The wind turbine forging market is expected to grow from US$ 7,286.13 million in 2022 to US$ 11,154.14 million by 2028; it is estimated to grow at a CAGR of 7.4% from 2022 to 2028.
According to the US Department of Energy, global offshore wind turbine installations totaled 5,519 MW in 2020. Further, the US installed 16,836 MW of wind energy capacity in 2020, accounting for a cumulative total of 121,955 MW. The country invested approximately US$ 24.6 billion in wind power installations. The US government’s Production Tax Credit is driving the wind energy capacity additions and yielding low-priced wind energy. A drop in offshore wind energy prices, federal actions, and state-level commitments have increased the US offshore wind turbine installations. The installation of the 42 MW Coastal Virginia Offshore Pilot project, The Bureau of Ocean Energy Management’s 9,800 MW of capacity new Wind Energy Areas in New York, and Massachusetts' Vineyard Wind I commercial-scale offshore wind energy project are among the major high-capacity wind turbine installation projects in the US.
Similarly, Asia Pacific is anticipated to witness significant growth in the wind turbine forging market. In October 2022, China announced its plan to install the world’s largest wind farm, a 43.3 GW facility in the Taiwan Strait. The 10 km long farm would feature thousands of powerful turbines, and the project work is expected to start before 2025. In addition, Europe, the MEA, and SAM are aiming for 100% clean power by 2030, which is anticipated to expand wind turbine installations in these regions significantly. Thus, the surge in wind power projects and wind turbine installations across the globe will provide a significant growth opportunity for the players operating in the wind turbine forging market during the forecast period.
Asia Pacific is expected to lead the global wind turbine forging market in the coming years. According to industry experts, the region will account for an increased annual wind turbine installation capacity by 2023. Increased onshore deployment, rise in the need to address electricity demand, supportive government policies, feed-in tariffs (FiTs), and financial incentives are bolstering the wind turbine market growth in APAC. China’s order intake for the offshore wind sector comprises 74% of global offshore order capacity. The country is planning the world’s largest wind farm facility to be constructed at Chaozhou, in China’s Guangdong province, with plans for a 43.3-gigawatt facility in the Taiwan Strait. The 10 km long farm is anticipated to feature thousands of powerful turbines, providing lucrative growth opportunities to the wind turbine forging market players.
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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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Impact of COVID-19 Pandemic on North America Wind Turbine Forging Market Growth
The COVID - 19 has severe impact in the manufacturing industry across globe, while wind energy is exception for it as it recorded the higher installation till data in 2020 & 2021. For instance, in September 2022, the Biden-Harris Administration introduced the economic and clean energy agenda to develop new offshore wind platforms, an emerging clean energy technology to enable the US to lead on offshore wind energy. The US government initiatives have jumpstarted the American offshore wind industry and made the region a lucrative site for clean energy investments. The US has set a goal of deploying 30 gigawatts (GW) offshore wind by 2030 to power 10 million homes with clean energy. This has rapidly increased the number of energy turbine installations, propelling the demand for forged turbine parts in the US. The Gulf of Mexico is also witnessing a rising number of conventional offshore wind turbine installations. The US Administration’s actions aim to capture the vast potential to grow its manufacturing industries, providing growth opportunities for wind turbine forging market players. North America is utilizing the opportunity to be a frontrunner in offshore wind technologies as part of the government’s plan for a clean energy economy in the post-pandemic times. Surge in research & development investments to support new offshore wind turbine forging technologies, rise in initiatives funded by the Bipartisan Infrastructure Law to develop modeling tools for project design, and increase in funding for research, development, and demonstration efforts are likely to propel the North American wind turbine forging market in the post-pandemic world.
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Market Insights – Wind Turbine Forging Market
Based on geography, the wind turbine forging market size is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). APAC is expected to account for the largest wind turbine forging market share in 2022, and it is expected to retain its dominance during the forecast period. Further, APAC is expected to witness the highest CAGR in the market during the forecast period. According to the US Department of Energy, in 2021, the US wind industry installed 13,413 megawatts (MW) of new wind capacity, the second-highest amount of wind capacity installed after 2020, with a total investment of US$ 20 billion. North America is focusing on the cost and performance improvements of wind power technologies, production tax credit, and wind energy capacity additions, which is supporting the growth of the wind turbine forging market across the region.
