Asia Pacific Wind Turbine Forging Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Seamless Rolled Ring and Open Die Forging) and Component (Flanges, Blades, Bearings, Gears, Shafts, and Others)

Asia Pacific Wind Turbine Forging Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Seamless Rolled Ring and Open Die Forging) and Component (Flanges, Blades, Bearings, Gears, Shafts, and Others)

The Asia Pacific wind turbine forging market is expected to grow from US$ 3,795.16 million in 2022 to US$ 6,204.06 million by 2028. It is estimated to grow at a CAGR of 8.5% from 2022 to 2028.

Rising Government Initiatives to Reduce CO2 Emission and Carbon Footprint is Driving Asia Pacific Wind Turbine Forging Market

Governments of various countries are concerned about the adverse impacts of a surge in CO2 emissions and carbon footprints across the globe. As a result, they are leveraging the benefits of wind energy to reduce global warming and air pollution. The wind power has the potential to enable a sustainable future, and with the rising demand for energy, the availability of greener energy is likely to become a critical prerequisite. The Government of India is boosting its green energy production capacity through high-capacity wind turbine installations as part of its commitment to the Green Energy Future. Furthermore, with the target of becoming a Net Zero Carbon Emitter by 2030, India is also bolstering its lending capacity and commitment to help local authorities achieve the country’s renewable energy targets of 450 GW. In addition, the Indian government’s offshore Wind Energy Policy emphasizes harnessing the potential of offshore wind energy along India’s coastlines. The Ministry of New and Renewable Energy is focused on the installation of offshore wind turbines off the coast of Indian cities. In agreement with its wind-solar hybrid policy 2018, the ministry is also promoting the establishment of large grid connected wind-solar hybrid projects for achieving better grid stability and reduction of carbon emissions. Offshore wind turbine addresses climate change by generating near limitless clean energy burning fossil fuels. The utilization of wind energy helps reduce air pollution. The rising risks of climate change have led to the expansion of wind turbine deployment to reduce carbon footprints. Wind energy capacity is witnessing a significant surge across the, owing to the use of highly engineered parts that provide the highest levels of efficiency during the manufacturing processes. As a result, the growing demand for wind energy to support sustainable development by decreasing CO2 emissions is propelling the wind turbine forging market growth. Such factors are driving the growth of the Asia Pacific wind turbine forging market .

Asia Pacific Wind Turbine Forging Market Overview

Asia Pacific is expected to lead the global wind turbine market in the coming years. According to industry experts, the region will account for an increased annual wind turbine installation capacity of by 2023. Increased onshore deployment, growing needs to address electricity demand, supportive government policies, feed-in tariffs (FiTs), and financial incentives are bolstering the Asia Pacific wind turbine market growth. In addition to high-capacity wind turbine installations, Asia Pacific is witnessing rapid industrialization, manufacturing automation, and advanced metal forging techniques, including complex metal forging and shaping components. The Ministry of Heavy Industries & Public Enterprises in India is supporting the use of metal forging as a key contributor to the overall manufacturing sector, thereby creating a demand for the forged product in the region. Such factors are promoting the growth of the Asia Pacific wind turbine forging market.

Asia Pacific Wind Turbine Forging Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Wind Turbine Forging Market Segmentation

The Asia Pacific wind turbine forging market is segmented into type, component, and country.

Based on type, the Asia Pacific wind turbine forging market is bifurcated into seamless rolled ring and open die forging. The open die forging segment registered the largest market share in 2022.

Based on component, the Asia Pacific wind turbine forging market is segmented into flanges, blades, bearings, gears, shafts, and others. The flanges segment held the largest market share in 2022.

Based on country, the Asia Pacific wind turbine forging market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market share in 2022.

Bharat Forge Ltd, Bruck GmbH, Celsa Armeringsstal AS, Frisa Industrias SA de CV, Gerdau Summit Aços Fundidos e Forjados SA, Iraeta Energy Equipment Co Ltd, Scot Forge Co, Specialty Ring Products Inc, Tongyu Heavy Industry Co Ltd, and ULMA Forja S Coop are the leading companies operating in the Asia Pacific wind turbine forging market.

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