Wind Turbine Components Market (2022 to 2027) – Growth, Trends, and Forecasts

The Wind Turbine Components Market was valued at US$ 54.03 Bn. in 2021 and is estimated to reach a value of US$ 82.34 Bn. in 2027. The Global Wind Turbine Components Market size is estimated to grow at a CAGR of 7.27% over the forecast period.
Wind Turbine Components Market Overview:
Wind turbines are the devices that are used to convert the kinetic energy generated from the wind to energy. The turbines capture the wind’s energy which is converted into electricity by the generator in the nacelle. The tower has electrical conduits that support the nacelle and offers access to it for maintenance and repairs. The base is made up of concrete and steel is the whole support structure for the turbine.

The rise in the demand for renewable energy coupled with the increase in the awareness of developing renewable energy propelled the demand for wind turbines in the renewable sector across the globe. Due to rapid urbanization, particularly in the developing regions, the demand for electric power is estimated to increase the demand of this market. Stringent government rules and regulations in the opposition to carbon emissions are presumed to boost the market of Wind Turbine Components Market. The wind is considered the cheapest power source and adopted by every application industry, the resources are vital in developing a sustainable and low carbon economy which reduces the overall detrimental effects on the environment.

Growing acceptance of technological advancements across the globe and also the installation of onshore and offshore wind turbines which helps the industries to easily install and have numerous benefits for the energy generation are anticipated to fuel the industry growth. Volatile crude oil prices and natural gas prices are propelling the growth of the wind turbine market across the globe.

The report explores the Wind Turbine Components market's segments (Component, Application, Installation, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Wind Turbine Components market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Wind Turbine Components market's contemporary competitive scenario.

2021 is considered as a base year to forecast the market from 2022 to 2027. 2021’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.



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Wind Turbine Components Market Dynamics:
Wind turbines are numerously adopted by all industries as a renewable source of energy. The growing acceptance of technological advancements is expected to grow the demand for fuel. Green fuel campaigns coupled with renewable energy conservation measures are projected to inspire wind energy acceptance over the forecasted period. Initiatives taken by the environmental organization and agencies promoting renewable energy usage for less pollution are the factors giving rise to the growth in the wind turbine market. Several advantages related to such power sources such as long life span, minimum development cost, reduced maintenance cost, and high working efficiency is expected to witness the growth of these market.

According to OEC, the wind energy is going to expand as an industry by the growth of more than 42% in terms of market growth and in terms of revenue, the revenue of 2020 in the wind energy market is US$ 980 million and is expected to have the growth as revenue by 20-25% in a year.
Wind Turbine Components Market Trends:
The increasing demand for renewable resources of energy, along with the growing electricity requirements across the globe, is one key factor creating a positive impact on the wind turbine market. Due to rising environmental consciousness among the masses, there is an increase in the adoption of wind energy systems for power generation in green buildings, which is contributing to the market growth. Additionally, various technological advancements, such as developments of 3D printed components, are acting as other growth factors, the manufacturers use innovative 3D printed components to create cost-effective and durable; rotator blades with improved designs, capabilities, and larger energy absorbers. The other factors include the implementation of favorable government policies, promotion of sustainable infrastructural development, along with extensive research and development activities for the development of businesses associated with the growth of the wind turbine components market.

The key factor in the growth of this market is the major key players are operating in the global wind turbine market. The market players like Siemens, Vestas, Suzlon, Goldwind, and GE Renewable energy focus on introducing innovative wind turbines by reducing the weight of rotor blades and increasing the height of wind turbine tower increases the efficiency of the turbines. The key vendors are investing largely in such aspects of wind turbines.

For example- Siemens has manufactured a rotor blade made up of balsa wood and glass-fiber-reinforced epoxy resin. As these blades do not have adhesive or glued joins, the overall weight of the blade is reduced significantly. These all innovations act as an opportunity for the companies to expand their revenue and market size in the wind turbine market across the globe.
Wind Turbine Components Market Segment Analysis:
Based on Components, the Wind Turbine Components Market is segmented into Rotator Blade, Generator, Gear Box, Nacelle, and Others.



Rotator Blade is holding the largest market share of the Wind Turbine Components Market because of the factors like it generates aerodynamic torque from the wind with its rotating motion as the blades spin. Optimization of the shape and material of the blades allows the blade to spin faster and capture wind at lower velocities to increase the turbine efficiency. It acts as the most important part of the turbine in terms of the performance and cost of the wind power system. The shape of the rotor blades has a direct impact on performance as this decides the conversion of kinetic energy associated with the wind to mechanical energy.

Generators capture the market by holding more than 30% of the market share, the rising of these segments is attributed to the that induction generators are capable of operating at a wide slip range, also more than 35% of more speed. As a result, it offers many advantages like high energy yield, reduction in mechanical stress, control of power fluctuation, and controllability of reactive power. It is used because instead of using electricity to make wind-like fan-wind turbines use the wind to make electricity. The wind turns the propeller-like blades of a turbine around a motor, which spins a generator and creates electricity.

