The wind turbine forging market is expected to reach at US$ 11,154.14 million by 2028; registering at a CAGR of 7.4% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Wind turbine forgings are capable of withstanding axial and radial loads, as well as the operational changes of a turbine. Companies operating in the wind turbine forging market are offering products such as tower connecting flanges, forgings for yaw and pitch systems, forgings of gearboxes, wind power generator stator rings and rotor rings, and offshore platform forgings. The wind turbine shaft is forged from steel, which is hardened and tempered during the forging process. The growing number of installations of high-power wind turbines has successively increased the demand for 10 MW+ tower flanges, gear, shafts, and other components, which is significantly driving the wind turbine forging market.
According to the International Energy Agency (IEA), global wind electricity generation observed a 55% higher growth in 2021 than in 2020, the highest among all renewable power technologies. The unprecedented rise in wind capacity additions, Net Zero Emissions by 2050 scenario, and demand for cost reductions for offshore wind energy are the factors supporting the growth of the wind turbine forging market. Further, growing installations of wind turbines in North America and Asia Pacific are anticipated to propel the wind turbine forging market in the coming years. According to IEA, China held ~70% share of wind generation growth in 2021, followed by the US and Brazil. The US observed a 90% increase in the capacity of wind generation growth in 2020. The Net Zero Scenario’s wind power generation demand for 2030 is estimated to boost high-capacity wind turbine installations in the coming years, which is likely to fuel the demand for wind turbine forging.
According to the wind turbine forging market research study, Asia Pacific (APAC) is expected to witness the highest CAGR during the forecast period. Based on geography, the APAC wind turbine forging market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. Due to the growing demand for energy across APAC, the regional government bodies have undertaken various policies to make themselves self-sufficient in the energy sector. The global market is bifurcated into type and component. Based on type, the global market is bifurcated into seamless rolled ring and open die forging. Based on component, the global market is segmented into flanges, blades, bearings, gears, shafts, and others.
Wind Turbine Forging Market — by Region, 2022
Wind Turbine Forging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Seamless Rolled Ring and Open Die Forging) and Component (Flanges, Blades, Bearings, Gears, Shafts, and Others)
Wind Turbine Forging Market Size & Share | Global Analysis 2028
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Source: The Insight Partners Analysis
Scot Forge Co; Frisa Industrias SA de CV; Iraeta Energy Equipment Co Ltd; ULMA Forja S Coop; Celsa Armeringsstal AS; Bharat Forge Ltd; Specialty Ring Products Inc; Bruck GmbH; Tongyu Heavy Industry Co., Ltd; and Gerdau Summit Aços Fundidos e Forjados SA are among the key players operating in the wind turbine forging market. Several other market players were analyzed during this market research study to get a holistic view of the wind turbine forging market and its ecosystem. The wind turbine forging market size report provides detailed market insights, which helps the key players strategize their growth.
Impact of COVID-19 Pandemic on APAC Wind Turbine Forging Market
The COVID-19 pandemic stalled several wind energy-related programs and projects despite the remarkable progress made by the sector before 2020. However, from the second half of 2020, companies involved in developing wind turbine forged materials and components have returned to their normal production and sales capacities. According to the Global Wind Energy Council, The global wind industry had a good year in 2021, with almost 94 GW of capacity added worldwide. Europe, South America, and the Middle East & Africa witnessed records for new onshore installations in 2021. The US, the UK, Spain, China, and India are among the countries with the highest installation of capacities. China accounted for 80% of offshore wind energy capacity added worldwide in 2021. Global net zero commitments and the renewed urgency for achieving energy security are anticipated to propel the number of wind turbine installations, boosting the demand for wind turbine forging.
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