Wind Turbine Forging Market Forecasts to 2030 – Global Analysis By Type (Seamless Rolled Rings, Open Die Forgings and Closed Die Forging), By Material Type (Steel, Aluminum and Other Material Types), Component, Application and By Geography
According to Stratistics MRC, the Global Wind Turbine Forging Market is accounted for $8.4 billion in 2023 and is expected to reach $15.4 billion by 2030 growing at a CAGR of 9.1% during the forecast period. Wind turbine forging is the process of shaping and forming metal components, such as blades and hubs, through controlled heating and mechanical pressure. This ensures the creation of durable and high-performance parts for wind turbines. Forged components enhance the structural integrity and efficiency of wind turbines, contributing to the generation of clean and sustainable energy from wind power.
According to the Global Wind Energy Council, The global wind industry had a good year in 2021, with almost 94 GW of capacity added worldwide. Europe, South America, and the Middle East & Africa witnessed records for new onshore installations in 2021.
Market Dynamics:
Driver:
Transition towards renewable energy
The global shift towards renewable energy sources, driven by environmental concerns and the need for sustainable practices, is a key driver in the wind turbine forging market. As the demand for wind turbines rises to harness clean energy, there is a corresponding increase in the need for robust and efficient components. Wind turbine forging plays a vital role in producing durable parts, contributing to the overall growth of the renewable energy sector and reducing dependence on fossil fuels.
Restraint:
Fluctuations in raw material prices
Fluctuations in raw material prices act as a significant restraint in the wind turbine forging market. As wind turbine components require specialized alloys and metals, price volatility in these materials can impact manufacturing costs. Unpredictable market conditions and geopolitical factors can lead to supply chain disruptions and increased production expenses. This, in turn, challenges the cost-effectiveness of wind turbine forging, hindering market growth.
Opportunity:
Expansion of offshore wind farms
Offshore wind projects, due to their higher energy yield and reduced visual impact, are gaining momentum globally. This growth fuels the demand for robust forged components for offshore turbines, such as larger blades and durable foundations. Wind turbine forging manufacturers can capitalize on this trend by providing specialized components, thereby contributing to the increasing adoption of offshore wind energy.
Threat:
Shortage of skilled labour
Manufacturing wind turbine components requires specialized skills and knowledge. As the industry expands, demand for skilled labor in forging processes, metallurgy and precision machining increases. A shortage of qualified personnel may result in delays, quality issues and higher production costs. This challenge could impede the timely and efficient manufacturing of critical components, affecting the overall growth of the wind energy sector.
Covid-19 Impact:
The COVID-19 pandemic has impacted the wind turbine forging market, causing disruptions in the supply chain, workforce availability and project timelines. Lockdowns and restrictions have affected manufacturing operations, leading to delays in the production and delivery of wind turbine components. Economic uncertainties and financial constraints have further influenced investment decisions in renewable energy projects, affecting the overall growth and development of the wind turbine forging sector.
The steel segment is expected to be the largest during the forecast period
The steel segment is anticipated to be the largest in the wind turbine forging market during the forecast period due to the material's strength, durability and suitability for manufacturing critical components like turbine shafts, gears and hubs. Steel's resilience under extreme weather conditions and its ability to withstand the dynamic loads in wind turbines make it a preferred choice. Additionally, ongoing advancements in steel alloys enhance performance, which contributes to their growth.
The offshore installations segment is expected to have the highest CAGR during the forecast period
The offshore installations segment is poised for lucrative growth in the wind turbine forging market due to the increasing global focus on offshore wind energy. Offshore installations offer higher wind speeds and greater energy yield, driving demand for specialized forged components like larger blades and sturdy foundations. As technological advancements and government initiatives support offshore wind projects, the demand for forgings tailored to the challenges of offshore environments is expected to rise, making this segment a key contributor to market expansion.
Region with largest share:
North America is positioned to lead the wind turbine forging market with the largest share during the forecast period. This dominance can be attributed to increased investments in renewable energy projects, supportive government policies and a growing emphasis on reducing carbon emissions. Additionally, the region's commitment to expanding its wind energy capacity, coupled with advancements in wind turbine technology, positions North America as a key market player.
