Wind Turbine Components Market

Wind turbine market is estimated to witness a tremendous growth over the upcoming years, owing to the growing demand for inexhaustible energy sources and the increasing demand for electricity.

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Major Wind Turbine Components Market Drivers

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 growing adoption of carbon fiber in wind blades will augment the market growth. The growing advancement by producers in 3D printing technology to generate cost-effective and more durable rotor blades with improved design capabilities and higher energy absorption will offer enormous opportunities for the market. Additionally, factors like strategic government policies to encourage sustainable infrastructural development and extensive research and development (R&D) activities, are projected to expand the market growth.

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. Growing environmental awareness among the masses, the adoption of wind energy systems for power generation across green buildings has increased, driving the market growth.  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, lack of efficiency in supply chain management is projected to restrain the market.

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Type – Segment Analysis

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. Increasing investment in research and development initiatives to 0earn a competitive advantage and fulfil the expansion of energy market. Easier and quick installation over the other energy production methods is estimated to drive industry growth. The demand is anticipated to benefit from volatile crude oil and natural gas prices, which are anticipated to initiate users to accept renewable sources of energy.

Component – Segment Analysis

Based on Component, the Rotator Blade is estimated to lead the Wind turbine market over the upcoming years, owing to their improved efficiency by decreasing the weight of rotor blades and increasing the height of the wind turbine tower.

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Regional – Segment Analysis

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.

North America is estimated to hold a larger share over the upcoming years, owing to the increasing infrastructure expansion and the enforcement of offshore wind projects. Moreover, accelerating population and the growing demand for the renewable sources of energy will expand the regional market.

Top Market Players

The major key players in the market include General Electric, Siemens Gamesa Renewable, Nordex SE, Senvion Deutschland GmbH, Vestas, Xinjiang Goldwind Science & Technology Co., Ltd., Enercon GmbH, Suzlon Energy Ltd., Sinovel Wind Group Company, and Ming Yang Wind Power Group Ltd.

Key Developments:

• • 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.
    The Global Wind Turbine Components market has been segmented based on the Type, Component, and region. Based on Type, the market is segmented into the onshore turbine and offshore turbine. Based on the Component, the market is segmented into Rotator Blade, Shaft, Tower, Nacelle, Gearbox, Generator, and Others.

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Key questions answered in this research report:

• • At what pace is the Global Wind Turbine Components market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the Global Wind Turbine Components market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Wind Turbine Components market?
  • Which type of wind turbine component generated maximum revenues in 2019 and identify the most promising types during the forecast period?
  • What are the various Components areas of the Global Wind Turbine Components market, and how are they poised to grow?
  • What companies are the major participants in the Global Wind Turbine Components market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Component, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	General Electric, Siemens Gamesa Renewable, Nordex SE, Senvion Deutschland GmbH, Vestas, Xinjiang Goldwind Science & Technology Co., Ltd., Enercon GmbH, Suzlon Energy Ltd., Sinovel Wind Group Company, and Ming Yang Wind Power Group Ltd.; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Wind Turbine Components Market by Type

• • Onshore Turbine
  • Offshore Turbine

Global Wind Turbine Components Market by Component

• • Rotator Blade
  • Shaft
  • Tower
  • Nacelle
  • Gearbox
  • Generator
  • Others

Global Wind Turbine Components Market by Region

• • North America Wind Turbine Components Market (Option 1: As a part of the free 25% customization)

    • By Type
    • By Component
    • US Market All-Up
    • Canada All-Up Market All-Up

• • Europe Wind Turbine Components Market (Option 2: As a part of the free 25% customization)

• • • By Type
    • By Component
    • United Kingdom Market (UK) All-Up
    • Germany Market All-Up
    • UK Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Wind Turbine Components Market (Option 3: As a part of the free 25% customization)

• • • By Type
    • By Component
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • ROW Wind Turbine Components Market (Option 4: As a part of the free 25% customization)

• • • By Type
    • By Component
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Wind Turbine Components Market Leading Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • General Electric
  • Siemens Gamesa Renewable
  • Nordex SE
  • Senvion Deutschland GmbH
  • Vestas
  • Xinjiang Goldwind Science & Technology Co., Ltd.
  • Enercon GmbH
  • Suzlon Energy Ltd.
  • Sinovel Wind Group Company
  • Ming Yang Wind Power Group Ltd.