. The market share of the top three companies in 2021 was 47.00%. The top three companies are ABB, Wärtsilä and Ingeteam, with the revenue market share of 21.47%, 14.07% and 11.46% in 2021.

Segmentation Overview:

Shaft generator systems can be classified as less than 500 V, 500-1000 V, or more than 1 kV according to the power supplied.

Among different product types, Less than 500 V segment is anticipated to contribute the largest market share in 2027.

Application Overview:

Shaft generator systems can be divided into bulk carriers, container ships, liquefied natural gas (LNG) ships and others according to the different ships used. The shaft generator system provides flexibility to the vessel grid and propulsion power allowing the operator to easily handle different situations that one may face while operating the vessel.

By application, the Bulk Cargo Ship segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Shaft Generator System market covered in Chapter 3:

Wärtsilä
KONGSBERG
Ningbo Boson Mechanical Electrical Technology
C&A Electric
Ingeteam
VEM Group
ABB
Alconza
Taiyo Electric Co., Ltd
Wuxi Silent Electric System (SES) Technology Co., Ltd.
Nidec Industrial Solutions 
AEM
NISHISHIBA ELECTRIC CO., LTD.

In Chapter 4 and Chapter 14.2, on the basis of types, the Shaft Generator System market from 2018 to 2029 is primarily split into:

Less than 500 V
500-1000 V
Over 1 kV

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Shaft Generator System market from 2018 to 2029 covers:

Bulk Cargo Ship
Container Ship
Liquefied Natural Gas (LNG) Ship

Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)