Region with highest CAGR:
The Asia-Pacific region is poised for rapid growth in the wind turbine forging market due to escalating demand for renewable energy and increasing investments in wind power projects. Governments in countries like China and India are actively promoting sustainable energy sources, fostering a conducive environment for wind energy development. With a burgeoning population and rising energy needs, the region presents significant opportunities for wind turbine forging, making it a key contributor to the industry's expansion.
Key players in the market
Some of the key players in Wind Turbine Forging Market include Bharat Forge Limited, Dongkuk Steel Mill Co., Ltd., Enercon GmbH, Energia, Forgemasters, GE Energy Infrastructure, Goldwind Science & Technology Co., Ltd., MHI Vestas Offshore Wind, Nordex SE, Senvion S.A., Shanghai Electric, Shanghai Taisheng Wind Power Equipment Co., Ltd., Siemens Gamesa Renewable Energy, Sinovel Wind Group Co., Ltd., Suzlon Energy Limited, TotalEnergies, Vestas Wind Systems, Wuxi Turbine Blade Co., Ltd. and ZF Wind Power.
Key Developments:
In January 2024, GE Vernova and mining billionaire forge $1.8bn wind turbine supply pact. Squadron Energy – the Australian renewables group owned by mining billionaire Andrew Forrest – said it has forged a A$2.27bn ($1.8bn) “green strategic alliance for wind turbine supply” with manufacturer GE Vernova. The pair kicked off the latest stage of their partnership with an A$1bn deal for GE to equip with its 6MW turbines and supply EPC services to Squadron’s 414MW Uungula Wind Farm, said to be the largest underway in the state of New South Wales.
In August 2023, Energia Renewables and Vargronn have partnered to advance offshore wind projects in Ireland, with the potential to deliver up to 1800MW of capacity by 2030. The Irish renewables-focused integrated utility and Norwegian joint venture between Plenitude (Eni) and HitecVision will co-develop projects that can contribute to the Irish government’s target of at least 5GW of new offshore wind by 2030, initially.
In June 2023, TotalEnergies and Galp forge alliance on offshore wind in Portugal. The country aims to develop 10GW of offshore wind capacity in the coming years, utilising its long coastline, favourable weather conditions and existing industrial infrastructure. TotalEnergies and Galp will develop offshore wind projects along the country’s coast.
Types Covered:
• Seamless Rolled Rings
• Open Die Forgings
• Closed Die Forging
Material Types Covered:
• Steel
• Aluminum
• Other Material Types
Components Covered:
• Flanges
• Bearings
• Blades
• Gears
• Shafts
• Other Components
Applications Covered:
• Onshore Installations
• Offshore Installations
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
- 1 Executive Summary
- 2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
- 3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Impact of Covid-19
- 4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
- 5 Global Wind Turbine Forging Market, By Type
- 5.1 Introduction
- 5.2 Seamless Rolled Rings
- 5.3 Open Die Forgings
- 5.4 Closed Die Forging
- 6 Global Wind Turbine Forging Market, By Material Type
- 6.1 Introduction
- 6.2 Steel
- 6.3 Aluminum
- 6.4 Other Material Types
- 7 Global Wind Turbine Forging Market, By Component
- 7.1 Introduction
- 7.2 Flanges
- 7.3 Bearings
- 7.4 Blades
- 7.5 Gears
- 7.6 Shafts
- 7.7 Other Components
- 8 Global Wind Turbine Forging Market, By Application
- 8.1 Introduction
- 8.2 Onshore Installations
- 8.3 Offshore Installations
- 9 Global Wind Turbine Forging Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
- 10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
- 11 Company Profiling
- 11.1 Bharat Forge Limited
- 11.2 Dongkuk Steel Mill Co., Ltd.
- 11.3 Enercon GmbH
- 11.4 Energia
- 11.5 Forgemasters
- 11.6 GE Energy Infrastructure
- 11.7 Goldwind Science & Technology Co., Ltd.
- 11.8 MHI Vestas Offshore Wind
- 11.9 Nordex SE
- 11.10 Senvion S.A.
- 11.11 Shanghai Electric
- 11.12 Shanghai Taisheng Wind Power Equipment Co., Ltd.
- 11.13 Siemens Gamesa Renewable Energy
- 11.14 Sinovel Wind Group Co., Ltd.
- 11.15 Suzlon Energy Limited
- 11.16 TotalEnergies
- 11.17 Vestas Wind Systems
- 11.18 Wuxi Turbine Blade Co., Ltd.
