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Wind Turbine Components Market by Application, Product, and Geography - Forecast and Analysis 2023-2027

  • Published: Dec 2022
  • Pages: 174
  • SKU: IRTNTR70093
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The wind turbine components market is estimated to grow at a CAGR of 6.76% between 2022 and 2027. The size of the market is forecast to increase by USD 39.18 billion. The growth of the market depends on serval factors, including the rapid growth of the global wind power market, the 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.

What will be the size of the Wind Turbine Components Market During the Forecast Period?

Wind Turbine Components Market Size

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Parent Market Analysis

Technavio categorizes the global wind turbine components market as a part of the global renewable electricity market within the global independent power and renewable electricity market. The parent global renewable electricity market covers companies engaged in the generation and distribution of electricity using renewable sources. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Wind Turbine Components Market: Key Drivers, Trends, Challenges, and Customer Landscape

The rapid growth of the global wind power market is notably driving the market growth, although factors such as the high failure rate of turbine components may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Wind Turbine Components Market Driver

The rapid growth of the global wind power market is notably driving the market growth. According to the IEA, the global economy is growing each year, and the global population is also estimated to grow 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 turbine components will increase during the forecast period.

Significant Wind Turbine Components Market Trend

The popularity of offshore wind farms is a major trend in the market. Several countries are installing wind power plants in deep water. Such plants can harness more energy than onshore power plants. The offshore segment is growing rapidly in Europe due to the availability of resources, limited turbulence, and steady winds. Vendors have developed tall hubs and large rotors for offshore applications. The installation of large turbines in offshore locations is less expensive due to economies of scale.

According to the GWEC, in 2020, the total global installed capacity of offshore wind power was 29.1 gigawatts. The offshore segment has grown due to decreasing prices because of zero-bids for offshore in Germany and complete subsidy tenders in the Netherlands. In November 2020, Europe installed 3.6 GW of new offshore wind capacity. The UK accounted for nearly half of the new capacity with 1.7 GW, followed by Germany (1.1 GW), Denmark (374 MW), and Belgium (370 MW). Also, Portugal installed 8 MW of floating offshore wind. Europe now has 22 GW of offshore wind. The UK and Germany account for three-quarters of it. Denmark, Belgium, and the Netherlands share nearly all of the rest. This will drive the growth of the focused market.

Major Wind Turbine Components Market Challenge

The high failure rate of components used in wind turbines is a major challenge impeding the market. The reliability of turbines is a prerequisite for the effective generation of power from wind energy. The failure of any component will negatively affect the functioning of the entire system. A wind turbine is built by integrating various technologies and components, ranging from aeronautics, hydraulics, automation, and others. For instance, the major components for power generation comprise the gearbox, generator, electrical, nacelle, rotor blades, and yaw systems, which require regular maintenance to ensure safe and efficient operation.

The rotor blades of a static wind turbine rotate in the presence of wind. The turbine generator, which converts rotational energy into electrical energy, accounts for about 4% of the total wind turbine cost. Any damage to the wind turbine generator will adversely impact the entire operation of the wind turbine. Owing to the dynamic nature of wind, these generators must endure recurrent load variations and mechanical stress, which can eventually lead to their breakdown. Such factors will play a major role in hampering the growth of the market. 

Key Wind Turbine Components Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Wind Turbine Components Market Share by Geography

Global Wind Turbine Components Market Customer Landscape

Who are the Major Wind Turbine Components Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

CS WIND Corp. - The company operates under multiple segments including onshore, offshore, plant equipment, and others. The company's key offerings include turbine components such as onshore wind towers. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

  • China High Speed Transmission Equipment Group Co. Ltd.
  • 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

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.

What is the Fastest-Growing Segment in the 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.

Wind Turbine Components Market Size

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The offshore segment shows a gradual increase in the market share of USD 65.44 billion in 2017 and continued to grow until 2021The growth of the onshore segment is driven by the reduced cost of power generated by onshore wind power plants and innovations, which have enabled the commercialization of advanced technologies. Government support for onshore wind farms also drives the growth of the segment. For instance, according to the Global Wind Energy Council (GWEC), the Government of Germany, to reduce its dependence on fossil fuel, is increasing its installed onshore wind capacity by tendering projects. According to the Global Wind Energy Council (GWEC), 46.8 gigawatts (GW) of onshore wind capacity was added across the world in 2018. Also, 75% of the new installations were in the top five countries, namely China, the US, Germany, India, and Brazil. The new installations were driven by several support mechanisms, such as the feed-in tariff and production tax credit, as well as other market-based mechanisms, including tenders, auctions, and green certificates. These factors are driving the focused market during the forecast period.

