New York, Feb. 16, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Wind Turbine Components Market Size, Share, Growth and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Rotor Blade, Nacelle, Gearbox, Generator, Tower, and Pitch System)” the global wind turbine components market growth is driven by increasing number of product launches, rising demand for floating wind technology and rising number of wind farms.
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Global Wind Turbine Components Market – Report Scope:
| Market Size Value in | USD 118.70 Billion in 2022 |
| Market Size Value by | US$ 152.01 Billion by 2028 |
| Growth rate | CAGR of 4.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 200 |
| No. of Tables | 78 |
| No. of Charts & Figures | 138 |
| Historical data available | Yes |
| Segments covered | Component |
Global Wind Turbine Components Market: Competitive Landscape and Key Developments
Siemens Gamesa Renewable Energy SA, Vestas Wind Systems AS, TPI Composites Inc, GRI Renewable Industries SL, Marmen Inc, Valmont Industries Inc, LM Wind Power AS, The Timken Co, ZF Friedrichshafen AG, and Flender International GmbH are among the key wind turbine components market players profiled in the report. Several other essential wind turbine components market players were analyzed for a holistic view of the wind turbine components market and its ecosystem. The report provides detailed market insights, which can help major wind turbine components market players strategize their growth.
In 2022, GE Renewable Energy signed an agreement with Veolia to recycle its onshore wind turbine blades in the US. This recycling contract, the first of its kind in the US wind turbine industry, will turn the blades into a raw material for use in cement manufacturing.
In 2021, Enel Green Power launched a partnership with the startup ACT Blade to develop a new type of innovative wind turbine made of fabric, capable of generating more energy, reducing costs and making it easier to recycle its component materials.
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Global Wind Turbine Components Market – Regional Insights:
Geographically, the wind turbine components market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. In 2021, APAC held the largest wind turbine components market share, followed by Europe and North America. APAC is expected to register the highest CAGR in the wind turbine components market from 2022 to 2028. According to the Global Wind Energy Council, 30 wind turbine manufacturers installed ~29,234 wind turbines worldwide in 2021. Vestas contributed to 17.7% of the new installations, followed by Goldwind acquiring 11.8%, and Siemens Gamesa holds 9.7% global market share. Moreover, in 2021, Europe accounted for the second largest wind turbine components market share which is expected to retain its dominance during the forecast period as well.
In APAC, China is the largest manufacturer of wind turbine components. In 2021, the country contributed around 55.8 GW of the new installation, which is 56% of the global total. Out of 55.8 GW, 41.6 GW was onshore installation, and 14.2 GW was offshore installation. China’s new offshore wind additions in 2021 were 2.5 times that in 2020, which represents 84% of the global offshore wind. In addition, Vietnam contributed ~3.6 GW of the new installation in 2021. Also, the country is one of the major importers of wind generators and parts to the US. Vietnam contributes around 39% of the wind generators and parts imported into the US. Moreover, India has a new installation of 1.4 GW in 2021. The country exported wind towers, wind blades, and hubs worth US$ 455 million to the US in 2021. Thus, the growing manufacturing and installation of wind turbines in the region will further propel the market growth during the forecast period.
According to WindEurope VZW/ASBL, Europe was installed with 17 GW of new wind capacity in 2021. Out of this, 81% of the new wind installation in the region was onshore wind. Germany, Sweden, and Turkey have done most of the onshore wind installation. In 2021, the UK had the highest number of new offshore wind installations, i.e., ~2.3 GW. Also, the region is expected to install 116 GW of new wind farms from 2022 to 2026. It is also expected that Germany will have an onshore market of 19.7 GW and offshore installations of 5.4 GW, the UK will have 15 GW of new installation, while France will have 12 GW of new installation, Spain will have 10 GW of new installation, and Sweden will have 7 GW of new installation by 2026. Thus, such growing new installations in the region will further boost the market expansion.
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Global Wind Turbine Components Market: Component Overview
The wind turbine components market size is derived by component segment. In terms of component, the wind turbine components market size is derived by rotor blade, nacelle, gearbox, generator, tower, and pitch system. Based on rotor blade, the market is further categorized into below 40m, 41–60m, 61–70m, and above 70m. By gearbox, the market is further segmented into planetary gearbox, spur gearbox, and others. In terms of generator, the market is further segmented into direct current and AC synchronous. By tower, the market is further segmented into tubular steel towers, lattice towers, and hybrid towers.
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Global Wind Turbine Market Size Forecast to 2028 - Covid-19 Impact and Global Analysis - by Installation (Onshore and Offshore); Connectivity (Grid Connected and Stand Alone); Application (Utility, Industrial, Commercial, and Residential)
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Global Wind Turbine Foundation Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Mono-Pile, Jacket-Pile, Gravity, Tripod, Suction, Raft, Pile, Well Foundation, Rock & Anchor, and Others) and Application (Onshore and Offshore)
Global Wind Turbine Composites Market Size to 2027 - Global Analysis and Forecasts by Fiber Type (Glass Fiber, Carbon Fiber and Others); Resin Type (Epoxy, Polyester, Vinyl Ester); Manufacturing Processes (Vacuum Injection Molding, Prepreg, Hand Lay-Up); Application (Blades, Nacelles), and Geography
Global Wind Turbine Gearbox Market Size Forecast to 2028 - Covid-19 Impact and Global Analysis - by Capacity (Below 3MW, 3-5 MW, Above 5MW); Application (Onshore, Offshore) and Geography
Global Wind Energy Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis By Capacity (Upto 1MW, 1-3 MW, 3-5 MW, and Above 5MW) and Installation (Onshore and Offshore)
Global Wind Turbine Condition Monitoring Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services) and Application (Rotor, Tower, Gearbox, Generator, and Others)
Global Airborne Wind Turbine Market Size Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Larger Turbines (Above 3MV), Smaller Turbines (Less than 3MV)); Application (Onshore, Offshore)
Global Offshore Wind Turbine Installation Vessel Market Size to 2028 - Global Analysis and Forecasts by Type (Self-Propelled Jack-Up Vessel, Normal Jack-Up Vessel, Heavy Lift Vessel); Application (Onshore Wind, Offshore Wind) and Geography
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