Shaft Generator Market Size, Share, Opportunities, And Trends By Engine Type (MC Engine, ME Engine), By Mounting (Front-End Mounting, Aft-End Mounting), By Vessel Type (Cargo Vessel, Container, Bulk Carrier, Others), And By Geography - Forecasts From 2023 To 2028

A shaft generator is a type of electrical generator that is 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 shaft generator market is expected to be driven by the increasing demand for electricity with more efficient and cost-effective power generation solutions, expansion of marine activities, and increasing focus on reducing emissions.

The growing demand for electricity in marine will boost the growth of the shaft generator market.

The marine industry relies heavily on electrical power for various operations such as navigation, communication, and cargo handling, and the use of traditional engine-driven generators for power generation results in high fuel consumption and emission. Shaft generators are seen as a more efficient alternative to traditional generator systems as they can utilize the existing rotating machinery, thereby 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, and the process of generating electricity using a shaft generator is generally similar for different types of vessels, and in these vessels, the shaft generator is usually connected to the main engine via a gearbox, which enables the generator to produce electricity as the engine turns the shaft. The use of shaft generators in new ships and retrofitting of existing ships is expected to increase, which will boost the shaft generator market growth. According to the United Nations Conference on Trade and Development (UNCTAD) in 2020, global seaborne trade was expected to grow by 3.6% in 2021 and the seaborne trade was projected to grow at an average annual rate of 3.4% between 2021 and 2025. According to the International Chamber of Shipping (ICS) in 2020, the global shipping industry transported around 11 billion tonnes of goods in 2019, and the global fleet of ships grew by 4.1% in 2019. According to the International Maritime Organization (IMO) in 2020, the global shipping industry's total freight volume grew by 2.8% in 2019 compared to 2018. This demonstrates that the shaft generator market has a great demand.

During the forecast period, the Asia Pacific region is expected to hold a significant market share.

The Asia-Pacific region, with its rapidly expanding marine industry in China, Japan, South Korea, and Singapore, is expected to drive the growth of the shaft generator market as shipowners and operators seek to adopt more sustainable and cost-effective technologies. In 2021, the Chinese government issued a new plan to promote the development of the marine industry in the Guangdong-Hong Kong-Macao Greater Bay Area, which includes developing the marine economy, improving marine ecological protection, and enhancing marine technological innovation. In 2020, the Japanese government announced a plan to invest 2 trillion yen in the maritime sector over the next five years and this includes investments in the development of autonomous ships, the promotion of smart shipping technology, and the modernization of port infrastructure. In 2020, the Korean Register of Shipping (KRS) and Hyundai Heavy Industries (HHI) announced plans to jointly develop a new shaft generator system for ships, which aims to improve fuel efficiency and reduce emissions and the project received a grant of KRW 1.5 billion (approximately USD 1.3 million) from the Korean government's Ministry of Oceans and Fisheries. These factors all add to the shaft generator market growth in the Asia Pacific region.

Key Developments

June 2021: Wartsila, a leading provider of power solutions for the marine industry, launched its new Shaft Generator system, which is designed to provide shipowners and operators with a more efficient and reliable source of electrical power.

• May 2021: ABB announced that it had won a contract to supply its Azipod propulsion system and shaft generators to newbuild vessels for the Norwegian ferry operator “Norled”.
• March 2021: Hyundai Heavy Industries (HHI), a leading shipbuilder based in South Korea, introduced a new shaft generator system on board a 300,000 dwt very large crude carrier (VLCC) to provide electrical power to the ship's propulsion system and onboard systems.

Shaft Generator Market Scope:

Segmentation

• By Engine Type
  • MC Engine
  • ME Engine
• By Mounting
  • Front-End Mounting
  • Aft-End Mounting
• By Vessel Type
  • Cargo Vessel
  • Container
  • Bulk Carrier
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others