- 11.19 ZF Wind Power
- List of Tables
- Table 1 Global Wind Turbine Forging Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Wind Turbine Forging Market Outlook, By Type (2021-2030) ($MN)
- Table 3 Global Wind Turbine Forging Market Outlook, By Seamless Rolled Rings (2021-2030) ($MN)
- Table 4 Global Wind Turbine Forging Market Outlook, By Open Die Forgings (2021-2030) ($MN)
- Table 5 Global Wind Turbine Forging Market Outlook, By Closed Die Forging (2021-2030) ($MN)
- Table 6 Global Wind Turbine Forging Market Outlook, By Material Type (2021-2030) ($MN)
- Table 7 Global Wind Turbine Forging Market Outlook, By Steel (2021-2030) ($MN)
- Table 8 Global Wind Turbine Forging Market Outlook, By Aluminum (2021-2030) ($MN)
- Table 9 Global Wind Turbine Forging Market Outlook, By Other Material Types (2021-2030) ($MN)
- Table 10 Global Wind Turbine Forging Market Outlook, By Component (2021-2030) ($MN)
- Table 11 Global Wind Turbine Forging Market Outlook, By Flanges (2021-2030) ($MN)
- Table 12 Global Wind Turbine Forging Market Outlook, By Bearings (2021-2030) ($MN)
- Table 13 Global Wind Turbine Forging Market Outlook, By Blades (2021-2030) ($MN)
- Table 14 Global Wind Turbine Forging Market Outlook, By Gears (2021-2030) ($MN)
- Table 15 Global Wind Turbine Forging Market Outlook, By Shafts (2021-2030) ($MN)
- Table 16 Global Wind Turbine Forging Market Outlook, By Other Components (2021-2030) ($MN)
- Table 17 Global Wind Turbine Forging Market Outlook, By Application (2021-2030) ($MN)
- Table 18 Global Wind Turbine Forging Market Outlook, By Onshore Installations (2021-2030) ($MN)
- Table 19 Global Wind Turbine Forging Market Outlook, By Offshore Installations (2021-2030) ($MN)
- Table 20 North America Wind Turbine Forging Market Outlook, By Country (2021-2030) ($MN)
- Table 21 North America Wind Turbine Forging Market Outlook, By Type (2021-2030) ($MN)
- Table 22 North America Wind Turbine Forging Market Outlook, By Seamless Rolled Rings (2021-2030) ($MN)
- Table 23 North America Wind Turbine Forging Market Outlook, By Open Die Forgings (2021-2030) ($MN)
- Table 24 North America Wind Turbine Forging Market Outlook, By Closed Die Forging (2021-2030) ($MN)
- Table 25 North America Wind Turbine Forging Market Outlook, By Material Type (2021-2030) ($MN)
- Table 26 North America Wind Turbine Forging Market Outlook, By Steel (2021-2030) ($MN)
- Table 27 North America Wind Turbine Forging Market Outlook, By Aluminum (2021-2030) ($MN)
- Table 28 North America Wind Turbine Forging Market Outlook, By Other Material Types (2021-2030) ($MN)
- Table 29 North America Wind Turbine Forging Market Outlook, By Component (2021-2030) ($MN)
- Table 30 North America Wind Turbine Forging Market Outlook, By Flanges (2021-2030) ($MN)
- Table 31 North America Wind Turbine Forging Market Outlook, By Bearings (2021-2030) ($MN)
- Table 32 North America Wind Turbine Forging Market Outlook, By Blades (2021-2030) ($MN)
- Table 33 North America Wind Turbine Forging Market Outlook, By Gears (2021-2030) ($MN)
- Table 34 North America Wind Turbine Forging Market Outlook, By Shafts (2021-2030) ($MN)
- Table 35 North America Wind Turbine Forging Market Outlook, By Other Components (2021-2030) ($MN)
- Table 36 North America Wind Turbine Forging Market Outlook, By Application (2021-2030) ($MN)
- Table 37 North America Wind Turbine Forging Market Outlook, By Onshore Installations (2021-2030) ($MN)
- Table 38 North America Wind Turbine Forging Market Outlook, By Offshore Installations (2021-2030) ($MN)
- Table 39 Europe Wind Turbine Forging Market Outlook, By Country (2021-2030) ($MN)