Component-Based Insights
Based on component, the wind turbine forging market is segmented into flanges, blades, bearings, gears, shafts, and others. The wind turbine flanges segment is projected to grow significantly during the forecast period. The segment growth is attributed to the rise in demand to handle dynamic loads and operating conditions, increase in greenhouse gas emissions, rapid industrialization, and increased demand for cost reduction in the production of wind turbines.
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
Rising demand for high-performance wind turbine parts and government initiatives to reduce co2 emission and carbon footprint are driving the growth of the wind turbine forging market.
Advent of computer-aided engineering in wind turbine forging is presenting significant potential for the future growth of the wind turbine forging market players.
Based on type, the wind turbine forging market is bifurcated into seamless rolled ring and open die forging. In 2021, the open die forging segment led the market, accounting for the largest share in the market.
APAC is the fastest growing region in the global wind turbine forging market.
The major five companies in the wind turbine forging market include 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.
The incremental growth of the wind turbine forging market during the forecast period is US$ 3,686.01 million.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Global Wind Turbine Forging Market – By Type
1.3.2 Global Wind Turbine Forging Market – By Component
1.3.3 Global Wind Turbine Forging Market – By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Wind Turbine Forging Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insights
4.5.1 North America– Energy Crisis Impact Analysis
4.5.2 Europe– Energy Crisis Impact Analysis
4.5.3 APAC– Energy Crisis Impact Analysis
4.5.4 MEA– Energy Crisis Impact Analysis
4.5.5 SAM– Energy Crisis Impact Analysis
5. Wind Turbine Forging Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Demand for High-Performance Wind Turbine Parts
5.1.2 Rising Government Initiatives to Reduce CO2 Emission and Carbon Footprint
5.2 Market Restraints
5.2.1 High Initial Costs of Metal Forging
5.3 Market Opportunities
5.3.1 Rising Installations of High-capacity Wind Turbines
5.4 Future Trends
5.4.1 Advent of Computer-Aided Engineering in Wind Turbine Forging
5.5 Impact Analysis of Drivers and Restraints
6. Wind Turbine Forging Market – Global Market Analysis
6.1 Global Wind Turbine Forging Market Overview
6.2 Global Wind Turbine Forging Market Forecast and Analysis
6.3 Market Positioning- Top Five Players
7. Wind Turbine Forging Market – by Type
7.1 Overview
7.2 Wind Turbine Forging Market, By Type (2021 and 2028)
7.3 Seamless Rolled Ring
7.3.1 Overview
7.3.2 Seamless Rolled Ring: Wind Turbine Forging Market Revenue and Forecast To 2028 (US$ Million)
7.4 Open Die Forging
7.4.1 Overview
7.4.2 Open Die Forging: Wind Turbine Forging Market Revenue and Forecast To 2028 (US$ Million)
8. Wind Turbine Forging Market - by Component
8.1 Overview
8.2 Wind Turbine Forging Market, By Component (2021 and 2028)
8.3 Flanges
8.3.1 Overview
8.3.2 Flanges: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Blades
8.4.1 Overview
8.4.2 Blades: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Bearings
8.5.1 Overview
8.5.2 Bearings: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Gears
8.6.1 Overview
8.6.2 Gears: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Shafts
8.7.1 Shafts: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
8.8 Others
8.8.1 Others: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
9. Wind Turbine Forging Market – Geographic Analysis
9.1 Overview
9.2 North America: Wind Turbine Forging Market
9.2.1 North America: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.2.2 North America: Wind Turbine Forging, By Type
9.2.3 North America: Wind Turbine Forging Market, By Component
9.2.4 North America: Wind Turbine Forging, by Key Country
9.2.4.1 US: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.2.4.1.1 US: Wind Turbine Forging, By Type
9.2.4.1.2 US: Wind Turbine Forging Market, By Component
9.2.4.2 Canada: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.2.4.2.1 Canada: Wind Turbine Forging, By Type
9.2.4.2.2 Canada: Wind Turbine Forging Market, By Component
9.2.4.3 Mexico: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.2.4.3.1 Mexico: Wind Turbine Forging, By Type
9.2.4.3.2 Mexico: Wind Turbine Forging Market, By Component
9.3 Europe: Wind Turbine Forging Market
9.3.1 Europe: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.3.2 Europe: Wind Turbine Forging, By Type
9.3.3 Europe: Wind Turbine Forging Market, By Component
9.3.4 Europe: Wind Turbine Forging, by Key Country
9.3.4.1 France: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.3.4.1.1 France: Wind Turbine Forging, By Type
