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The wind turbine shaft market share is expected to increase by USD 2.00 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.49%.
This wind turbine shaft market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers wind turbine shaft market segmentations by application (onshore and offshore) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The wind turbine shaft market report also offers information on several market vendors, including ABB Ltd., Acciona SA, B and D Industrial, Bergey Wind Power Co., Broadwind Energy Inc., General Electric Co., Jiangsu Huixuan New Energy Equipment Co. Ltd., Jiangyin Zenkung Forging Co. Ltd, Luoyang Yujie Industry and Trade Co. Ltd, Mingyang Smart Energy Group Co. Ltd., Nordex SE, Schaeffler AG, Senvion Wind Technology Pvt. Ltd., Siemens AG, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd., Altra Industrial Motion Corp., and SANY Group among others.
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The rapid growth of the global wind power market is notably driving the wind turbine shaft market growth, although factors such as increasing adoption of alternative energy sources may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the wind turbine shaft industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Wind Turbine Shaft Market Driver
The rapid growth of the global wind power market is one of the key drivers supporting the wind turbine shaft market growth. Offshore wind development has become more viable due to the availability of systems that support a capacity of more than 1 MW. The emergence of floating wind turbines has also paved the way for the commercialization of offshore wind power. For instance, General Electric Co. announced the launch of 12 MW Haliade-X, which, it has claimed, is the most powerful offshore wind turbine in the world with a 721.78 ft rotor and 351.05 ft blade. The company claims that the wind turbine can achieve a capacity factor of 63%, which is 5%-7% points above the industry average. An increment in every point enables wind power plants to save around $7 million over their lifetime. Moreover, competitive pricing, the provision for sophisticated grid management, and the availability of affordable power storage are driving the growth of the global wind power market. Therefore, the demand for wind turbine components, including wind turbine shafts, will increase during the forecast period.
Key Wind Turbine Shaft Market Trend
Increasing government initiatives for the use of renewable energy resources is one of the key wind turbine shaft market trends contributing to the market growth. For instance, in 2017, regulators in Maryland approved financial support in the form of renewable energy credits for Orsteds 120 MW Skipjack and US Winds 270 MW MarWin projects, which have been planned for sites off the coast of Ocean City. Moreover, in March 2019, the UK announced plans to increase its renewable energy development with a target of 30% of electricity production in the country from wind by 2030. In March 2019, the UK government confirmed a deal with the wind power industry to achieve a target of 30 GW of offshore wind power installed capacity in the country. Owing to such favorable government regulations and support, the global wind turbine shaft market is expected to grow during the forecast period.
Key Wind Turbine Shaft Market Challenge
The increasing adoption of alternative energy sources is one of the factors hindering the wind turbine shaft market growth. Many countries all across the globe have been adopting alternative energy resources to meet increasing energy demand. For instance, although Indonesia has set a target of increasing the share of renewables in the national energy mix by 2025, the country will continue to make extensive use of coal to fulfill the energy demand over the next decade. The government has revised the target for electricity production using coal to 54.40% by 2025. Thus, coal still accounts for the majority share of the country's energy mix. Many other countries also prefer using fossil fuels over renewable energy sources due to the abundance of fossil fuels. The cost of establishing a renewable energy farm to generate power is substantially high, and the power output from renewable energy sources is not on a par with that from fossil fuels. Hence, the preference for non-renewable energy sources is high in the market. Such factors are limiting the market growth.
This wind turbine shaft market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global wind turbine shaft market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the wind turbine shaft market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the wind turbine shaft market encompasses successful business strategies deployed by the key vendors. The wind turbine shaft market is fragmented and the vendors are deploying growth strategies such as price, quality, reliability, design, supply lead time, and engineering and maintenance support to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The wind turbine shaft market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the wind turbine shaft market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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52% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for the wind turbine shaft market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Improvements in the standard of living will facilitate the wind turbine shaft market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 negatively impacted the growth of the overall renewable energy sector including the wind turbine shaft market in 2020. However, the onshore wind energy segment has been witnessing growth during the pandemic. For instance, in the second quarter of 2020, General Electric Co. reported that its revenue was primarily driven by onshore wind farm installations. The company delivered around 800 new turbines in the second quarter of 2020. Such developments in the onshore wind energy segment during the COVID-19 pandemic are expected to further propel the market growth during the forecast period.
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The wind turbine shaft market share growth by the onshore segment will be significant during the forecast period. In countries such as the UK and China, the cost competitiveness of onshore wind power has been increasing and reaching that of coal and natural gas. They are becoming more cost-competitive due to the declining cost of technology and financing. The shafts used in onshore wind turbines are connected directly with the main rotor hub, while those in offshore wind turbines need additional gearing between them due to the high wind speeds involved. The growth of the onshore segment is driven by the declining cost of power generated by onshore wind power plants, as well as innovations that have enabled the commercialization of advanced technologies. Such innovations will drive the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the wind turbine shaft market size and actionable market insights on post COVID-19 impact on each segment.
Wind Turbine Shaft Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.49% |
Market growth 2022-2026 |
$ 2.00 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.76 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 52% |
Key consumer countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ABB Ltd., Acciona SA, B and D Industrial, Bergey Wind Power Co., Broadwind Energy Inc., General Electric Co., Jiangsu Huixuan New Energy Equipment Co. Ltd., Jiangyin Zenkung Forging Co. Ltd, Luoyang Yujie Industry and Trade Co. Ltd, Mingyang Smart Energy Group Co. Ltd., Nordex SE, Schaeffler AG, Senvion Wind Technology Pvt. Ltd., Siemens AG, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd., Altra Industrial Motion Corp., and SANY Group |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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