According to the recent report by IMARC Group, titled “Wind Turbine Components Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global wind turbine components market reached a value of US$ 110.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 171.1 Billion by 2027, exhibiting at a CAGR of 7.71% during 2022-2027.
Wind turbine components refer to devices that are utilized to generate wind energy into electricity. They comprise a generator, rotor, nacelle, tower, hub, blades, yaw and pitch system, gearbox, low-speed and high-speed shaft, brake, and controller. They are manufactured from various materials, such as glass and carbon fibers, steel, resin, plastic, iron, aluminum, and copper, to protect the turbines from harsh weather conditions. It offers enhanced durability and reliability for proper functioning. Besides this, they assist in providing increased efficiency to generate more renewable energy or electricity across the globe.
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Wind Turbine Components Market Trends
At present, the increasing adoption of wind energy systems due to rising environmental concerns among the masses represents one of the primary factors contributing to the market growth. Besides this, the growing utilization of wind turbine components due to the escalating demand for clean or renewable sources of energy across the globe are offering a positive market outlook. Apart from this, the rising popularity of offshore wind farms in the deep water, as they offer more efficiency, high speed, consistency, and lack of physical interference, is propelling the growth of the market. Moreover, the development of 3D printed wind turbine blades, as they reduce the weight and cost, is bolstering the growth of the market. Furthermore, key manufacturers are introducing recyclable wind turbine components, such as rotor blades and nacelles, which is strengthening the market growth.
Key Market Segmentation:
Our report has categorized the market based on region, component, wind turbine type and wind farm type.
Breakup by Component:
- Rotator Blade
- Gearbox
- Generator
- Nacelle
- Tower
- Others
Breakup by Wind Turbine Type:
- Grid Connected
- Standalone
Breakup by Wind Farm Type:
- Onshore
- Offshore
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape Key Player:
- Enercon GmbH
- GE Renewable Energy
- Nordex SE
- Northern Power Systems Corp. (Distributed Energy Systems Corp.)
- Siemens Gamesa Renewable Energy (Siemens AG)
- Sinovel Wind Group Co. Ltd.
- Suzlon Energy Ltd.
- United Power Inc. (United Power Technology)
- Vestas Wind Systems A/S
- Xinjiang Goldwind Science Technology Co. Ltd.
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