Wind Turbine Components Market is expected to reach US$ 152,019.92 million by 2028

The Wind Turbine Components Market size is expected to reach $152 Billion by 2028; registering at a CAGR of 4.2% from 2022 to 2028, according to a new research study conducted by The Insight Partners

Rising Government Initiatives to Promote Wind Energy to Provide Growth Opportunities for Wind Turbine Components Market During 2022–2028

The wind turbine components include rotor blades, nacelle, gearbox, generator, tower, and pitch system. Rotor blades are one of the most important components of a wind turbine as it helps to convert wind energy into electricity using aerodynamic force. Nacelle consists of components that transform wind’s kinetic energy into mechanical energy to turn on the generator, which produces electricity. The gearbox is used to increase the rotational speed from the low-speed main shaft to the high-speed shaft, which is connected to an electrical generator. Further, the wind turbine generator converts mechanical energy into electrical energy. The wind turbine tower carries the nacelle and the rotor and supports the turbine's structure. The pitch system is one of the crucial parts of the wind turbine as it turns the rotor blades as optimally as possible into the wind, depending on the speed and direction of the wind.

Wind Turbine Components Market — by Region, 2022

Source: The Insight Partners Analysis

The growing initiative by market players to produce recyclable components is one of the key factors boosting the wind turbine components market growth. Various market players such as Siemens Gamesa, Greenboats, and Sicomin have already launched recyclable wind turbine components such as rotor blades and nacelle in the market. Also, the rising number of wind farms globally to reduce dependency on fossil fuels is further boosting the growth of the market. It was seen that the 10 largest wind farm projects were completed in the US in 2021.

Furthermore, the growing government initiative for adopting wind energy for electricity generation is creating lucrative opportunities for the growth of the wind turbine components market. The rising demand for floating wind technology for offshore wind turbines will raise the demand for the growth of the market during the forecast period. The technology will help in the development of offshore wind turbines where the water is very deep.

The global wind turbine components market players include Siemens Gamesa Renewable Energy SA, Vestas Wind Systems AS, TPI Composites Inc, GRI Renewable Industries SL, Marmen Inc, Valmont Industries Inc, LM Wind Power AS, The Timken Co, ZF Friedrichshafen AG, and Flender International GmbH. Strategic initiatives by these companies to expand their geographic presence and product portfolio are contributing to the wind turbine components market growth.

The major stakeholders in the global wind turbine components market ecosystem include raw material suppliers, component manufacturers, and end users. The wide range of raw materials used for making the turbine, rotor blade, nacelle, gearbox, generator, tower, and pitch system has increased the number of raw material suppliers in the competitive market. Raw material supplier plays a crucial role in the supply chain of the market and contribute to the market revenue growth. Some of the major raw material suppliers are Composites One, Akzo Nobel N.V., Covestro AG, Vortex, Von Roll, ReGen Powertech, NSK Ltd., NTN-SNR, and HYOSUNG HEAVY INDUSTRIES.

Component manufacturers hold a potential share of the supply chain for the market. These manufacturers procure raw materials from preferred suppliers through direct or indirect sales channels. Catering to the regulatory standards specific to the demography, component manufacturers produce components used in wind power plants. The major players operating in the market include Siemens Gamesa Renewable Energy SA, Vestas Wind Systems AS, TPI Composites Inc, GRI Renewable Industries SL, and Marmen Inc. These organizations over the years have increased their investment in the development of new and advanced wind turbine components as per the growing customer needs. The end users are the final stakeholders of the global wind turbine components market. Residential, industrial, and commercial users are the end users in the wind turbine components market.

The wind turbine components market size is derived by component segment. In terms of component, the market is segmented into rotor blade, nacelle, gearbox, generator, tower, and pitch system. Based on rotor blade, the market is further categorized into below 40m, 41–60m, 61–70m, and above 70m. Based on gearbox, the market is further segmented into planetary gearbox, spur gearbox, and others. Based on generator, the market is further segmented into direct current and AC synchronous. By tower, the wind turbine components market is further segmented into tubular steel towers, lattice towers, and hybrid towers.

Siemens Gamesa Renewable Energy SA, Vestas Wind Systems AS, TPI Composites Inc, GRI Renewable Industries SL, and LM Wind Power a few key wind turbine components market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the wind turbine components market size and its ecosystem. The wind turbine components market report provides detailed wind turbine components market insights, which helps the wind turbine components market players strategize their growth.

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