Which are the Key Regions for the Wind Turbine Components Market?

Wind Turbine Components Market Share by Geography

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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.

APAC dominates the global market. China, India, and Australia are the major contributors of revenue to the market in APAC.

The 13th Wind Energy Development Five-Year Plan of China was adopted in 2016 by the National Energy Administration (NEA). According to the IEA, the NEA had set a grid-connected wind capacity target of 210 GW of total targeted wind capacity in 2020, generating 420 terawatt hours (TWh) per year and contributing 6% of the total generating capacity of the country in 2020. The Government of India had also set targets to install 60 GW of wind capacity by 2022. However, state grids in China are trying to resolve the bottlenecks associated with transmission and the grid. The Government of India has transitioned from feed-in-tariffs (FiTs) to competitive auctions, which has resulted in a policy gap that requires the stakeholders to adjust to changes. Such complications are challenges for the growth of the market in APAC.

Rising investments in offshore wind power plants in the Philippines, Thailand, and Taiwan will drive the growth of the market in APAC during the forecast period. China continues to drive renewable capacity installations, including wind capacity, globally. 

In 2020, the COVID-19 pandemic posed certain risks to the wind turbine component market in APAC. In 2021, lockdown restrictions were eased due to large-scale vaccination drives. Due to vaccine availability, developing economies were able to control the COVID-19 outbreak, which is a positive factor for the market in these countries. In addition, wind turbine component manufacturing activities steadily restarted in APAC. The removal of the lockdown rescheduled the wind turbine component supply chain, which positively impacted the market growth. These factors are expected to drive the demand for wind turbines, which will drive the growth of the market in the region during the forecast period.

Segment Overview

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. The market has been segmented 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).

  • Application Outlook (USD Billion, 2017 - 2027)
    • Onshore
    • Offshore
  • Product Outlook (USD Billion, 2017 - 2027)
    • Wind turbine rotor blades
    • Wind turbine gearboxes
    • Wind turbine generators
    • Wind turbine towers
    • Others
  • Region Outlook (USD Billion, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa
    • South America
      • Chile
      • Brazil
      • Argentina

Wind Turbine Components Market Scope

Report Coverage

Details

Page number

174

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.76%

Market growth 2023-2027

USD 39.18 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

5.93

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 56%

Key countries

US, China, India, Germany, and Spain

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

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

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 the forecast period

Customization purview

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What are the Key Data Covered in this Wind Turbine Components Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the market between 2023 and 2027
  • Precise estimation of the market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market industry across APAC, Europe, North America, South America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of the market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global Wind Turbine Components Market 2023-2027 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global Wind Turbine Components Market 2023-2027 2017 - 2021 ($ billion)
    • 4.2 Application Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ billion)
    • 4.3 Product Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ billion)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Application

    • 6.1 Market segments
      • Exhibit 30: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Application - Market share 2022-2027 (%)
    • 6.2 Comparison by Application
      • Exhibit 32: Chart on Comparison by Application
      • Exhibit 33: Data Table on Comparison by Application
    • 6.3 Onshore - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Onshore - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 35: Data Table on Onshore - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 36: Chart on Onshore - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Onshore - Year-over-year growth 2022-2027 (%)
    • 6.4 Offshore - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Offshore - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 39: Data Table on Offshore - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 40: Chart on Offshore - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Offshore - Year-over-year growth 2022-2027 (%)
    • 6.5 Market opportunity by Application
      • Exhibit 42: Market opportunity by Application ($ billion)

