Wind Turbine Components Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

Wind Turbine Components Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component [Rotor Blade, Nacelle, Gearbox, Generator, Tower, and Pitch System], and Geography

  • Report Code : TIPRE00029723
  • Category : Energy and Power
  • No. of Pages : 150

Wind Turbine Components Market Analysis by Size, Growth, Trends by 2031

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The Wind Turbine Components Market size is projected to reach US$ 1,25,497.36 million by 2031 from US$ 83,407.19 million in 2023. The market is expected to register a CAGR of 5.2% in 2023–2031. Increasing focus on reducing GHG emissions, growing emphasis on renewable energy sources for promoting sustainability, and rising concern towards environment protection are some other trends for the wind turbine components market.

Wind Turbine Components Market Analysis

The growing expansion of wind and renewable energy projects is the key factor stimulating the requirement for wind turbine components. Renewable energy sources portray a critical role in securing sustainable energy with lower emissions. The growing awareness for energy efficiency has been encouraged to increase the application of wind. The increasing energy demand showcases the importance of wind energy sources. Rising energy prices and supply uncertainties owing to various geopolitical challenges are anticipated to propel the growth of the wind turbine components market over the forecast period. The utilization of wind energy has rapidly increased in recent years due to its capability to reduce the adverse environmental effects of standard energy resources such as oil and coal, which is acting as a major driver for the wind turbine components market.

Wind Turbine Components Market Overview

Growing population and rapid industrialization have driven the demand for wind energy, which is boosting the application of wind turbine components. The rise in energy consumption boosted the need for alternative energy sources, as traditional energy resources such as fossil fuels are directing to environmental pollution. Clean alternative options such as wind emerged to curb immense carbon emissions and their negative impact on the environment, along with the agenda of balancing the energy supply and demand. Thus, the rise in the development of the renewable energy sector and supportive government initiatives toward utilizing a sustainable approach to reduce carbon emissions are fueling the investment in wind energy sources, which is driving the market growth of wind turbine components globally.

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Wind Turbine Components Market: Strategic Insights

Wind Turbine Components Market
  • CAGR
    CAGR (2023 - 2031)
    5.2%
  • Market Size 2023
    US$ 83,407.19 million
  • Market Size 2031
    US$ 1,25,497.36 million

Market Dynamics

GROWTH DRIVERS
  • Supportive Government Policies for Wind Power Generation
FUTURE TRENDS
  • Rising Demand for Floating Wind Technology
OPPORTUNITIES
  • Growing Investment in Wind Energy

Key Players

  • 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
  • Flender International GmbH

Regional Overview

Regional Overview
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Market SegmentComponent
  • Rotor Blade
  • Nacelle
  • Gearbox
  • Generator
  • Tower
  • Pitch System
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Wind Turbine Components Market Drivers and Opportunities

Supportive Government Policies for Wind Power Generation Driving Demand for Wind Turbine Components

Energy derived from fossil fuels is unsustainable due to limited, depleting supply and the environmental impact. As a result, the trend of sustainable and clean energy production is growing. The development of the wind energy sector requires substantial support from the government in terms of funds, incentives, and tax credits. Investments in wind energy projects help diversify the global energy mix, protect power grids from the instability of other conventional sources such as fossil fuels, and reduce energy costs. Many developed countries, such as the US, Germany, and China, are taking initiatives to solve the energy crisis issues. For instance, in 2023, the US government announced an investment of US$ 11 billion for research and development activities in clean energy areas. Thus, such government initiatives and investments drive the wind turbine components market.

Growing Investment in Wind Energy – An Opportunity in Wind Turbine Components Market

The growing government focus on alternative energy resources rather than conventional ones is anticipated to propel the growth of wind energy. Wind energy is emerging as an important alternative to fossil fuels, which primarily helps in meeting rising energy demand in an environmentally friendly way. Governments of various nations are focusing on investing in onshore and offshore wind projects to reduce the dependence on fossil fuels to mitigate carbon emissions and their toxic impacts on the environment. Offshore wind projects are perceived to be more efficient than onshore wind farms owing to greater consistency, higher wind speeds, and a lack of physical interference from land. The increasing number of offshore wind projects is also acting as a major boosting factor for the growth of the wind turbine components market globally.

Wind Turbine Components Market Report Segmentation Analysis

Key segments that contributed to the derivation of the wind turbine components market analysis are component.

  • Based on the components, the wind turbine components market has been divided into rotor blade, nacelle, gearbox, generator, tower, and pitch system. The tower segment held a larger market share in 2023.

Wind Turbine Components Market Share Analysis by Geography

The geographic scope of the Wind Turbine Components Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

The Asia Pacific is leading the wind turbine components market in 2023. Countries such as China, India, and Japan are the leading countries holding a large portion of the market share, which is projected to increase in the coming years. The faster deployment of wind plants, growing awareness among consumers, increasing investment from leading players in the wind industry, and supportive policy frameworks and regulations from the government are the key factors attributed to the growth of the wind turbine components market in the Asia Pacific region. The countries in the Asia Pacific are moving towards increasing the production of wind energy. The regulatory bodies and favorable policy framework are helping escalate the production. To achieve the ambitious target, the Government of India introduced various schemes to encourage the generation of wind power in the country. China is one of the leading countries in the production of wind energy, which is anticipated to drive the growth of the wind turbine components market in the Asia Pacific.

Wind Turbine Components Market Report Scope

Report Attribute Details
Market size in 2023 US$ 83,407.19 million
Market Size by 2031 US$ 1,25,497.36 million
Global CAGR (2023 - 2031) 5.2%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Component
  • Rotor Blade
  • Nacelle
  • Gearbox
  • Generator
  • Tower
  • Pitch System
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • 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
  • Flender International GmbH
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
 

Wind Turbine Components Market News and Recent Developments

The Wind Turbine Components Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:

  • In February 2023, Siemens Gamesa announced the opening of an offshore nacelle manufacturing facility in New York. (Source: Siemens Gamesa, Press Release/Company Website/Newsletter)
  • In January 2023, TPI Composites Inc. and GE collaborated to extend supply agreements and planned to design next-generation blade designs. (Source: TPI Composites Inc, Press Release/Company Website/Newsletter)

Wind Turbine Components Market Report Coverage and Deliverables

The “Wind Turbine Components Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:

  • Wind Turbine Components Marketsize and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Market dynamics such as drivers, restraints, and key opportunities
  • Wind Turbine Components Market Trends
  • Detailed PEST and SWOT analysis
  • Wind Turbine Components Market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
  • Wind Turbine Components Industry, landscape and competition analysis, covering market concentration, heat map analysis, prominent players, and recent developments
  • Detailed company profiles
Report Coverage

Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered

Segment Covered

Component

Regional Scope

Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope

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

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