According to the recent report by IMARC Group, titled “Wind Turbine Components Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global wind turbine components market reached a value of US$ 110.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 171.1 Billion by 2027, exhibiting at a CAGR of 7.71% during 2022-2027.
Report Metric
Historical: 2016-2021
Base Year: 2020
Forecast Year: 2022-2027
Wind turbine components convert the kinetic energy generated from the wind into electrical energy. They majorly include an anemometer, multiple rotating blades, brake, controller, generator and gearbox, along with a nacelle, drive train, power transformer, Supervisory Control and Data Acquisition (SCADA) systems, etc. These components are generally manufactured by using raw materials, such as stainless steel, fiberglass, resin, iron, copper, aluminum, and plastic weathering and corrosion protection materials to enhance components’ longevity and functioning.
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Wind Turbine Components Market Trends
The rising demand for renewable energy resources, such as wind energy, and elevating electricity consumption across the globe are primarily driving the market for wind turbine components. Moreover, growing environmental awareness has propelled the adoption of wind energy systems in green buildings for independent power generation, thereby further contributing to the market growth. Numerous technological advancements have resulted in the adoption of 3D printed components by manufacturers for the production of cost-effective and improved rotor blades.
Furthermore, the deployment of various policies by governments to encourage sustainable energy production will continue to drive the market for wind turbine components. Looking forward, IMARC Group expects the global wind turbine components market to continue its moderate growth during the next five years.
Key Market Segmentation:
Our report has categorized the market based on region, 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 Key Player:
Enercon GmbHGE Renewable EnergyNordex SENorthern 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/SXinjiang Goldwind Science & Technology Co. Ltd
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