- Table 40 Europe Wind Turbine Forging Market Outlook, By Type (2021-2030) ($MN)
- Table 41 Europe Wind Turbine Forging Market Outlook, By Seamless Rolled Rings (2021-2030) ($MN)
- Table 42 Europe Wind Turbine Forging Market Outlook, By Open Die Forgings (2021-2030) ($MN)
- Table 43 Europe Wind Turbine Forging Market Outlook, By Closed Die Forging (2021-2030) ($MN)
- Table 44 Europe Wind Turbine Forging Market Outlook, By Material Type (2021-2030) ($MN)
- Table 45 Europe Wind Turbine Forging Market Outlook, By Steel (2021-2030) ($MN)
- Table 46 Europe Wind Turbine Forging Market Outlook, By Aluminum (2021-2030) ($MN)
- Table 47 Europe Wind Turbine Forging Market Outlook, By Other Material Types (2021-2030) ($MN)
- Table 48 Europe Wind Turbine Forging Market Outlook, By Component (2021-2030) ($MN)
- Table 49 Europe Wind Turbine Forging Market Outlook, By Flanges (2021-2030) ($MN)
- Table 50 Europe Wind Turbine Forging Market Outlook, By Bearings (2021-2030) ($MN)
- Table 51 Europe Wind Turbine Forging Market Outlook, By Blades (2021-2030) ($MN)
- Table 52 Europe Wind Turbine Forging Market Outlook, By Gears (2021-2030) ($MN)
- Table 53 Europe Wind Turbine Forging Market Outlook, By Shafts (2021-2030) ($MN)
- Table 54 Europe Wind Turbine Forging Market Outlook, By Other Components (2021-2030) ($MN)
- Table 55 Europe Wind Turbine Forging Market Outlook, By Application (2021-2030) ($MN)
- Table 56 Europe Wind Turbine Forging Market Outlook, By Onshore Installations (2021-2030) ($MN)
- Table 57 Europe Wind Turbine Forging Market Outlook, By Offshore Installations (2021-2030) ($MN)
- Table 58 Asia Pacific Wind Turbine Forging Market Outlook, By Country (2021-2030) ($MN)
- Table 59 Asia Pacific Wind Turbine Forging Market Outlook, By Type (2021-2030) ($MN)
- Table 60 Asia Pacific Wind Turbine Forging Market Outlook, By Seamless Rolled Rings (2021-2030) ($MN)
- Table 61 Asia Pacific Wind Turbine Forging Market Outlook, By Open Die Forgings (2021-2030) ($MN)
- Table 62 Asia Pacific Wind Turbine Forging Market Outlook, By Closed Die Forging (2021-2030) ($MN)
- Table 63 Asia Pacific Wind Turbine Forging Market Outlook, By Material Type (2021-2030) ($MN)
- Table 64 Asia Pacific Wind Turbine Forging Market Outlook, By Steel (2021-2030) ($MN)
- Table 65 Asia Pacific Wind Turbine Forging Market Outlook, By Aluminum (2021-2030) ($MN)
- Table 66 Asia Pacific Wind Turbine Forging Market Outlook, By Other Material Types (2021-2030) ($MN)
- Table 67 Asia Pacific Wind Turbine Forging Market Outlook, By Component (2021-2030) ($MN)
- Table 68 Asia Pacific Wind Turbine Forging Market Outlook, By Flanges (2021-2030) ($MN)
- Table 69 Asia Pacific Wind Turbine Forging Market Outlook, By Bearings (2021-2030) ($MN)
- Table 70 Asia Pacific Wind Turbine Forging Market Outlook, By Blades (2021-2030) ($MN)
- Table 71 Asia Pacific Wind Turbine Forging Market Outlook, By Gears (2021-2030) ($MN)
- Table 72 Asia Pacific Wind Turbine Forging Market Outlook, By Shafts (2021-2030) ($MN)
- Table 73 Asia Pacific Wind Turbine Forging Market Outlook, By Other Components (2021-2030) ($MN)
- Table 74 Asia Pacific Wind Turbine Forging Market Outlook, By Application (2021-2030) ($MN)
- Table 75 Asia Pacific Wind Turbine Forging Market Outlook, By Onshore Installations (2021-2030) ($MN)
- Table 76 Asia Pacific Wind Turbine Forging Market Outlook, By Offshore Installations (2021-2030) ($MN)
- Table 77 South America Wind Turbine Forging Market Outlook, By Country (2021-2030) ($MN)
- Table 78 South America Wind Turbine Forging Market Outlook, By Type (2021-2030) ($MN)
