NEW
YORK, July 18, 2024 /PRNewswire/ -- The
global wind turbine components market size is estimated
to grow by USD 40.4 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 6.61% during the forecast period. Rapid
growth of global wind power market is driving market
growth, with a trend towards consistently declining cost
of wind power. However, complications associated with
materials, control, and storage poses a challenge. Key market
players include China High Speed Transmission Equipment Group Co.
Ltd., CS WIND Corp., Dongfang Electric Corp. Ltd., Emergya Wind
Technologies BV, EnBW Energie Baden Wurttemberg AG, ENERCON GmbH,
Envision Energy USA Ltd., Flender
GmbH, General Electric Co., ISHIBASHI Manufacturing Co. Ltd.,
Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Max Bogl
Wind AG, Ming Yang Smart Energy Group Ltd., Siemens AG, Sinoma
Science and Technology Co. Ltd., Suzlon Energy Ltd., TPI Composites
Inc., Vestas Wind Systems AS, XEMC Darwind BV, Xinjiang Goldwind
Science and Technology Co. Ltd., and ZF Friedrichshafen AG.
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Wind Turbine
Components Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2017 - 2021
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
6.61%
|
Market growth
2024-2028
|
USD 40.4
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
6.16
|
Regional
analysis
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 58%
|
Key
countries
|
China, US, Germany,
India, and Spain
|
Key companies
profiled
|
China High Speed
Transmission Equipment Group Co. Ltd., CS WIND Corp., Dongfang
Electric Corp. Ltd., Emergya Wind Technologies BV, EnBW Energie
Baden Wurttemberg AG, ENERCON GmbH, Envision Energy USA Ltd.,
Flender GmbH, General Electric Co., ISHIBASHI Manufacturing Co.
Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Max
Bogl Wind AG, Ming Yang Smart Energy Group Ltd., Siemens AG, Sinoma
Science and Technology Co. Ltd., Suzlon Energy Ltd., TPI Composites
Inc., Vestas Wind Systems AS, XEMC Darwind BV, Xinjiang Goldwind
Science and Technology Co. Ltd., and ZF Friedrichshafen
AG
|
Market Driver
The wind turbine components market has seen significant growth
due to technological advancements leading to more efficient and
cost-effective wind turbines. With economies of scale making wind
energy the least expensive source of power in several regions, the
focus is on next-generation wind power plants using the System
Management of Atmospheric Resource through Technology (SMART)
strategy. This strategy includes high-fidelity physics modeling,
real-time wind flow monitoring, innovative rotor and drivetrain
technology, and large blades and tall towers. Government support,
such as the federal wind Production Tax Credit (PTC) and Business
Energy Investment Tax Credit (ITC), also plays a crucial role in
the market's growth. Competitive bidding for wind power has
resulted in lower tariffs, potentially impacting vendor profit
margins.
The Wind Turbine Components market is witnessing significant
growth due to the increasing demand for renewable power and
sustainable energy sources. Key components include rotor blades,
towers, generators, nacelles, gearboxes, and control systems. Rotor
blades convert kinetic energy into electricity, while towers
support the entire structure. Grid-connected wind turbines supply
electricity to the power grid, while standalone turbines operate
independently. Onshore and offshore wind turbines are gaining
popularity due to their ability to harness wind resources
effectively. Crude oil and natural gas prices are driving the shift
towards renewable resources. Industry sectors like construction and
green buildings are integrating wind turbines to meet their
electricity requirements. Environmental organizations support this
trend as wind energy produces fewer greenhouse gas emissions
compared to traditional power sources. Advancements in technology
include 3D printed components, which reduce manufacturing costs and
improve efficiency. Wind turbine components are essential for the
sustainable economy, reducing reliance on non-renewable resources.
Wind speed, electrical conduits, base, power source, and gear box
are other crucial components. The industry is expected to continue
growing, offering numerous opportunities for businesses.
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Market Challenges
• The renewable
energy market, including wind turbine components, faces challenges
due to the uneven distribution of resources. For instance, wind
flow is essential for wind power generation, and high-intensity
sunlight is required for solar power. Regions like equatorial areas
are rich in solar radiation, making them ideal for solar power,
while tropical areas are suitable for hybridization. However, the
market is experiencing consolidation as vendors adopt inorganic
growth strategies. In 2017, Siemens Gamesa Renewable Energy was
formed by merging Siemens Wind Power and Gamesa, allowing the
company to offer advanced wind turbine components globally. The
European offshore wind market is dominated by Siemens Gamesa
Renewable Energy, Vestas, and Senvion, which hold 64%, 18%, and 8%
shares, respectively, making it a concentrated market. The global
offshore wind market has grown faster than the onshore market due
to improved efficiency, but the infrastructure required for storage
and transmission adds to the cost, accounting for 11.89% of the
total cost by 2021. These factors, including rising T and D costs
and declining wind power costs, create challenges for the wind
turbine components market in terms of materials, control, and
storage.
