Wind Turbine Components Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Wind Turbine Components Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global wind turbine components market size reached US$ 118.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 184.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.3% during 2023-2028.

Wind turbine components refer to the devices used for converting kinetic energy generated from the wind to electric energy. It consists of an anemometer to measure the speed of the wind and transmit the data, multiple blades to rotate and cause the rotor to spin, a brake to stop the rotor mechanically, electrically or hydraulically, a controller to start up and shut off the machine, a generator and a gearbox. The turbine also consists of a nacelle, drive train, power transformer and yaw, pitch, lubrication, and Supervisory Control and Data Acquisition (SCADA) systems. These components are usually manufactured using stainless steel, fiberglass, resin, iron, copper, aluminum, and plastic to protect the turbines from weathering and corrosion, thereby enhancing the components' longevity and ensuring reliable functioning.

Wind Turbine Components Market Trends:
The increasing demand for renewable sources of energy, along with the growing electricity requirements across the globe, is one of the key factors creating a positive impact on the market. Due to rising environmental consciousness among the masses, there is an increasing adoption of wind energy systems for power generation in green buildings, which is contributing to the market growth. Additionally, various technological advancements, such as the development of 3D printed components, are acting as other growth-inducing factors. Manufacturers are using innovating 3D printing technology to create cost-effective and more durable rotor blades with improved design capabilities and greater energy absorption. Other factors, including the implementation of favorable government policies promoting sustainable infrastructural development, along with extensive research and development (R&D) activities, are anticipated to drive the market further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global wind turbine components market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on 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:
The report has also analysed the competitive landscape of the market with some of the key players being 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 and Xinjiang Goldwind Science & Technology Co. Ltd.

Key Questions Answered in This Report

1. What was the size of the global wind turbine components market in 2022?
2. What is the expected growth rate of the global wind turbine components market during 2023-2028?
3. What are the key factors driving the global wind turbine components market?
4. What has been the impact of COVID-19 on the global wind turbine components market?
5. What is the breakup of the global wind turbine components market based on the component?
6. What is the breakup of the global wind turbine components market based on the wind turbine type?
7. What is the breakup of the global wind turbine components market based on the wind farm type?
8. What are the key regions in the global wind turbine components market?
9. Who are the key players/companies in the global wind turbine components market?