Wind Turbine Shaft Market Size

Wind Turbine Shaft Market Analysis

The wind turbine shaft market is expected to follow the trends of wind turbine tower market which is growing at a CAGR of more than 3% during the forecast period. Increase in wind tower market, is certain to increase the wind turbine shaft market at around similar rate. With rising CO2 emission and carbon footprint, the governments of various countries and international bodies are giving more emphasis on alternate fuels, like wind to generate an ecofriendly form of energy that is expected to help to achieve an imperishable form of energy and security in the coming years. The global wind power installations increased from 159 GW in 2009 to 591 GW in 2018. The overall growth of wind turbine shaft installations is primarily driven by declining costs, due to improved materials and design, and favorable government policies for wind power in major wind power countries, such as China, the United States, Denmark, Germany, the United Kingdom, and India. Moreover, the rising initiatives to have alternate sources of energy, such as wind, helps to drive the wind turbine shaft market. However, the emerging of other alternative energies such as solar and the dominance of hydropower energy would act as a restrain for the wind turbine shaft market to grow in the near future.

• The wind turbine shaft market in Asia-Pacific (especially the South-Eastern countries), is expected to have an immense opportunity, in untapped areas. The rising demand for energy in the south-eastern countries of Asia-Pacific depends upon economic growth, increasing population, and urbanization. The governments in these countries have set a target for wind energy deployment that would drive the Asia-Pacific wind turbine shaft market and is expected to create an opportunity for the market to grow in the future.
• The onshore turbine is the leading and dominating segment among the wind turbine market. The segment has the majority share from the Asia-Pacific region, with China as the leading player.
• The Asia-Pacific is one of the prominent wind turbine shaft markets with maximum wind energy installation capacity. China is a prominent country within the region that covers the majority market share of wind turbines. With nearly 36% and 20% of the total onshore and offshore wind turbine installed capacity, the country is dominating the wind turbine shaft market.