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- Global Wind Turbine Components Market
Global Wind Turbine Components Market to Reach US$ 225.6 Billion by 2032, Impelled by Increasing Demand for Renewable Energy Sources
February 03, 2022
| Energy & Mining
The latest report by IMARC Group, titled “Wind Turbine Components Market Report by Component (Rotator Blade, Gearbox, Generator, Nacelle, Tower, and Others), Wind Turbine Type (Grid Connected, Standalone), Wind Farm Type (Onshore, Offshore), and Region 2024-2032,” finds that the global wind turbine components market reached a value of US$ 127.2 Billion in 2023. Wind turbine components are devices used to convert the kinetic energy generated from the wind into electrical energy. The turbine blades capture the wind energy, which is then converted into electricity by the generator in the nacelle. Rotor blades, towers, generators, and gearbox are some of the key components of a wind turbine. These components are usually manufactured using stainless steel, fiberglass, resin, iron, copper, aluminum, and plastic to protect the turbines from weathering and corrosion, thereby enhancing their longevity and ensuring reliable functioning.
Global Wind Turbine Components Market Trends:
The market is primarily driven by the increasing demand for renewable energy sources and the growing electricity requirements across the globe. In addition, due to the rising environmental consciousness among the masses, wind energy systems are extensivelyemployed in green buildings for power generation, representing another major growth-inducing factor. Besides this, the market is further propelled by the introduction of various innovative product variants, such asthe use of 3D printing technology to create cost-effective and durable rotor blades with higher energy absorption. Moreover, the growing urgency to adopt eco-friendly technologies has led manufacturers to invest heavily in the research and development (R&D) activities. This, coupled with the implementation of favorable government policies promoting sustainable infrastructural development, is anticipated to propel the market growth in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 225.6 Billion by 2032, expanding at a CAGR of 6.4% during the forecast period (2024-2032).
Market Summary:
- Based on the component, the market has been segmented into rotator blade, gearboxes, generators, nacelles, towers, and others.
- On the basis of the wind turbine type, the market has been bifurcated into grid-connected and standalone.
- Based on the wind-farm type, the market has been categorized into onshore and offshore.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The report has also analyzed the competitive landscape of the market with some of the key players being Enercon GmbH, GE Renewable Energy, Nordex SE, Northern 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/S and Xinjiang Goldwind Science & Technology Co. Ltd.
Report Scope:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Component, Wind Turbine Type, Wind Farm Type, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Enercon GmbH, GE Renewable Energy, Nordex SE, Northern 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/S and Xinjiang Goldwind Science & Technology Co. Ltd. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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