Wind Turbine Components Market Growth and Size Study | 2028

Wind Turbine Components Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Rotor Blade, Nacelle, Gearbox, Generator, Tower, and Pitch System)

Publication Month : Jan 2023

  • Report Code : TIPRE00029723
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 200
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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 - 

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Wind Turbine Components Market: Strategic Insights

Market Size Value inUS$ 118,701.14 Million in 2022
Market Size Value byUS$ 152,019.92 Million by 2028
Growth rateCAGR of 4.2% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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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.

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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.
Report Coverage
Report Coverage

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

Segment Covered
Segment Covered


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

Frequently Asked Questions

What is the estimated global market size for the wind turbine components market in 2022?

The estimated global market size for the wind turbine components market in 2022 is expected to be around US$ 118,701.14 million

What are the driving factors impacting the wind turbine components market?

1. Increasing Number of Product Launches
2. Rising Number of Wind Farms

Which are the key players holding the major market share of wind turbine components market?

Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, TPI Composites Inc, Nordex SE, and Goldwind are the key market players expected to hold a major market share of wind turbine components market in 2022

Which is the fastest growing regional market?

Europe is expected to register highest CAGR in the wind turbine components market during the forecast period (2022-2028)

Which countries are registering a high growth rate during the forecast period?

Australia, India, and the UK are expected to register high growth rate during the forecast period

Which country is holding the major market share of wind turbine components market?

China is holding the major market share of wind turbine components market in 2022

Which is the leading wind turbine components segment in the wind turbine components market?

Tower segment is expected to hold a major market share of wind turbine components market in 2022

What will be the global market size of wind turbine components market by 2028?

The global market size of wind turbine components market by 2028 will be around US$ 152,019.92 million

What is the incremental growth of the wind turbine components market during the forecast period?

The wind turbine components market is expected to register an incremental growth value of US$ 33,318.78 million during the forecast period

The List of Companies - Wind Turbine Components Market

  1. Siemens Gamesa Renewable Energy SA
  2. Vestas Wind Systems AS
  3. TPI Composites Inc
  4. GRI Renewable Industries SL
  5. Marmen Inc
  6. Valmont Industries Inc
  7. LM Wind Power AS
  8. The Timken Co
  9. ZF Friedrichshafen AG
  10. Flender International GmbH

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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