9.3.4.1.2 France: Wind Turbine Forging Market, By Component
9.3.4.2 Germany: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.3.4.2.1 Germany: Wind Turbine Forging, By Type
9.3.4.2.2 Germany: Wind Turbine Forging Market, By Component
9.3.4.3 UK: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.3.4.3.1 UK: Wind Turbine Forging, By Type
9.3.4.3.2 UK: Wind Turbine Forging Market, By Component
9.3.4.4 Italy: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.3.4.4.1 Italy: Wind Turbine Forging, By Type
9.3.4.4.2 Italy: Wind Turbine Forging Market, By Component
9.3.4.5 Russia: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.3.4.5.1 Russia: Wind Turbine Forging, By Type
9.3.4.5.2 Russia: Wind Turbine Forging Market, By Component
9.3.4.6 Rest of Europe: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.3.4.6.1 Rest of Europe: Wind Turbine Forging, By Type
9.3.4.6.2 Rest of Europe: Wind Turbine Forging Market, By Component
9.4 APAC: Wind Turbine Forging Market
9.4.1 APAC: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.4.2 APAC: Wind Turbine Forging, By Type
9.4.3 APAC: Wind Turbine Forging Market, By Component
9.4.4 APAC: Wind Turbine Forging, by Key Country
9.4.4.1 China: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.4.4.1.1 China: Wind Turbine Forging, By Type
9.4.4.1.2 China: Wind Turbine Forging Market, By Component
9.4.4.1.3 Japan: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.4.4.1.4 Japan: Wind Turbine Forging, By Type
9.4.4.1.5 Japan: Wind Turbine Forging Market, By Component
9.4.4.2 India: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.4.4.2.1 India: Wind Turbine Forging, By Type
9.4.4.2.2 India: Wind Turbine Forging Market, By Component
9.4.4.3 South Korea: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.4.4.3.1 South Korea: Wind Turbine Forging, By Type
9.4.4.3.2 South Korea: Wind Turbine Forging Market, By Component
9.4.4.4 Australia: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.4.4.4.1 Australia: Wind Turbine Forging, By Type
9.4.4.4.2 Australia: Wind Turbine Forging Market, By Component
9.4.4.5 Rest of APAC: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.4.4.5.1 Rest of APAC: Wind Turbine Forging, By Type
9.4.4.5.2 Rest of APAC: Wind Turbine Forging Market, By Component
9.5 MEA: Wind Turbine Forging Market
9.5.1 MEA: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.5.2 MEA: Wind Turbine Forging, By Type
9.5.3 MEA: Wind Turbine Forging Market, By Component
9.5.4 MEA: Wind Turbine Forging, by Key Country
9.5.4.1 South Africa: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.5.4.1.1 South Africa: Wind Turbine Forging, By Type
9.5.4.1.2 South Africa: Wind Turbine Forging Market, By Component
9.5.4.2 UAE: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.5.4.2.1 UAE: Wind Turbine Forging, By Type
9.5.4.2.2 UAE: Wind Turbine Forging Market, By Component
9.5.4.3 Saudi Arabia: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.5.4.3.1 Saudi Arabia: Wind Turbine Forging, By Type
9.5.4.3.2 Saudi Arabia: Wind Turbine Forging Market, By Component
9.5.4.4 Rest of MEA: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.5.4.4.1 Rest of MEA: Wind Turbine Forging, By Type
9.5.4.4.2 Rest of MEA: Wind Turbine Forging Market, By Component
9.6 SAM: Wind Turbine Forging Market
9.6.1 SAM: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.6.2 SAM: Wind Turbine Forging, By Type
9.6.3 SAM: Wind Turbine Forging Market, By Component
9.6.4 SAM: Wind Turbine Forging, by Key Country
9.6.4.1 Brazil: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.6.4.1.1 Brazil: Wind Turbine Forging, By Type
9.6.4.1.2 Brazil: Wind Turbine Forging Market, By Component
9.6.4.2 Argentina: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.6.4.2.1 Argentina: Wind Turbine Forging, By Type
9.6.4.2.2 Argentina: Wind Turbine Forging Market, By Component
9.6.4.3 Rest of SAM: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
9.6.4.3.1 Rest of SAM: Wind Turbine Forging, By Type
9.6.4.3.2 Rest of SAM: Wind Turbine Forging Market, By Component
10. Impact of COVID-19 Pandemic on Wind Turbine Forging Market
10.1 Overview
10.2 North America: Impact Assessment of COVID-19 Pandemic
10.3 Europe: Impact Assessment of COVID-19 Pandemic
10.4 APAC: Impact Assessment of COVID-19 Pandemic
10.5 MEA: Impact Assessment of COVID-19 Pandemic
10.6 SAM: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 Scot Forge Co
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Frisa Industrias SA de CV
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Iraeta Energy Equipment Co Ltd
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 ULMA Forja S Coop
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Celsa Armeringsstal AS
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Bharat Forge Ltd
