Europe Wind Turbine Shaft Market By Application (Offshore and Onshore), By Type (Main Shaft and Generator Shaft), By Material Type (Metal & Synthetic Composites), By Country, Competition Forecast and Opportunities, 2028

European Union (EU) installed 16GW wind turbines, during the next five years, the European Union (EU) is planning to establish 20GW worth of new wind farms.

Increase in Wind Turbine Production in European Countries

To increase wind turbine production in response to the increased demand, manufacturers of wind turbine shafts are looking for ways to cut costs. Due to a large increase in population as well as developing urbanization, there is an increased need for energy. Installing renewable energy sources, such as wind and solar energy, is highly valued by governments around the countries to meet demand. These factors ought to encourage the development of more wind turbine shafts, increasing demand in this industry.

Germany has a sizable supply of high-quality, reasonably priced wind energy resources. As a result, Germany had the largest installed wind power capacity in the region of Europe in 2021, with a total installed capacity of 63.8 GW. More than 3.5 million homes across the nation might be powered by this installed capacity.

By 2030, the government wants to have 40% of the energy mix come from renewable sources. The administration announced a rise in spending on renewable energy from USD 5.43 billion to USD8.69 billion per year. This will likely help the market for wind turbine shafts to grow throughout the course of the projected period.

Download Free Sample Report Adoption Of Onshore Wind Energy

In order to maximize the amount of electricity produced per installed megawatt capacity over the past five years, onshore wind energy power generating technology has progressed to cover more areas with lower wind speeds. Additionally, larger wind turbine blades and hubs with greater hub heights, broader diameters, etc. have been used in recent years to increase the size of wind turbines. For instance, onshore wind farms received the majority of the funding. Two modest offshore floating wind farms with a combined capacity of 60MW were solely funded by France.

Additionally, onshore wind energy will drive the market demand in the European region to attain net-zero carbon emissions by 2030, claims Wind Europe. Around 90% of the total wind energy is used by onshore wind energy capacity, according to Global Wind Energy Council. The industry is anticipated to be driven by stringent government restrictions to minimize carbon emissions and phase out conventional power systems.

The total amount of new turbine orders placed in the EU in 2022 was only 9 GW, a 47% decrease from 2021. As part of its new energy and climate security goals, the EU must construct 30 GW of new wind farms annually. This includes the goal of growing the operational offshore wind capacity from 15 GW to over 100 GW by 2030.

The European installed wind production capacity onshore and offshore has increased by a factor of roughly 50 during the past 20 years due to the levelized cost of electricity (LCOE) declining. Power generation from renewable sources is receiving more attention as the need for sustainable power generation grows. Owing to the above-mentioned factors the market is expected to register a high CAGR in the forecast period.

New Product Launches in the Market

Leading companies in the market are introducing new goods with enhanced capabilities. For instance, a Danish engineer's company has lately created an innovative wind turbine shaft that can produce 10 GW of power. To improve the accuracy and functionality of their products, device manufacturers have taken essential steps. A relatively new product on the market, the wind turbine shaft combined cycle generates secondary power using a steam turbine. The exhaust heat is released when the wind turbines are turned. Also being installed are peak motor speeds, which will lessen noise pollution. The top manufacturers of wind turbine shafts are working to use new technology to improve the aesthetics of their turbines.

High Initial Cost of Wind Energy Generation

The high initial and ongoing costs of operating wind turbines are one of their key issues. The cost of solar energy is steadily falling, which has led to a rise in solar energy demand with a decline in wind energy demand.

Recent Developments

• In October 2022, Enlight Renewable Energy Ltd., an Israeli company that develops renewable energy sources, stated that the first of 60 wind turbines that make up the 372-MW Bjornberget wind farm in Sweden had begun commercial operation. The 6.2-MW Siemens Gamesa turbines are used in the wind farm.
• August 2022The first wind turbine of the Kaskasi offshore wind farm, which consists of a total of 38 Siemens Gamesa SG 8.0-167 DD Flex wind turbines, has been commissioned, according to RWE AG, a German multinational energy firm.
• Sweden's plans to construct a new 277 MW wind farm starting in 2025 were unveiled in July 2022. Siemens Gamesa, Arise, and Foresight will likely work together on a brand-new project in Sweden that will be managed by three different organizations.
• With 14.05 GW, onshore wind comprised 81% of the continent's new wind installations. Most onshore wind installations are being constructed in Sweden, Germany, and Turkey.
• In July 2022, Orsted received a contract for the difference with the UK Department for Business, Energy, and Industrial Strategy for its Hornsea 3 offshore wind project. With a 2,852 MW capacity, the project can generate enough cheap, clean, and renewable electricity to power 3.2 million homes in the UK.
• In September 2022, after exercising its right of entry, Vattenfall AB was granted permission to build the N-7.2 offshore wind power project off the coast in Germany. The project will have a 980 MW output when it is completed in 2027, and its annual generation will be enough to meet the needs of more than one million German households.
• According to the latest Global Offshore Wind report published by the Global Wind Energy Council (GWEC), the offshore wind industry had its best year ever in 2021, with 21.1 GW of new capacity coming online. The report finds that the offshore wind industry is on the verge of growth as governments turn to technology, set new goals in the quest for energy security and affordability, and strive for new zero-emissions goals. These updated targets should deliver even more record years from 2025 onwards.   
• The goal established by European countries is 450 GW of offshore wind power by 2050 and 116 GW between 2022 and 2026. Governments, companies, and investors need to work together in order to accomplish their objectives and triumph in the race toward a green future.

Market Segmentation

Market players

Major players operating in the Europe