    7 Market Segmentation by Product

    • 7.1 Market segments
      • Exhibit 43: Chart on Product - Market share 2022-2027 (%)
      • Exhibit 44: Data Table on Product - Market share 2022-2027 (%)
    • 7.2 Comparison by Product
      • Exhibit 45: Chart on Comparison by Product
      • Exhibit 46: Data Table on Comparison by Product
    • 7.3 Wind turbine rotor blades - Market size and forecast 2022-2027
      • Exhibit 47: Chart on Wind turbine rotor blades - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 48: Data Table on Wind turbine rotor blades - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 49: Chart on Wind turbine rotor blades - Year-over-year growth 2022-2027 (%)
      • Exhibit 50: Data Table on Wind turbine rotor blades - Year-over-year growth 2022-2027 (%)
    • 7.4 Wind turbine gearboxes - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Wind turbine gearboxes - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 52: Data Table on Wind turbine gearboxes - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 53: Chart on Wind turbine gearboxes - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Wind turbine gearboxes - Year-over-year growth 2022-2027 (%)
    • 7.5 Wind turbine generators - Market size and forecast 2022-2027
      • Exhibit 55: Chart on Wind turbine generators - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 56: Data Table on Wind turbine generators - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 57: Chart on Wind turbine generators - Year-over-year growth 2022-2027 (%)
      • Exhibit 58: Data Table on Wind turbine generators - Year-over-year growth 2022-2027 (%)
    • 7.6 Wind turbine towers - Market size and forecast 2022-2027
      • Exhibit 59: Chart on Wind turbine towers - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 60: Data Table on Wind turbine towers - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 61: Chart on Wind turbine towers - Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on Wind turbine towers - Year-over-year growth 2022-2027 (%)
    • 7.7 Others - Market size and forecast 2022-2027
      • Exhibit 63: Chart on Others - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 64: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 65: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 66: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 7.8 Market opportunity by Product
      • Exhibit 67: Market opportunity by Product ($ billion)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 69: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 70: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 71: Chart on Geographic comparison
      • Exhibit 72: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2022-2027
      • Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.4 Europe - Market size and forecast 2022-2027
      • Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.5 North America - Market size and forecast 2022-2027
      • Exhibit 81: Chart on North America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 82: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 83: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 84: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.6 South America - Market size and forecast 2022-2027
      • Exhibit 85: Chart on South America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 86: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 87: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 88: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.7 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 89: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 90: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 91: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 92: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.8 China - Market size and forecast 2022-2027
      • Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.9 US - Market size and forecast 2022-2027
      • Exhibit 97: Chart on US - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 98: Data Table on US - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 99: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 100: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.10 Germany - Market size and forecast 2022-2027
      • Exhibit 101: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 102: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 103: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 104: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.11 India - Market size and forecast 2022-2027
      • Exhibit 105: Chart on India - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 106: Data Table on India - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 107: Chart on India - Year-over-year growth 2022-2027 (%)
      • Exhibit 108: Data Table on India - Year-over-year growth 2022-2027 (%)
    • 9.12 Spain - Market size and forecast 2022-2027
      • Exhibit 109: Chart on Spain - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 110: Data Table on Spain - Market size and forecast 2022-2027 ($ billion)
      • Exhibit 111: Chart on Spain - Year-over-year growth 2022-2027 (%)
      • Exhibit 112: Data Table on Spain - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 113: Market opportunity by geography ($ billion)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 114: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 115: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 116: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 117: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 118: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 119: Matrix on vendor position and classification
            • 12.3 China High Speed Transmission Equipment Group Co. Ltd.
              • Exhibit 120: China High Speed Transmission Equipment Group Co. Ltd. - Overview
              • Exhibit 121: China High Speed Transmission Equipment Group Co. Ltd. - Product / Service
              • Exhibit 122: China High Speed Transmission Equipment Group Co. Ltd. - Key offerings
            • 12.4 CS WIND Corp.
              • Exhibit 123: CS WIND Corp. - Overview
              • Exhibit 124: CS WIND Corp. - Product / Service
              • Exhibit 125: CS WIND Corp. - Key offerings
            • 12.5 Dongfang Electric Corp.
              • Exhibit 126: Dongfang Electric Corp. - Overview
              • Exhibit 127: Dongfang Electric Corp. - Product / Service
              • Exhibit 128: Dongfang Electric Corp. - Key offerings
            • 12.6 Emergya Wind Technologies BV
              • Exhibit 129: Emergya Wind Technologies BV - Overview
              • Exhibit 130: Emergya Wind Technologies BV - Product / Service
              • Exhibit 131: Emergya Wind Technologies BV - Key offerings
            • 12.7 EnBW Energie Baden Wurttemberg AG
              • Exhibit 132: EnBW Energie Baden Wurttemberg AG - Overview
              • Exhibit 133: EnBW Energie Baden Wurttemberg AG - Business segments
              • Exhibit 134: EnBW Energie Baden Wurttemberg AG - Key offerings
              • Exhibit 135: EnBW Energie Baden Wurttemberg AG - Segment focus
            • 12.8 ENERCON GmbH
              • Exhibit 136: ENERCON GmbH - Overview
              • Exhibit 137: ENERCON GmbH - Product / Service
              • Exhibit 138: ENERCON GmbH - Key offerings
            • 12.9 Envision Group
              • Exhibit 139: Envision Group - Overview
              • Exhibit 140: Envision Group - Product / Service
              • Exhibit 141: Envision Group - Key offerings
            • 12.10 Flender GmbH
              • Exhibit 142: Flender GmbH - Overview
              • Exhibit 143: Flender GmbH - Product / Service
              • Exhibit 144: Flender GmbH - Key offerings
            • 12.11 General Electric Co.
              • Exhibit 145: General Electric Co. - Overview
              • Exhibit 146: General Electric Co. - Business segments
              • Exhibit 147: General Electric Co. - Key news
              • Exhibit 148: General Electric Co. - Key offerings
              • Exhibit 149: General Electric Co. - Segment focus
            • 12.12 ISHIBASHI Manufacturing Co. Ltd.
              • Exhibit 150: ISHIBASHI Manufacturing Co. Ltd. - Overview
              • Exhibit 151: ISHIBASHI Manufacturing Co. Ltd. - Product / Service
              • Exhibit 152: ISHIBASHI Manufacturing Co. Ltd. - Key offerings
            • 12.13 Max Bogl Wind AG
              • Exhibit 153: Max Bogl Wind AG - Overview
              • Exhibit 154: Max Bogl Wind AG - Product / Service
              • Exhibit 155: Max Bogl Wind AG - Key offerings
            • 12.14 Ming Yang Smart Energy Group Ltd.
              • Exhibit 156: Ming Yang Smart Energy Group Ltd. - Overview
              • Exhibit 157: Ming Yang Smart Energy Group Ltd. - Product / Service
              • Exhibit 158: Ming Yang Smart Energy Group Ltd. - Key offerings
            • 12.15 Siemens AG
              • Exhibit 159: Siemens AG - Overview
              • Exhibit 160: Siemens AG - Business segments
              • Exhibit 161: Siemens AG - Key news
              • Exhibit 162: Siemens AG - Key offerings
              • Exhibit 163: Siemens AG - Segment focus
            • 12.16 Sinoma Science and Technology Co. Ltd.
              • Exhibit 164: Sinoma Science and Technology Co. Ltd. - Overview
              • Exhibit 165: Sinoma Science and Technology Co. Ltd. - Product / Service
              • Exhibit 166: Sinoma Science and Technology Co. Ltd. - Key offerings
            • 12.17 Suzlon Energy Ltd.
              • Exhibit 167: Suzlon Energy Ltd. - Overview
              • Exhibit 168: Suzlon Energy Ltd. - Business segments
              • Exhibit 169: Suzlon Energy Ltd. - Key offerings
              • Exhibit 170: Suzlon Energy Ltd. - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 171: Inclusions checklist
                • Exhibit 172: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 173: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 174: Research methodology
                • Exhibit 175: Validation techniques employed for market sizing
                • Exhibit 176: Information sources
              • 13.5 List of abbreviations
                • Exhibit 177: List of abbreviations

              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.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

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              Wind Turbine Components market growth will increase by $39.18 billion during 2023-2027.
              The wind turbine components market is expected to grow at a CAGR of 6.76% during 2023-2027.
              Technavio has segmented the wind turbine components market 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).
              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, Siemens AG are a few of the key vendors in the wind turbine components market.
              APAC will register the highest growth rate of 55.53% among the other regions. Therefore, the wind turbine components market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              • US
              • China
              • India
              • Germany
              • Spain
              The key factors driving the wind turbine components market growth are:
              • Rapid growth of global wind power market
              • Consistently declining cost of wind power
              The wind turbine components market vendors should focus on grabbing business opportunities from the onshore segment as it accounted for the largest market share in the base year.
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