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Specialty Ring Products Inc
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Tongyu Heavy Industry Co Ltd
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Bruck GmbH
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Gerdau Summit Aços Fundidos e Forjados SA
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary
LIST OF TABLES
Table 1. Global Wind Turbine Forging Market, Revenue and Forecast, 2019–2028 (US$ Mn)
Table 2. North America: Wind Turbine Forging, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 3. North America: Wind Turbine Forging Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 6. Canada: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 8. Mexico: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 9. Mexico: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 10. Europe: Wind Turbine Forging, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 11. Europe: Wind Turbine Forging Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 12. France: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 13. France: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 14. Germany: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 15. Germany: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 16. UK: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 17. UK: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 18. Italy: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 19. Italy: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 20. Russia: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 21. Russia: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 22. Rest of Europe: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 23. Rest of Europe: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 24. APAC: Wind Turbine Forging, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 25. APAC: Wind Turbine Forging Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 26. China: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 27. China: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 28. Japan: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 29. Japan: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 30. India: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 31. India: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 32. South Korea: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 33. South Korea: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 34. Australia: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 35. Australia: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 36. Rest of APAC: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 37. Rest of APAC: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 38. MEA: Wind Turbine Forging, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 39. MEA: Wind Turbine Forging Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 40. South Africa: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 41. South Africa: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 42. UAE: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 43. UAE: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 44. Saudi Arabia: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 45. Saudi Arabia: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 46. Rest of MEA: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 47. Rest of MEA: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 48. SAM: Wind Turbine Forging, By Type – Revenue and Forecast to 2028 (US$ Million)
Table 49. SAM: Wind Turbine Forging Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 50. Brazil: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 51. Brazil: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 52. Argentina: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 53. Argentina: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 54. Rest of SAM: Wind Turbine Forging, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 55. Rest of SAM: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 56. Glossary of Terms, Wind Turbine Forging Market
LIST OF FIGURES
Figure 1. Wind Turbine Forging Market Segmentation
Figure 2. Wind Turbine Forging Market Segmentation – Geography
Figure 3. Wind Turbine Forging Market Overview
Figure 4. Wind Turbine Forging Market, By Type
Figure 5. Wind Turbine Forging Market, By Component
Figure 6. Wind Turbine Forging Market, By Region
Figure 7. North America: PEST Analysis
Figure 8. Europe: PEST Analysis
Figure 9. APAC: PEST Analysis
Figure 10. MEA: PEST Analysis
Figure 11. SAM: PEST Analysis
Figure 12. Wind Turbine Forging Market Ecosystem Analysis
Figure 13. Expert Opinion
Figure 14. Wind Turbine Forging Market Impact Analysis of Drivers and Restraints
Figure 15. Global Wind Turbine Forging Market