- Table 79 South America Wind Turbine Forging Market Outlook, By Seamless Rolled Rings (2021-2030) ($MN)
- Table 80 South America Wind Turbine Forging Market Outlook, By Open Die Forgings (2021-2030) ($MN)
- Table 81 South America Wind Turbine Forging Market Outlook, By Closed Die Forging (2021-2030) ($MN)
- Table 82 South America Wind Turbine Forging Market Outlook, By Material Type (2021-2030) ($MN)
- Table 83 South America Wind Turbine Forging Market Outlook, By Steel (2021-2030) ($MN)
- Table 84 South America Wind Turbine Forging Market Outlook, By Aluminum (2021-2030) ($MN)
- Table 85 South America Wind Turbine Forging Market Outlook, By Other Material Types (2021-2030) ($MN)
- Table 86 South America Wind Turbine Forging Market Outlook, By Component (2021-2030) ($MN)
- Table 87 South America Wind Turbine Forging Market Outlook, By Flanges (2021-2030) ($MN)
- Table 88 South America Wind Turbine Forging Market Outlook, By Bearings (2021-2030) ($MN)
- Table 89 South America Wind Turbine Forging Market Outlook, By Blades (2021-2030) ($MN)
- Table 90 South America Wind Turbine Forging Market Outlook, By Gears (2021-2030) ($MN)
- Table 91 South America Wind Turbine Forging Market Outlook, By Shafts (2021-2030) ($MN)
- Table 92 South America Wind Turbine Forging Market Outlook, By Other Components (2021-2030) ($MN)
- Table 93 South America Wind Turbine Forging Market Outlook, By Application (2021-2030) ($MN)
- Table 94 South America Wind Turbine Forging Market Outlook, By Onshore Installations (2021-2030) ($MN)
- Table 95 South America Wind Turbine Forging Market Outlook, By Offshore Installations (2021-2030) ($MN)
- Table 96 Middle East & Africa Wind Turbine Forging Market Outlook, By Country (2021-2030) ($MN)
- Table 97 Middle East & Africa Wind Turbine Forging Market Outlook, By Type (2021-2030) ($MN)
- Table 98 Middle East & Africa Wind Turbine Forging Market Outlook, By Seamless Rolled Rings (2021-2030) ($MN)
- Table 99 Middle East & Africa Wind Turbine Forging Market Outlook, By Open Die Forgings (2021-2030) ($MN)
- Table 100 Middle East & Africa Wind Turbine Forging Market Outlook, By Closed Die Forging (2021-2030) ($MN)
- Table 101 Middle East & Africa Wind Turbine Forging Market Outlook, By Material Type (2021-2030) ($MN)
- Table 102 Middle East & Africa Wind Turbine Forging Market Outlook, By Steel (2021-2030) ($MN)
- Table 103 Middle East & Africa Wind Turbine Forging Market Outlook, By Aluminum (2021-2030) ($MN)
- Table 104 Middle East & Africa Wind Turbine Forging Market Outlook, By Other Material Types (2021-2030) ($MN)
- Table 105 Middle East & Africa Wind Turbine Forging Market Outlook, By Component (2021-2030) ($MN)
- Table 106 Middle East & Africa Wind Turbine Forging Market Outlook, By Flanges (2021-2030) ($MN)
- Table 107 Middle East & Africa Wind Turbine Forging Market Outlook, By Bearings (2021-2030) ($MN)
- Table 108 Middle East & Africa Wind Turbine Forging Market Outlook, By Blades (2021-2030) ($MN)
- Table 109 Middle East & Africa Wind Turbine Forging Market Outlook, By Gears (2021-2030) ($MN)
- Table 110 Middle East & Africa Wind Turbine Forging Market Outlook, By Shafts (2021-2030) ($MN)
- Table 111 Middle East & Africa Wind Turbine Forging Market Outlook, By Other Components (2021-2030) ($MN)
- Table 112 Middle East & Africa Wind Turbine Forging Market Outlook, By Application (2021-2030) ($MN)
- Table 113 Middle East & Africa Wind Turbine Forging Market Outlook, By Onshore Installations (2021-2030) ($MN)
- Table 114 Middle East & Africa Wind Turbine Forging Market Outlook, By Offshore Installations (2021-2030) ($MN)
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