• The wind
turbine components market is a significant part of the renewable
power sector, focusing on wind turbines that generate sustainable
energy from wind. Challenges in this market include optimizing wind
turbine design for varying wind speeds and harnessing offshore wind
resources. Key components include towers (steel or concrete), rotor
blades (fiberglass), generators, nacelles, gearboxes, and control
systems. Government policies, such as feed-in tariffs, tax
incentives, and renewable portfolio standards, support the growth
of wind energy projects. The offshore wind sector, with larger
capacity turbines and complex infrastructure, faces unique
challenges, including high upfront costs and logistical
complexities. Climate change necessitates a shift towards net-zero
carbon emissions, making wind energy a crucial component of
sustainable energy infrastructure. The wind technology industry
continues to innovate, with a focus on larger capacity turbines,
composite materials, and advanced control systems. The wind energy
sector competes with traditional fossil fuel sources, making energy
security a critical concern. Renewable energy resources, such as
hydropower and wind energy, offer lower carbon intensity and
contribute to reducing electric power's carbon emissions. Grants
and international climate goals further incentivize investment in
wind energy projects, ensuring a sustainable future for the
industry.
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Segment Overview
This wind turbine components market report extensively covers
market segmentation by
- Application
- Product
- 2.1 Wind turbine rotor blades
- 2.2 Wind turbine gearboxes
- 2.3 Wind turbine generators
- 2.4 Wind turbine towers
- 2.5 Others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Onshore- The onshore wind power segment has
experienced notable growth in the global wind turbine components
market. Onshore wind power plants, which utilize turbines situated
on land, have gained competitiveness against traditional energy
sources like coal and natural gas in regions such as the UK and
China. This competitiveness is
attributed to the decreasing cost of onshore wind power generation
technology and financing. Advancements in technology have further
fueled the growth of the onshore segment. For instance, Vestas, a
leading wind energy solutions provider, offers a 4 MW platform
suitable for onshore turbines, enabling optimal energy production
in varying wind conditions. Additionally, Vestas' Large Diameter
Steel Tower (LDST) enhances annual energy production for
low-capacity onshore wind farms. Recent developments in the market
include wpd AG's selection of GE Renewable Energy to supply 16
onshore wind turbines for their wind farms in Germany. These factors underscore the
potential for continued growth in the onshore wind turbine
components market during the forecast period.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
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The global wind turbine gearbox market is experiencing robust
growth, driven by increasing demand for renewable energy and
advancements in gearbox technology. Similarly, the global wind
turbine monitoring systems market is expanding as operators seek to
enhance efficiency and reduce maintenance costs through real-time
monitoring and predictive analytics. Meanwhile, the global gas
turbine market continues to thrive, supported by the rising need
for efficient and flexible power generation solutions, particularly
in regions transitioning to cleaner energy sources. Together, these
markets are pivotal in the shift towards sustainable energy.
Research Analysis
The Wind Turbine Components market is a vital segment of the
renewable power sector, focused on supplying essential parts for
wind turbines. Wind turbines, as sustainable energy sources,
convert kinetic energy from the wind into electrical power,
contributing significantly to reducing greenhouse gas emissions and
promoting renewable energy resources. Components include towers,
rotor blades, generators, and nacelles, among others. Wind
technology's advancements have led to larger capacity turbines and
offshore wind projects, making wind energy a competitive power
source. Turbine design and sustainable energy infrastructure
development continue to evolve, influenced by industry sectors'
growing demand for renewable energy and decreasing crude oil and
natural gas prices. Key components like electrical conduits and
bases ensure the efficient transfer and storage of electricity
generated by wind turbines.
Market Research Overview
Wind turbine components are essential parts of renewable power
systems that convert wind energy into electricity. Wind turbines, a
key technology for sustainable energy sources and renewable energy
resources, consist of various components including towers, rotor
blades, generators, nacelles, gearboxes, and control systems. These
components are primarily made of steel, concrete, and fiberglass.
The wind energy sector is expanding globally, with both onshore and
offshore wind energy projects contributing significantly to
reducing greenhouse gas emissions and meeting international climate
goals. Wind projects can be grid connected or standalone, with
larger capacity turbines and composite materials being used in
offshore wind farms. Governments and environmental organizations
support the wind energy sector through feed in tariffs, tax
incentives, and renewable portfolio standards. The offshore wind
sector is growing rapidly, with offshore wind farms offering higher
wind speeds and larger capacity. The wind industry is also
exploring the use of 3D printed components and turbine technology
to increase efficiency and reduce costs. Wind energy projects are
essential for a sustainable economy, reducing reliance on fossil
fuels and decreasing carbon intensity in the electricity sector. As
crude oil and natural gas prices rise, wind energy becomes an
increasingly attractive power source for industry sectors seeking
energy security and net-zero carbon emissions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Product
-
- Wind Turbine Rotor Blades
- Wind Turbine Gearboxes
- Wind Turbine Generators
- Wind Turbine Towers
- Others
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
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Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
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Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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