The global wind turbine components Market size is expected to hiit USD 30 bn by 2028 with a noteworthy CAGR of 5.5% during the forecast period 2021 to 2028.
Wind energy is gaining priority over fossil fuels in the power mix of both developed and developing nations as it is capable of addressing power requirements of nations in an environmentally sustainable way. The global wind turbine components market is anticipated to witness a positive growth with the ever increasing demand for electricity and power.
Some of the key wind turbine components are rotor blade, tower, generator, gear box, and others. Rotor blade is the most expensive component in a wind turbine as it directly affects the efficiency of the turbine. The tower of a wind turbine is crucial in determining additional power production. The turbine tower designs have witnessed various technological advancements on the basis of size and type such as concrete, tubular, lattice, and guyed pole.
The global fossil fuel dependency is expected to cause significant social and economic fluctuations. An economy that is based on fossil fuel is highly unsustainable. The efforts taken to reduce such an impact and reduce its usage and dependence has paved way for alternate and renewable sources of energy. Alternate sources, such as wind energy, is one of the most sought after options since it is the least expensive power generating option. Increasing number of locations for capacity additions in newer markets such as Africa, Asia, Central, and South America is driving the wind power generation. Both onshore and offshore wind power generation have contributed to the improvement of wind energy's economics in varied operating conditions and wind regimes.
The key factors accelerating the growth of the Global Wind Turbine Components market include the growing awareness about the usage of renewable energy, increasing wind energy capacity, and rising demand for renewable energy across the globe. The rapid industrialization, especially in developing countries, is increasing the demand for electric power, which in turn, will propel the demand for wind turbines over the coming years. The stringent government regulation related to carbon emission is boosting the growth of renewable energy resources, and wind power, thereby fuelling the demand of the market. Moreover, the increasing adoption of wind turbines along with technological advancement is expected to transform the manufacturing of wind turbine components, which will attract a large number of end-users towards the adoption of wind turbines. However, inefficiency in supply chain management is constraining the growth of the market.
Based on the type, the offshore turbine segment is expected to grow at a higher CAGR during the forecast period owing to the increasing adoption of the offshore turbine driven by its consistent wind speed and directions as compared to the onshore wind turbines.
Based on the region, the Asia-pacific region is anticipated to lead the market during the forecast period. The increasing energy demand due to the rapid industrialization and urbanization, will drive the demand for wind turbine components market across the region. Moreover, the continuous advancement in technology in emerging economies such as China and India is also expected to improve the growth of the market.
In 2020, Nordex SE entered into contract to install the Dutch wind farm “De Drentse Monden en Oostermoer” (DMO) with total capacity of 172 MW. The company will supply 44 N131/3900 turbines including the foundations to its customers Duurzame Energieproductie Exloermond BV, Raedthuys DDM B.V. and Windpark Oostermoer Exploitatie B.V.
In 2020, Vestas entered into a contract of more than 750 MW in wind power projects from the United States to Mexico or Russia, to the Mekong Delta in Vietnam.
By the product type, the market is primarily split into
By the end users/application, this report covers the following segments
The report provides a list of all the key players in the Wind Turbine Components market along with a detailed analysis of the strategies, which the companies are adopting. The strategies mainly include new product development, research, and development, and also provides revenue shares, company overview, and recent company developments to remain competitive in the market.
The Wind Turbine Components key manufacturers in this market include:
GE Renewable Energy
LM Wind Power
In this study, the years considered to estimate the market size of Wind Turbine Components are as follows:
The Wind Turbine Components market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Wind Turbine Components market for the base year 2021 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Wind Turbine Components market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Wind Turbine Components market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Wind Turbine Components market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Wind Turbine Components capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Wind Turbine Components by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Wind Turbine Components market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Wind Turbine Components market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Wind Turbine Components market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Wind Turbine Components industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Wind Turbine Components market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Wind Turbine Components market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Wind Turbine Components market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Wind Turbine Components market. These factors have benefited the growth of the global market for Wind Turbine Components. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Wind Turbine Components. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: