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The Global Wind Turbine Components Market size is estimated to grow by USD 39.18 billion between 2022 and 2027 exhibiting a CAGR of 6.76%. The growth of the market depends on several factors, including the rapid growth of the global wind power market, rising investments in clean sources of energy, and the presence of regulations that encourage power generation from renewable sources.
This report extensively covers market segmentation by Application (onshore and offshore), Product (wind turbine rotor blades, wind turbine gearboxes, wind turbine generators, wind turbine towers, and others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Wind turbine components include converters, gearboxes, generators, nacelles, rotor blades, rotor hubs, towers, transformers, and other components, which are required for the effective functioning of wind turbines.
Wind turbines harness wind power to convert it into energy. Their blades rotate clockwise to capture energy from the wind. The main shaft, which is triggered by the wind, is connected to the gearbox within the nacelle to enable spin. The gearbox sends the captured energy to the generator, which converts it into electricity. The electricity is then transferred down the tower to a transformer, which adjusts the voltage levels to match with the grid.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The rapid growth of the global wind power market is a major factor driving the growth of the market. According to the IEA, the global economy is growing at 3.4% each year, and the global population is forecast to grow from 7.4 billion in 2017 to 9 billion by 2040. Hence, the demand for energy is increasing across the world.
The growth of the global wind power market is driven by Europe and China and the growth of the offshore sector. Onshore wind development has provided several avenues for commercialization due to the advent of sophisticated and innovative electronics and efficient planning and management, which have improved reliability and reduced costs. Offshore wind development has become viable due to the availability of machines that support a capacity of more than 1 MW. The emergence of floating wind turbines has also paved the way for the commercialization of offshore wind power. The commercialization of technologies has intensified the competition between wind power plants and nuclear and fossil fuel power plants. Competitive pricing, the provision for sophisticated grid management, and the availability of affordable power storage drive the growth of the global wind power market. Therefore, the demand for wind turbine components will increase during the forecast period.
The consistently declining cost of wind power is a key wind turbine components market trend. Advancements in technology have led to the development of more efficient turbines, making wind power increasingly cost-effective in many regions. The System Management of Atmospheric Resource through Technology (SMART) strategy focuses on innovations in physics modeling, real-time monitoring, rotor technology, and grid communication to enhance the performance and reliability of wind power plants. Government support, such as the federal wind Production Tax Credit (PTC) and business energy Investment Tax Credit (ITC), provides financial incentives for renewable energy projects. Competitive bidding has also led to lower tariffs for wind power. While the declining cost of wind power may impact vendor profit margins, it is expected to drive the growth of the industry.
Complications associated with materials, control, and storage are a major wind turbine components market challenge. The availability of renewable energy sources, such as wind and solar power, varies across regions, posing a challenge similar to fossil fuels. Market consolidation is occurring as vendors adopt inorganic growth strategies, leading to a concentrated market. The offshore wind market is growing faster than the onshore market due to improved efficiency, but costly infrastructure for storage and transmission is required. Rising transmission and distribution (T&D) costs, coupled with declining wind power costs, may impact profit margins for wind power plant operators. These challenges in materials, control, and storage complicate the growth of the global wind turbine components market.
The market share growth by the onshore segment will be significant during the forecast period. Onshore wind power plants generate energy from turbines located on land. Onshore wind power plants are competitive due to the low cost of technology and finance.
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The onshore segment shows a gradual increase in the market share of USD 65.44 billion in 2017 and continued to grow until 2021. Onshore wind power plants, located on land, are becoming increasingly cost-competitive with coal and natural gas in countries like the UK and China. The low cost of technology and finance makes onshore wind power plants competitive. Innovations in advanced technologies have enabled commercialization, such as Vestas' 4 MW platform designed for varying wind conditions. Government support also drives the growth of onshore wind farms, with countries like Germany and Vietnam setting ambitious installation targets. In 2018, 46.8 GW of onshore wind capacity was added globally, with major contributions from China, the US, Germany, India, and Brazil. Support mechanisms like feed-in tariffs and production tax credits play a role in these new installations.
Based on the product analysis, the wind turbine towers segment holds the highest market share. The demand for wind turbine towers will grow steadily during the forecast period due to the rising focus on renewable sources of energy across the world. The design of wind turbine towers has evolved, especially on parameters such as shape and size like tubular, concrete, lattice, and guyed pole. Researchers at the Wind Energy Technologies Office (WETO), which is a part of the US Department of Energy (DOE), are developing prototypes with long and tall towers to optimize the performance of power generation.
APAC is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In 2016, China adopted the 13th Wind Energy Development Five-Year Plan, setting a target of 210 GW of grid-connected wind capacity by 2020. India also aimed to install 60 GW of wind capacity by 2022. However, transmission and grid bottlenecks in China and the transition to competitive auctions in India have posed challenges to market growth in the APAC region. Despite these challenges, rising investments in offshore wind power plants in the Philippines, Thailand, and Taiwan are expected to drive market growth.
The COVID-19 pandemic posed risks in 2020, but with easing restrictions and vaccination drives, wind turbine component manufacturing activities resumed, positively impacting the market. The demand for wind turbines is expected to drive market growth in the region during the forecast period.
Vendors are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Envision Group- The company offers water softeners such as Vantage PTC, Vantage PTC Twin and Vantage PTI High Flow.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Wind Turbine Components Market Scope |
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.76% |
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Market growth 2023-2027 |
USD 39.18 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.93 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 56% |
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Key countries |
US, China, India, Germany, and Spain |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
China High Speed Transmission Equipment Group Co. Ltd., CS WIND Corp., Dongfang Electric Corp., Emergya Wind Technologies BV, EnBW Energie Baden Wurttemberg AG, ENERCON GmbH, Envision Group, Flender GmbH, General Electric Co., ISHIBASHI Manufacturing Co. Ltd., Max Bogl Wind AG, Ming Yang Smart Energy Group Ltd., 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., ZF Friedrichshafen AG, and Siemens AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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