Gearbox and nacelle are also used in wind turbines and it is an important part of but has less usage as compared to rotator blades and generators. The gearbox is used for transforming slow speed, high torque wind turbine rotation to the higher speed required by the generator. A nacelle is a cover housing that houses all of the generating components in a wind turbine, including the generator, gearbox, drive train, and brake assembly.

Based on Application, the Wind Turbine Components Market is segmented into Utility, Commercial, Industrial, and Residential.



The utility segment is expecting to have the growth in the Wind Turbine Components Market by 35-40% in the forecasted period, because of the rise in the sustainable renewable projects of the governments across the globe. According to the Economic Times report, they said that in the North American region the governments are spending more than US$ 1.75 trillion in this industry for promoting the utility of renewable energy. In India, the government is spending more than US$ 3754 million in 2021, and also it gets increased by 15% in a year for the forecasted year.

Industrial and Commercial segments are also continuously growing in these markets because of the factors like rapid increase in the industries of the manufacturing sector and also the commercial areas for the public by the government to develop their infrastructure. If this segment goes up it automatically reflects the growth of this sector as well.

The residential segment is also witnessed growth but not that much because these segments rely on the other segments to provide them wind electricity and the installation of these is also much higher than them now.

Based on Application, the Wind Turbine Components Market is segmented into Offshore and Onshore.



In these segments, the Onshore segment is captured the largest market share of 65% in 2021 and expected to have a growth in the market over the forecasted period. The factors which are associated with the growth of these segments are the facilities which it provides to the market such as it is a kind of turbine which is located on the land rather than over water, it is installed in those areas which have low populated areas, and with low conservation value. According to the International Energy Association, Onshore wind electricity generation increased by 15% in 2020. Capacity additions also grew by 12% after stagnating for a couple of years. The basic advantages of this segment also contribute towards the growth like it is less expensive as compared to offshore, quick in installation, and has a low impact on the surroundings.
Wind Turbine Components Market Regional Insights:
The Wind Turbine Components region held the largest market share accounting for 42% in 2021 in the Asia-Pacific region. Asia-Pacific dominated the global Wind Turbine Components Market in 2021 and is projected to remain the fastest-growing segment during the forecast period. This is attributed to numerous factors like holding of large consumer base and a rapid increase in demand for the renewable source of energy, and the countries of this region also contribute more towards the growth by exporting in an increased way. According to the OEC data, countries like China- $164M, Japan-$104M, and Indonesia-$54.9M are the major exporters of the wind turbine components in 2020 across the globe. The major key players of this region also increasing their revenue like China-based company Shannon Entropy has earned a revenue of $650M in the year 2021 and is expected to grow in the future by 20% in the forecasted period. Asia-Pacific countries such as India hold immense potential for the growth of the wind turbine component market. The coastal regions of India can harness a large amount of wind energy to meet the power requirement.

In Europe, countries like Austria, Germany, Norway, Sweden, Denmark, and Portugal are making efforts to rely largely on renewable sources of energy. In 2019, Denmark was able to produce 145% of its domestic electric needs from wind turbines. These are the factors that are considering that this region is propelling the growth of the wind turbine components market.

The North American region is also considered for giving the market growth in the forecasted period because of the factors are the key players are generating their revenue more than 25% as compared to the previous year and also the countries like Germany and US are exporting the components in the increasing rate.

The objective of the report is to present a comprehensive analysis of the global Wind Turbine Components Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Wind Turbine Components Market dynamic and structure by analyzing the market segments and projecting the Wind Turbine Components Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Wind Turbine Components Market make the report investor’s guide.
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Global Wind Turbine Components Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2027


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 54.03 Bn.


Forecast Period 2022 to 2027 CAGR:
7.27%
Market Size in 2027:
US $ 82.34 Bn.


 Segments Covered:
by Component
• Rotator Blade
• Generator
• Gear Box
• Nacelle
• Others


by Application
• Utility
• Industrial
• Commercial
• Residential


by Installation Type
• Offshore
• Onshore



Wind Turbine Components Market by Region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• SouthAmerica
Wind Turbine Components Market Key Players:
• Emerson GmbH
• Gamesa
• General Electric
• Goldwind
• Guodian United Power Technology Company
• Ming Yang
• Siemens
• Suzlon Energy Ltd.
• Vestas Wind System A/S
• Sinovel Wind Groups Co. Ltd.

Frequently Asked Questions:

Q.1 What is the market share in 2021?
Ans. Wind Turbine Components Market was valued at US$110.03 Bn. in 2021.

Q.2 What is the CAGR of these markets?
Ans. The Global Wind Turbine Components Market size is estimated to grow at a CAGR of 7.71% over the forecast period.
Q.3 What are the growth factors of these markets?
Ans. The increasing demand for renewable resources of energy, along with the growing electricity requirements across the globe, is one key factor creating a positive impact on the wind turbine market.

Q,4 Which segment is rising in the application segment?
Ans. The utility segment is expecting to have growth in the Wind Turbine Components Market by 35-40% in the forecasted period.

Q.5 Which region witnesses the highest growth in these markets?
Ans. The Wind Turbine Components region held the largest market share accounting for 42% in 2021 in the Asia-Pacific region.