Wind Turbine Shaft Market: Global Industry Analysis and Forecast (2023-2029)

Wind Turbine Shaft Market was valued at US$ 5.37 Bn. in 2022. Global Wind Turbine Shaft Market size is expected to grow at a CAGR of 7.5 % through the forecast period.
Wind Turbine Shaft Market Overview:
A wind turbine shaft is a component that connects the machine's rotors to the center. When the rotor spins, it facilitates the transfer of mechanical, rotational energy from the rotor to the shaft. The wind is a renewable energy source that is widely regarded as the most environmentally benign way to generate electricity. It has become the most common and cost-effective way to generate extra power. The quantity of net input energy delivered to the wind turbine shafts in the form of fuel determines its efficiency. As a result, several advantages connected with wind turbine shafts are likely to propel the market forward over the forecast period.
Wind Turbine Shaft Market Snapshot
To know about the Research Methodology :- Request Free Sample Report
Wind Turbine Shaft Market Covid-19 Insight:
The COVID-19 epidemic has had a significant influence on the wind turbine shaft market. The wind turbine shaft market is expected to be affected by the fall in transportation and petrochemical sector activity caused by the pandemic. Many market sectors have been forced to halt operations because of the outbreak, to comply with government rules such as social distancing. National and international transportation has been delayed as a result of the lockdown, which has had a substantial impact on the supply chain of multiple businesses across the country, exacerbating the supply-demand gap. As a result, insufficient raw material supply would further impair the wind turbine shaft manufacturing rate, significantly impacting the wind turbine shaft supply chain management.
Wind Turbine Shaft Market Dynamics:
Market Opportunities: Growing worries about ozone-harming chemical fluxes have spurred the growth of the market. Due to the rising demand, wind turbine shaft manufacturers are also seeking to find cost-cutting methods to improve wind turbine manufacturing. Furthermore, rapid urbanization and a considerable increase in population are driving up the energy demand. To fulfill the needs, governments across the country are emphasizing the installation of renewable energy sources such as wind and solar energy. These factors are expected to stimulate the development of new wind turbines, resulting in increased demand in this market.

Marketed New Product Development: Leading market players have introduced new products with enhanced capabilities. Danish, for example, just introduced a new wind turbine shaft capable of producing 10 GW of energy. Device manufacturers have taken the required efforts to improve device accuracy and overall operation. The wind turbine shaft combined cycle is a relatively new product in the market that can generate secondary power using a steam turbine and the exhaust heat released after turning the wind turbines. Peak motor speeds are also being fitted to reduce noise pollution. With the use of new technology, the top marketed manufacturers of wind turbine shafts are working to make turbines more visually appealing.

Market Restraints: Improving economic conditions in numerous regions of the country, as well as lower per kWh wind energy generation costs, are leading to increased adoption of wind turbines around the world, which is likely to propel the entire wind turbine shaft market forward. However, the high capital and material costs of the turbine shaft may function as a market restraint.
Market Challenges: Solar panels are posing a threat to the wind turbine shaft market, making wind power generation more competitive. Manufacturers are working on studying and designing the shaft with the appropriate diameter and material to lower the cost of production of wind turbines.

Market Trend: The shaft of a wind turbine can be composed of a variety of materials, including alloy steel, aluminum, and synthetic composites (like fiberglass). Fiberglass has gained popularity in recent years due to its lightweight and strong tensile strength. Novel materials are being produced as a result of ongoing advancements and advances in the field of material science, and testing with new materials for wind turbine shafts is on the rise.

Market Drive: The overall wind turbine shaft market is being driven by the deployment of combined cycle wind turbines and integrated wind combined cycles in the residential and commercial sectors. These technologies produce highly efficient and environmentally friendly electricity and power. Moreover, the thermal efficiency of the shaft of a wind turbine is better than that of a reciprocating engine. Wind turbine shafts have a high power-to-weight ratio and increased reliability, which drives up demand. However, market growth is hindered by high costs, a laborious installation process, and a lack of responsiveness to variations in power demand.
Wind Turbine Shaft Market Segment Analysis:
Based on Type, the Wind Turbine Shaft Market is segmented into Main Shaft and Generator Shaft. The generator, which is a major component of an onshore wind turbine, receives energy from the rotor blades via main shafts. The main purpose of this component is to efficiently transmit the force generated by rotor blade rotation at high speeds while minimizing reactive forces induced by rapid changes in direction and optimizing shear force.
The generator shafts of an onshore wind turbine are rotational elements that convey energy and power to the generator. This part is generally made of steel or alloy, depending on the purpose, to withstand high speeds and stress induced by rapid changes in direction.
Wind Turbine Shaft Market, by Type in 2022 (%)


Based on the Application, the Wind Turbine Shaft Market is segmented Offshore and Land. The prime mover, gearbox, and generator all utilize turbine driveshafts in offshore applications. The driveshaft is a component that delivers engine power to gears or generators. Onshore wind turbines are normally connected directly to the main rotor hub, however, those used at sea require additional gearing between them due to the high speeds involved.

On land, wind turbine drive shafts are widely used for different purposes. Due to high-speed rotations and heat generation during high load situations, drive shaft bearings can be damaged when operating in the wind. As a result, prior to installation, a thorough analysis is carried out, taking into consideration all the factors such as the age of the equipment and the number of hours it has been used. If bearing variations cause any damage, different firms provide repair services based on their product warranty policies
Wind Turbine Shaft Market Regional Insights:
The Asia Pacific region dominated the market with a 50 % share in 2022. The Asia Pacific region is expected to witness a significant growth of 4% through the forecast period. Through the forecast period, Asia Pacific is expected to lead the wind turbine shaft market. The Asia Pacific market is forecast to grow because of rising electricity demand in developing nations like India and China, as well as increased government efforts and investments boosting wind energy development.

During the forecast period, Europe is expected to be a profitable market. Wind turbine shaft demand in Europe is expected to rise as the use of wind energy grows and environmental laws become more rigorous. During the forecast period, the market in North America is expected to rise steadily. During the forecast period, the wind turbine shaft markets in South America and MEA are likely to rise at a slower rate.

The objective of the report is to present a comprehensive analysis of the global Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Market dynamic, structure by analyzing the market segments and projecting the Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Market make the report investor’s guide.
Wind Turbine Shaft Market Scope: Inquire before buying



Global Wind Turbine Shaft Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 5.37 Bn.


Forecast Period 2023 to 2029 CAGR:
7.5%
Market Size in 2029:
US $ 8.91 Bn.


 Segments Covered:
by Type
Main Shaft
Generator Shaft


by Application
Offshore
Land



Wind Turbine Shaft Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Wind Turbine Shaft Market, Key Players are
1. Altra Industrial Motion Corp
2. Schaeffler Technologies AG & Co.KG
3. Luoyang Yujie Industry & Trade
4. Western Machine Works
5. Broadwind Energy
6. Siemens Gamesa Renewable Energy
7. Wuxi Solar Wind Energy Technology
8. Jiangsu Huixuan New Energy Equipment
9. Fusion
10. Sinovel
11. Ming Yang
12. Nordex
13. Dewind
14. Orient Green Power
15. Senvion Suzlon
16. Guodian United Power

Frequently Asked Questions:

1] What segments are covered in the Global Wind Turbine Shaft Market report?
Ans. The segments covered in the Market report are based on Type and Application.

2] Which region is expected to hold the highest share in the Global Wind Turbine Shaft Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Market.

3] What is the market size of the Global Wind Turbine Shaft Market by 2029?
Ans. The market size of the Market by 2029 is expected to reach US$ 8.91 Bn.

4] What is the forecast period for the Global Wind Turbine Shaft Market?
Ans. The forecast period for the Market is 2023-2029.

5] What was the market size of the Global Wind Turbine Shaft Market in 2022?
Ans. The market size of the Market in 2022 was valued at US$ 5.37 Bn.