Wind Turbine Forging Market Analysis and Top Players 2031
The wind turbine forging market size is projected to reach US$ 14,672.81 million by 2031 from US$ 7,762.64 million in 2023. The market is expected to register a CAGR of 8.3% during 2023–2031. The advent of technology development in the wind sector is likely to remain a key trend in the market.
Wind Turbine Forging Market Analysis
The Wind Turbine Forging market ecosystem comprises Frisa; Iraeta; Ulma Forged Solutions; Celsa Nordic; Bharat Forge. These stakeholders include raw material providers, component manufacturers, and end users. Wind turbine forging is an important part of the wind turbine system. Raw material providers provide the forged product manufacturers with materials such as steel for wind turbine shafts or even concrete for wind turbine towers. The manufacturers then develop the main shaft of a wind turbine, forged from steel, which becomes hardened and tempered in the forging process. Tubular steel towers are manufactured in 20-30 meters with flanges at each end. FRISA offers high-performance wind turbine forgings for wind turbine platforms. Component manufacturers then provide the forged pieces to the OEMs in the wind power industry. Growing demands for the ring rolling processes with up to 3-meter diameters and cross sections and forged blades are propelling the wind turbine forging market.
Wind Turbine Forging Market Overview
Wind Turbine Forging providers include companies such as Scot Forge Company; Specialtyring; Irizar Forge; Tongyu Heavy Industry Co., Ltd; and Bortome, which provides forged products to the end users in the wind energy industry. These companies supply critical components for the renewable energy sector and are constantly expanding their product portfolio and customer base. The growing construction of onshore and offshore wind power farms and turbines is anticipated to boost the demand for the global wind turbine forging market in the forthcoming years.
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Wind Turbine Forging Market: Strategic Insights
Market Size Value in US$ 7,286.13 Million in 2022 Market Size Value by US$ 11,154.14 Million by 2028 Growth rate CAGR of 7.4% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Wind Turbine Forging Market: Strategic Insights
| Market Size Value in | US$ 7,286.13 Million in 2022 |
| Market Size Value by | US$ 11,154.14 Million by 2028 |
| Growth rate | CAGR of 7.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Wind Turbine Forging Market Drivers and Opportunities
Rising Government Initiatives to Reduce Carbon Footprint to Favor Market
Encouraging government mandates and initiatives are supporting the expansion of the clean energy sector, which is anticipated to reduce the carbon footprint globally. The rising government focus on establishing targets to mitigate the carbon emissions from industrial, residential and commercial sectors by 2030 is projected to drive the growth of wind turbine forging market worldwide. The energy crisis has severed due to the Russia and Ukraine war. However, the energy crisis is positive for the renewable sector as countries such as Italy, the UK, and the Netherlands are shifting their investment and efforts toward renewable energies such as installing wind power. Russia's invasion of Ukraine has accelerated the investment in the renewable industry globally to reduce the dependency on fossil fuels. The countries have updated the green energy target to fulfil the energy demands. Furthermore, the Russia-Ukraine war has accelerated the renewable sector's growth in Asian countries. South Korea and Japan had already invested in hydrogen technology, and the Russia- Ukraine war has further accelerated their renewable industry investment. Hence, due to this, demand for wind turbine forging solutions has increased as the number of wind turbine installations has increased globally.
Advent of Technology Development in Wind Turbine Forging
Computer-aided engineering is obtaining rapid implementation in forging, a manufacturing process that yields the required shape of a element by employing impact load on the metallic element. The utilization of CAE technology in the forging industry has substantially lowered the lead time and errors during product manufacturing, thereby making the process more efficient, which is projected to offer high growth opportunities for the market.
Wind Turbine Forging Market Report Segmentation Analysis
Key segments that contributed to the derivation of the wind turbine forging market analysis are type and component.
- Based on the type, the wind turbine forging market is divided into seamless rolled ring and open die forging. The open die forging segment held a larger market share in 2023.
- By application, the market is segmented into flanges, blades, bearings, gears, shafts, and others. The flanges segment held a significant share of the market in 2023.
Wind Turbine Forging Market Share Analysis by Geography
The geographic scope of the Wind Turbine Forging market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is leading the market. Asia Pacific is a highly populated region across the world, having a higher demand for energy. The Asia Pacific region is extremely dependent on fossil fuels for energy generation, and to decrease the dependency, countries such as China, India, Japan, and Australia are strongly investing in renewable energy projects. In addition to this, the skyrocketed prices of crude oil in the regions due to the Russia and Ukraine war have further escalated the energy crisis in the region. Thus, the overall energy crisis in the Asian region has significantly driven the investment towards wind and solar energy projects. In fact, China is the largest manufacturer as well as holds the largest installation of wind energy projects across the world. Similarly, India and Japan are also contributing significantly to the development of the renewable energy sector. Thus, the energy crisis has a significant positive impact on the wind turbine forging industry, as with rising wind turbine installation, the demand for the forged component will also rise.
Wind Turbine Forging Market Report Scope
Wind Turbine Forging Market News and Recent Developments
The wind turbine forging market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the wind turbine forging market are listed below:
- The Moray West offshore wind project flanges were successfully shipped from Iraeta. It is understood that the flanges will be used for the Moray West offshore wind project in Scotland, which uses SGRE 14 MW wind turbines. Iraeta has undertaken all 62 sets of TP flanges and 30 sets of MPS for the project, totaling 152 flanges. (Source: Iraeta Energy Equipment Co Ltd, Press Release, November 2022)
- Bharat Forge commences supply of forgings utilizing Green Steel, reinforcing the company's commitment to reduce carbon footprint. (Source: Bharat Forge, Press Release, December 2022)
Wind Turbine Forging Market Report Coverage and Deliverables
The “Wind Turbine Forging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Wind turbine forging market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Wind turbine forging market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Wind turbine forging market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the wind turbine forging market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Component
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific dominated the wind turbine forging market in 2023.
The rising installations of high-capacity wind turbines is the future trend of the wind turbine forging market.
Scot Forge Co, ULMA Forja S Coop, Celsa Armeringsstal AS, Iraeta Energy Equipment Co Ltd, Frisa Industrias SA de CV, Bharat Forge Ltd, Tongyu Heavy Industry Co Ltd, Specialty Ring Products Inc, Gerdau Summit, Bruck GMBH are some of the leading players in the market.
US$ 14,672.81 million estimated value of the wind turbine forging market by 2031.
8.3% is the expected CAGR of the wind turbine forging market.
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- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
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- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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