Wind Turbine Forging Market Size & Share | Global Analysis 2028

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.

Strategic Insights

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.

Lucrative Regions for Wind Turbine Forging Market 

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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.