Wind Turbine Components Market Growth and Size Study | 2028

The wind turbine components market is expected to grow from US$ 118,701.14 million in 2022 to US$ 152,019.92 million by 2028; it is estimated to register a CAGR of 4.2% from 2022 to 2028.

According to the Global Wind Energy Council (GWEC), a total of 830 GW of wind capacity is installed globally, of which 93% is onshore and 7% offshore in 2021. It is expected that the wind energy markets will grow fourfold in the coming 20 years, which will further rise the demand for advance wind turbine components. The growing demand for wind energy will require advanced turbine components such as rotor blades, nacelle, gearbox, generator, tower, and pitch systems. This has compelled market players to boost their investment in developing new and innovative product offerings. Various wind turbine component manufacturers are working on providing advanced products to cater to the growing customer needs. Some of the major product developments are mentioned below:

• In September 2021, Siemens Gamesa launched a recyclable wind turbine blade, which can be recycled at the end of its lifecycle for commercial use offshore. With this launch, the company is taking a step toward its ambitious goal of making turbines fully recyclable by 2040.
• In February 2021, Greenboats and Sicomin announced that they had produced a nacelle that is made from natural fibers for offshore wind turbines. The 7.3-meter-long structure has a surface area of about 100 sq. m and was designed to satisfy all DNV-GL load cases needed for an offshore turbine nacelle.
• In July 2019, Mita-Teknik announced the launch of its new blade pitch system for onshore and offshore wind turbines. This new Mita Pitch System is designed to reduce downtime, minimize O&M costs, and improve productivity. It is a flexible pitch solution for turbines up to 12 MW, offering a design life of 30 years.

Such advancements in wind turbine components, supported by high investments from global manufacturers and government policies for climate control to enhance their product portfolio, are further fueling the wind turbine components market growth. Also, the rising demand for recyclable components to protect the environment is pushing manufacturers to develop more recyclable components. In addition, manufacturers are coming up with more efficient components, which will help produce more electricity from wind turbines by reducing turbine downtime. Thus, the growing product innovation as per the changing customer requirements is driving the wind turbine components market growth.

Wind Turbine Components Market - Strategic Insights

Impact of COVID-19 Pandemic on Wind Turbine Components Market

From supply side, the COVID-19 outbreak has adversely impacted business of many industries globally. To curb the spread of COVID-19, the government bodies had imposed lockdown and travel bans, which resulted in temporary shutdown of manufacturing facilities. Since, the global supply chain was adversely impacted, both manufacturers and suppliers of wind turbine components witnessed challenges such as shortages of raw materials and transportation issues. However, from the demand side, the wind turbine installation across the world witnessed more than 50% growth in 2020, which boosted the market growth on year-on-year basis compared to its previous year 2019.

Lucrative Regions for Wind Turbine Components Market

Get more information on this report : Request Free Sample PDF

Market Insights – Wind Turbine Components Market

The global wind turbine components market players include companies operating in a wide range of product portfolio. Owing to different markets in which they operate and compete, it is not feasible to determine key five wind turbine components market players. However, based on parameters such as overall revenue, brand image, current wind turbine components product portfolio, geographic reach, customer base, technology adoption & integration, new product/service/feature launches, partnerships, mergers & acquisitions, and other market-related activities, Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, TPI Composites Inc, Nordex SE, and Goldwind are the five key players operating at a global level. In addition to these players, multiple other leading global, regional & local market players, emerging companies, market disruptors and niche market players were studied and analyzed during the course of this study to gather a holistic view of the market. The high and fast-growing number of start-ups in this market are anticipated to drive the growth of the market over the forecast period of 2022 to 2028.

Component-Based Insights

The wind turbine components market size is derived based on component segment. The wind turbine components market size is further derived by rotor blade, nacelle, gearbox, generator, tower, and pitch system as the main components of a wind turbine. Based on rotor blade, the wind turbine components market is further categorized into below 40m, 41–60m, 61–70m, and above 70m. Based on gearbox, the wind turbine components market is further segmented into planetary gearbox, spur gearbox, and others. By generator, the wind turbine components market is further segmented into direct current and AC synchronous. Based on tower, the wind turbine components market is further segmented into tubular steel towers, lattice towers, and hybrid towers. In 2022, the tower segment is expected to dominate the market, and the tubular steel towers segment is likely to hold a major market share in 2022 and is expected to retain its dominance during the forecast period.

Players operating in the wind turbine components market are mainly focused on the development of advanced and efficient products.

• In 2021, Siemens Gamesa launched a massive expansion of its successful offshore wind turbine nacelle facility in Taichung, Taiwan. The ceremony marked the company’s long-term commitment to growing Taiwan as its offshore wind power hub for the entire fast-growing Asia Pacific.
• In 2021, LM Wind Power, a GE Renewable Energy business, announced the launch of its second 107-meter wind turbine blade mold at its France facility to address the industry’s demand for offshore wind turbine blades.