Wind Turbine Shaft Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Application (Offshore and Onshore), By Type (Main Shaft and Generator Shaft), By Material Type (Metal and Synthetic Composites), By Region and Competition
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Power | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationWind Turbine Shaft Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Application (Offshore and Onshore), By Type (Main Shaft and Generator Shaft), By Material Type (Metal and Synthetic Composites), By Region and Competition
. In 2022, the installed capacity of wind energy increased by 7.1% (1 GW), reaching a record high of more than 15 GW. Owing to strong growth in locations like Alberta (almost 605 MW) and Saskatchewan (377 MW), as well as some (24 MW) new wind in Quebec, Western Canada exceeded the rest of the country. Additionally, The U.S. Wind Turbine Database (USWTDB) has more than 70,800 turbines as of January 2022. All these wind turbines have been built since 1980 in over 1,500 wind power plants located in at least 44 states. (Plus, Puerto Rico and Guam).
. Moreover, in 2018, With the addition of 46.8 GW, the total installed onshore wind power capacity reached 568 gigawatts (GW). Although the segment's installed capacity fell during the year, it still holds the top spot globally. Additionally in Tamil Nadu and Gujarat, India is also contemplating upgrading and renovating its outdated wind turbines. Before 2002, more than 1577 MW of turbines were installed; of these, Tamil Nadu has the greatest potential for repowering and overhauling at 834 MW, followed by Maharashtra at 400 MW.
Increasing Focus of Governments on Installing Renewable Energy Sources
The installed wind energy capacity worldwide has increased rapidly over recent years. This has resulted in an ever-increasing number of older wind farms globally. Significant turbine components are nearing the end of their warranty period. 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.
Manufacturers of wind turbine shafts are looking for ways to reduce costs to boost wind turbine production in response to the rising demand. The requirement for energy is also rising due to growing urbanization and a significant rise in population. Governments all around the world are placing an enormous value on installing renewable energy sources like wind and solar energy to meet the demand. These elements are anticipated to encourage the creation of additional demand for wind turbines shaft.
Moreover, the installation of integrated wind combined cycles in the residential and commercial sectors is the factor driving the demand for wind turbine shafts globally. Highly effective and environmentally friendly electricity and power are produced by these technologies. Additionally, a reciprocating engine's shaft thermal efficiency is lower than that of a wind turbine. The high power-to-weight ratio and improved dependability of wind turbine shafts enhance overall demand.
New Products Launches to Aid Wind Turbine Shaft Market
Market leaders are launching new products with improved capabilities. For instance, Danish engineers has just developed an innovative wind turbine shaft that can generate 10 GW of power. Device manufacturers have made the necessary efforts to enhance the accuracy and functionality of their products. A steam turbine and the exhaust heat emitted after turning the wind turbines are used in the wind turbine shaft combined cycle, a relatively new product on the market, to provide secondary power. Additionally, peak motor speeds are being installed to reduce noise pollution. Leading producers of wind turbine shafts are attempting to make turbines more aesthetically pleasing by utilizing new technologies.
A wind turbine's shaft can be made of a variety of substances, such as alloy steel, aluminum, and synthetic composites, including fiberglass. The acceptance of fiberglass has increased recently because of its lightweight and high tensile strength. As a result of ongoing developments and advances in the field of material science, novel materials are being generated, and the testing of novel materials for wind turbine shafts is gaining traction.
Growing Demand for Offshore Wind Turbines Supporting Market Growth
During the past five years, onshore wind energy power generation technology has advanced to cover more locations with lower wind speeds to maximize electricity produced per installed megawatt capacity. Additionally, wind turbines have expanded in size in recent years by using larger wind turbine blades and hubs with higher hub heights, broader diameters, etc.
