Wind Turbine Components Market Size, Share, Trends, Report 2023-2028

Wind Turbine Components Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A2481

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Market Overview:

The global wind turbine components market size reached US$ 118.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 184.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.3% during 2023-2028.

Wind turbine components refer to the devices used for converting kinetic energy generated from the wind to electric energy. It consists of an anemometer to measure the speed of the wind and transmit the data, multiple blades to rotate and cause the rotor to spin, a brake to stop the rotor mechanically, electrically or hydraulically, a controller to start up and shut off the machine, a generator and a gearbox. The turbine also consists of a nacelle, drive train, power transformer and yaw, pitch, lubrication, and Supervisory Control and Data Acquisition (SCADA) systems. 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 the components' longevity and ensuring reliable functioning.

Global Wind Turbine Components Market

Wind Turbine Components Market Trends:

The increasing demand for renewable sources of energy, along with the growing electricity requirements across the globe, is one of the key factors creating a positive impact on the market. Due to rising environmental consciousness among the masses, there is an increasing adoption of wind energy systems for power generation in green buildings, which is contributing to the market growth. Additionally, various technological advancements, such as the development of 3D printed components, are acting as other growth-inducing factors. Manufacturers are using innovating 3D printing technology to create cost-effective and more durable rotor blades with improved design capabilities and greater energy absorption. Other factors, including the implementation of favorable government policies promoting sustainable infrastructural development, along with extensive research and development (R&D) activities, are anticipated to drive the market further.

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global wind turbine components market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, wind turbine type and wind farm type.

Breakup by Component:

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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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:

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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:

The report has also analysed 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 Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
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$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
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)

Key Questions Answered in This Report

The global wind turbine components market was valued at US$ 118.6 Billion in 2022.

We expect the global wind turbine components market to exhibit a CAGR of 7.3% during 2023-2028.

The increasing adoption of wind energy system for power generation in green building, owing to the rising environmental consciousness, is primarily driving the global wind turbine components market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of various manufacturing units and supply chain disruptions for wine turbine components.

Based on the component, the global wind turbine components market can be segmented into rotator blade, gearbox, generator, nacelle, tower, and others. Among these, rotator blade currently holds the majority of the total market share.

Based on the wind turbine type, the global wind turbine components market has been divided into grid connected and standalone, where standalone wind turbine currently exhibits a clear dominance in the market.

Based on the wind farm type, the global wind turbine components market can be categorized into onshore and offshore. Currently, onshore wind farm accounts for the largest market share.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.

Some of the major players in the global wind turbine components market include 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.

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