Wind Turbine Shaft Market to Gain from Surging Installed Wind Capacity Through 2028

The global wind turbine shaft market is likely to gain from the surge in installed wind energy capacity worldwide and increasing government initiatives to reduce carbon emissions during the forecast period.

According to TechSci Research report, “Wind Turbine Shaft Market – Global Industry Size, Share, Trend, Opportunity, and Forecast, 2028,” the global market is expected to grow with a high CAGR in the forecast period since people are moving toward more and more energy consumption. The most sustainable way to produce power is believed to be using wind, a renewable energy source. It is now the most widely used and economical way to produce additional power. The quantity of net input energy given to the wind turbine shafts in the form of fuel determines how efficient they are. Thus, several advantages related to wind turbine shafts are anticipated to fuel global market expansion over the forecast period.

On average, the service life of a wind turbine is between 20 and 25 years. Global wind turbines built in the early 2000s face the possibility of decommissioning in the coming years. These turbines require servicing to improve performance, which is expected to drive the studied market. For fixed-bottom offshore wind, reduced upfront costs are the most critical drivers for LCOE improvements until 2030. Larger average turbine generator capacities are expected to reduce the high (per-MW) cost of substructures, foundations, and installations. The reduced cost has led to increased adoption of wind energy, thus positively contributing to the demand for wind turbine shafts. These turbines require servicing to improve performance, which is expected to drive the studied market. The turbine manufacturing companies invest heavily in R&D to improve gearbox design to reduce these costs. These improvements have helped reduce the frequency of turbine maintenance, repair, and overhaul, which enhances the life of the wind turbine owing to which market is restraining in the forecast period.

Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on the “Global Wind Turbine Shaft Market.”

The global wind turbine shaft market is divided into application, type, material type, and region. Based on application, the market is segmented into Offshore and Onshore. In offshore applications, turbine driveshafts are utilized by the prime mover, gearbox, and generator. The part that transfers engine power to gears or generators is the driveshaft. In contrast to those used onshore, which are often directly attached to the main rotor hub, those used at sea require additional gearing due to the high speeds involved. Based on type, the market is divided into a main shaft and a generator shaft. The main shafts of an onshore wind turbine transfer energy from the rotor blades to the generator, which is one of the turbine's key parts. This part's major objective is to effectively transmit the force created by the high-speed spinning of the rotor blades while minimizing reactive forces brought on by abrupt changes in direction and optimizing shear force.

Onshore wind turbines have rotating components called generator shafts that supply power and energy to the generator. For the goal of withstanding high speeds and stress brought on by abrupt changes in direction, this part is typically composed of steel or an alloy, depending on the purpose. Based on material type, the market is segmented into metal & synthetic Composites. Based on region, the market is divided into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Moreover, due to the rapidly growing installed bases, Asia-Pacific is expected to be the fastest-growing market during the forecast period. Moreover, major countries, such as China and India, are expected to add many wind turbines during the forecast period as part of their wind energy target by 2022, which would create opportunities for service providers. Also, the average age of the North American wind fleet increased from 5.5 years in 2015 to 7 years in 2020, and it is expected to be 14 years in 2030, which is likely to offer ample opportunities to the market in the coming years.

Asia-Pacific is the largest region and is also the fastest-growing region over the forecast period, due to its rapidly growing installed base in countries, such as China, India, Japan, and South Korea. In North America alone, more than 50,000 utility-scale wind turbines comprising nearly 100,000 megawatts of generating capacity were installed with an average age of six years. Among these, 42 turbines were in the United States and 12 in Canada. The wind turbine installations are estimated to increase by the end of 2030, making the maintenance, repair, and overhaul market lucrative. As a result, many players are focusing on expanding into this sector.

Major market players in the global wind turbine shaft market:

• Schaeffler Technologies AG & Co KG
• Jiangyin Zenkung Forging Co., Ltd.
• Luoyang Yujie Industry & Trade Co. Ltd
• Western Machine Works, LLC
• Broadwind Energy, Inc
• Siemens Gamesa Renewable Energy
• Wuxi Solar Wind Energy Technology Co. Ltd
• Liebherr Group
• Altra Industrial Motion Corp
• Sany Group

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"To produce an energy source that is both secure and environmentally friendly, the governments of various nations and international organizations are putting more emphasis on alternative fuels, such as wind energy, due to the rising CO2 emissions and carbon footprints. This is expected to propel the global wind turbine shaft market during the forecast period,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based Global management consulting firm.

Wind Turbine Shaft Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Location of Deployment (Offshore and Onshore), By Type (Main Shaft and Generator Shaft), By Material Type (Metal and Synthetic Composites), By Region has evaluated the future growth potential of the Global Wind Turbine Shaft Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities of the Global Wind Turbine Shaft Market.

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