Global Demand for Wind Turbine Shaft to Incur Considerable Upsurge During 2017 - 2027
Wind Turbine Shaft Market: Market Dynamics
The Wind turbine shaft market is being mainly driven by growing environmental concerns, such as greenhouse gas emissions. The manufacturers are also trying to achieve cost reduction alongside trying to improve production wind turbines. Furthermore, increasing population and rapid industrialization is resulting in growing energy demand. To meet the growing energy demand, the government across the globe is emphasizing on harnessing renewable energy, such as solar and wind energy. This is expected to lead to installation of new wind power projects, which, in turn, will generate the demand for wind turbine shafts.
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Increasing adoption of offshore wind energy generation as a clean source of energy in many countries, such as China, Japan, South Korea, India, Taiwan and the U.S., is expected to create new opportunities for the growth of wind turbine shaft market. However, harsh environmental conditions require more technological advancement in terms of design and strength, resulting in higher initial setup cost.
Improving economic conditions in several parts of the world and reduction in per kWh of wind energy generation is leading to increasing adoption of wind turbines across the globe, which in turn, is expected to drive the growth of global wind turbine shaft market. However, high capital cost and high material cost of the turbine shaft may act as a restraint for the market. Moreover, the wind power generation is facing competition from solar panels, which might pose to be a threat to the wind turbine shaft market. To reduce the setup cost of wind turbines, the manufacturers are focusing on analyzing and designing the shaft with optimal diameter and material to reduce the cost of production. A wind turbine shaft can be made from different types of materials, such as alloy steel, aluminum and synthetic composites (like fiber glass). Over the past few years, fiber glass is gaining popularity due to its light weight and high tensile strength. With the continuous developments and improvements in the field of material science, new materials are being developed and experimentation with new materials for wind turbine shaft is in trend.
Wind Turbine Shaft Market: Segmentation
On the basis of material type, the wind turbine shaft market can be segmented into:
On the basis of type, the wind turbine shaft market can be segmented as:
Wind Turbine Shaft Market: Regional Outlook
Asia Pacific is expected to dominate the wind turbine shaft market throughout the forecast period. Asia Pacific market is expected to flourish due to increasing demand for electricity in developing countries, such as India and China, and increasing government initiatives and investments promoting the production of wind energy. Europe is anticipated to be a lucrative market during the forecast period. The demand for wind turbine shafts in Europe is estimated to increase owing to increasing adoption of wind energy and stringent environmental regulations. North America is expected to witness steady growth in the wind turbine shaft market during the forecast period. Latin America and MEA wind turbine shaft markets are expected to grow at a comparatively slower pace during the forecast period.
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Wind Turbine Shaft Market: Key Players
Some of the prominent players operating in the wind turbine shaft market are as follows:
Altra Industrial Motion Corp
Schaeffler Technologies AG & Co. KG
Luoyang Yujie Industry & Trade Co.,Ltd
Western Machine Works Inc.
Broadwind Energy, Inc.
Siemens Gamesa Renewable Energy
Wuxi Solar Wind Energy Technology Co.,Ltd
Jiangsu Huixuan New Energy Equipment Co., Ltd.
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