Figure 16. Global Wind Turbine Forging Market, Forecast and Analysis (US$ Mn)
Figure 17. Market Positioning- Top Five Players
Figure 18. Wind Turbine Forging Market, By Type (2021 and 2028)
Figure 19. Seamless Rolled Ring: Wind Turbine Forging Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Open Die Forging: Wind Turbine Forging Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Wind Turbine Forging Market, By Component (2021 and 2028)
Figure 22. Flanges: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Blades: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Bearings: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Gears: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Shafts: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Others: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Global Wind Turbine Forging Market Breakdown, by Region, 2021 & 2028 (%)
Figure 29. North America: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 30. North America: Wind Turbine Forging Revenue Share, By Type (2021 and 2028)
Figure 31. North America: Wind Turbine Forging Market Revenue Share, By Component (2021 and 2028)
Figure 32. North America: Wind Turbine Forging Revenue Share, by Key Country (2021 and 2028)
Figure 33. US: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 34. Canada: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 35. Mexico: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 36. Europe: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 37. Europe: Wind Turbine Forging Revenue Share, By Type (2021 and 2028)
Figure 38. Europe: Wind Turbine Forging Market Revenue Share, By Component (2021 and 2028)
Figure 39. Europe: Wind Turbine Forging Revenue Share, by Key Country (2021 and 2028)
Figure 40. France: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 41. Germany: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 42. UK: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 43. Italy: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 44. Russia: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 45. Rest of Europe: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 46. APAC: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 47. APAC: Wind Turbine Forging Revenue Share, By Type (2021 and 2028)
Figure 48. APAC: Wind Turbine Forging Market Revenue Share, By Component (2021 and 2028)
Figure 49. APAC: Wind Turbine Forging Revenue Share, by Key Country (2021 and 2028)
Figure 50. China: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 51. Japan: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 52. India: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 53. South Korea: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 54. Australia: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 55. Rest of APAC: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 56. MEA: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 57. MEA: Wind Turbine Forging Revenue Share, By Type (2021 and 2028)
Figure 58. MEA: Wind Turbine Forging Market Revenue Share, By Component (2021 and 2028)
Figure 59. MEA: Wind Turbine Forging Revenue Share, by Key Country (2021 and 2028)
Figure 60. South Africa: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 61. UAE: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 62. Saudi Arabia: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 63. Rest of MEA: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 64. SAM: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 65. SAM: Wind Turbine Forging Revenue Share, By Type (2021 and 2028)
Figure 66. SAM: Wind Turbine Forging Market Revenue Share, By Component (2021 and 2028)
Figure 67. SAM: Wind Turbine Forging Revenue Share, by Key Country (2021 and 2028)
Figure 68. Brazil: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 69. Argentina: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 70. Rest of SAM: Wind Turbine Forging – Revenue and Forecast to 2028 (US$ Million)
Figure 71. Impact of COVID-19 Pandemic in North American Country Markets
Figure 72. Impact of COVID-19 Pandemic in Europe Country Markets
Figure 73. Impact of COVID-19 Pandemic in APAC Country Markets
Figure 74. Impact of COVID-19 Pandemic in MEA Country Markets
Figure 75. Impact of COVID-19 Pandemic in SAM Country Markets
The List of Companies - Wind Turbine Forging Market
- 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
- Tongyu Heavy Industry Co Ltd
- Gerdau Summit
- Bruck GMBH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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
- Validates and strengthens in-house secondary research findings
- 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.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
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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