According to the Global Wind Energy Council (GWEC), in 2020, an estimated 86.9 GW of onshore wind installed capacity was added, representing a 59% y-o-y growth taking the cumulative onshore installed wind capacity beyond the 700 GW mark. Capacity additions began to grow after a stagnating period during 2016-2018. The significant edge of onshore wind power generation is its lower cost compared to offshore power generation.
The largest onshore markets with the largest capacity growth in 2018 were still China and the United States. The additions of Chinese onshore wind capacity increased from 18 GW in 2017 to 21 GW in 2018. However, US onshore capacity increased significantly from 7 GW in 2017 to 7.5 GW in 2018. Due to the increasing global demand for offshore, the Global Wind Turbine Shaft Market is expected to register a high CAGR in the forecast period.
The global weighted average lower cost of electricity (LCOE) for onshore wind projects that were put into operation in 2018 is USD 0.056/kWh, which is 35% less costly than the LCOE in 2010 of USD 0.085/kWh. Onshore wind's annual cost of power is falling owing to increases in the average capacity factor and ongoing drops in the overall installation cost. The market for wind turbine shafts is therefore anticipated to grow as a result of the factors mentioned above.
Recent Developments
- The
new onshore wind projects, which are lined up online in 2021–2022, have an
average generating cost of about USD 0.045/kWh. The cost is further
expected to decrease in 2023.
- Modern
turbines also have 100-meter rotor diameters and 80-meter tower heights,
which allow them to sweep an area that is 50% greater than a typical
football pitch. The power capability of the turbine is increased by its
size. It lowers the costs associated with installing numerous
small-capacity wind turbines, which helps to lower the cost per MW of wind
energy.
- The
major nations in the area have begun funding wind energy projects. For
instance, Dumat Al-Jandal, a 400 MW onshore wind farm now under
construction in Saudi Arabia, is the nation's first utility-scale wind
power is now begun operational commercially in the year 2022. Under a
contract with the Renewable Energy Project Development Office (REPDO), a
group led by EDF Renewables is building the 70,000-home-capable Dumat
Al-Jandal (51%) and Masdar (49%), with an estimated cost of USD 500
million.
- In
addition, several Middle Eastern nations, including the United Arab
Emirates, Morocco, Qatar, Oman, Kuwait, Bahrain, Iran, Iraq, Jordan, and
Lebanon, are projected to invest more than USD 182.3 billion to add up to
57 GW of renewable energy capacity by 2025, with wind energy expected to
account for more than 15% of the total installed capacity of renewable
energy.
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Market Segmentation
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. Based on type, the market is divided into a main shaft and a generator shaft. 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.
Market Players
Major players in the global wind turbine shaft market are 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, S.A., Wuxi Solar Wind Energy Technology Co. Ltd, Liebherr Group, Altra Industrial Motion Corp, and Sany Group.
|
Attribute |
Details |
|
Base Year |
2022 |
|
Historic Data |
2018 –
2022 |
|
Estimated Year |
2023 |
|
Forecast Period |
2024
– 2028 |
|
Quantitative Units |
Revenue in USD Million, and CAGR for 2018-2022
and 2024-2028 |
|
Report Coverage |
Revenue forecast, company share, growth factors, and
trends |
|
Segments Covered |
By Application By Type By Material Type By Region |
|
Regional scope |
North America, Asia-Pacific, Europe, South America, Middle East & Africa |
|
Country scope |
United States, Canada, Mexico, China, India,
Japan, South Korea, Australia, Germany, United Kingdom, France, Russia, Spain,
Brazil, Argentina, Colombia, Saudi Arabia, South Africa, UAE, Egypt, Israel |
|
Key companies profiled |
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, S.A., Wuxi Solar Wind Energy Technology Co. Ltd, Liebherr
Group, Altra Industrial Motion Corp, Sany Group. |
|
Customization scope |
10% free report customization with
purchase. Addition or alteration to country, regional & segment scope. |
|
Pricing and purchase options |
Avail
customized purchase options to meet your exact research needs. Explore purchase options |
|
Delivery Format |
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request) |
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