The adoption of combined cycle wind turbines and integrated wind combined cycle in the industrial &commercial sector is the major driving factor of the global wind turbine shaft market. These technologies generate high efficiency &eco-friendly electricity and power. Moreover, the thermal efficiency of wind turbine shaft is higher than of a reciprocating engine. Wind turbine shaft exhibits high power to weight ratio and enhanced reliability, which further propel its demand, globally. However, high cost, complicated installation process, and less responsiveness to changes in power demand hamper the market growth.
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New products that exhibit improved capabilities have been launched by leading market players. For example, Danish recently launched a new wind turbine shaft for turbine that is capable of producing 10 GW of energy. Manufacturers have taken necessary steps to improve the accuracy of devices and overall functionality as well. The wind turbine shaft combined cycle is the recent development in the industry that possesses the potential to conduct secondary power generation by a steam turbine and utilizing the exhaust heat expelled after rotating the wind turbines. Furthermore, to eliminate noise pollution, peak motor speeds are being installed. The major market manufacturers of the wind turbine shaft market are attempting to make turbines more visually attractive with the help of recent technologies.
Manufacturers have been focusing on producing new products for specific applications as there are varying demands based on the utilization. Furthermore, wind turbine shaft finds its major application in water pumping activities. Rise in installation of wind turbines owing to its advantages such as clean source of energy, low cost during power generation, and reduced maintenance cost have augmented the demand for wind turbine shaft.
Companies covered in the market report are Sinovel, Siemens AG, Ming Yang, Guodian United Power, Nordex, Dewind, Senvion, Suzlon Energy Limited, GE Wind Energy, and Orient Green Power Ltd.
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COVID-19 impact analysis
The global market for wind turbine shaft is severely impacted by the outbreak of the COVID-19 pandemic. The decline in industrial activities of transportation and petrochemicals due to pandemic is expected to hamper the wind turbine shaft market growth. The pandemic has forced many industries in the market to nearly stop their operations to comply with the government regulations such as social distancing. Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap. Thus, insufficiency in raw material supply will further affect the production rate of wind turbine shaft, which negatively impacts the wind turbine shaft supply chain management.
Furthermore, wind turbine shaft OEM companies are facing disruption in supply chain owing to shutdown of production facility located around the world. For instance, Nordex SE has reported decrease in the net sales in the first six month of 2020.
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