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Wind Turbine Components Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

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.

 

 
 

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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. 

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 for growth at the global and regional level from 2022-2027. Our report has categorized the market based on component, wind turbine type and wind farm type.

Breakup by Component:

 

 
 

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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 2021
Historical Period 2016-2021
Forecast Period 2022-2027
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)

1   Preface
2   Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Wind Turbine Components Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Component
    6.1    Rotator Blade
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Gearbox
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Generator
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    Nacelle
        6.4.1 Market Trends
        6.4.2 Market Forecast
    6.5    Tower
        6.5.1 Market Trends
        6.5.2 Market Forecast
    6.6    Others
        6.6.1 Market Trends
        6.6.2 Market Forecast
7   Market Breakup by Wind Turbine Type
    7.1    Grid Connected
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Standalone
        7.2.1 Market Trends
        7.2.2 Market Forecast
8   Market Breakup by Wind Farm Type
    8.1    Onshore
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Offshore
        8.2.1 Market Trends
        8.2.2 Market Forecast
9   Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10  SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11  Value Chain Analysis
12  Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13  Price Analysis
14  Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Enercon GmbH
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio 
           14.3.1.3 Financials 
           14.3.1.4 SWOT Analysis
        14.3.2    GE Renewable Energy
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
           14.3.2.3 Financials 
           14.3.2.4 SWOT Analysis
        14.3.3    Nordex SE
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio 
           14.3.3.3 Financials 
           14.3.3.4 SWOT Analysis
        14.3.4    Northern Power Systems Corp. (Distributed Energy Systems Corp.)
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio 
        14.3.5    Siemens Gamesa Renewable Energy (Siemens AG)
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio 
           14.3.5.3 Financials 
           14.3.5.4 SWOT Analysis
        14.3.6    Sinovel Wind Group Co. Ltd.
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio 
        14.3.7    Suzlon Energy Ltd.
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials 
           14.3.7.4 SWOT Analysis
        14.3.8    United Power Inc (United Power Technology)
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio 
        14.3.9    Vestas Wind Systems A/S
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
           14.3.9.3 Financials 
           14.3.9.4 SWOT Analysis
        14.3.10    Xinjiang Goldwind Science & Technology Co. Ltd.
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio 
           14.3.10.3 Financials 
           14.3.10.4 SWOT Analysis

List of Figures

Figure 1: Global: Wind Turbine Components Market: Major Drivers and Challenges
Figure 2: Global: Wind Turbine Components Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Wind Turbine Components Market: Breakup by Component (in %), 2021
Figure 4: Global: Wind Turbine Components Market: Breakup by Wind Turbine Type (in %), 2021
Figure 5: Global: Wind Turbine Components Market: Breakup by Wind Farm Type (in %), 2021
Figure 6: Global: Wind Turbine Components Market: Breakup by Region (in %), 2021
Figure 7: Global: Wind Turbine Components Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 8: Global: Wind Turbine Components (Rotator Blade) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Wind Turbine Components (Rotator Blade) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Wind Turbine Components (Gearbox) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Wind Turbine Components (Gearbox) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Wind Turbine Components (Generator) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Wind Turbine Components (Generator) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Wind Turbine Components (Nacelle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Wind Turbine Components (Nacelle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Wind Turbine Components (Tower) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Wind Turbine Components (Tower) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Wind Turbine Components (Other Components) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Wind Turbine Components (Other Components) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Wind Turbine Components (Grid Connected) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Wind Turbine Components (Grid Connected) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Wind Turbine Components (Standalone) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Wind Turbine Components (Standalone) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Wind Turbine Components (Onshore) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Wind Turbine Components (Onshore) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Wind Turbine Components (Offshore) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Wind Turbine Components (Offshore) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: North America: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: North America: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: United States: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: United States: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Canada: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Canada: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Asia Pacific: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Asia Pacific: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: China: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: China: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Japan: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Japan: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: India: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: India: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: South Korea: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: South Korea: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Australia: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Australia: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Indonesia: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Indonesia: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Others: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Others: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Europe: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Europe: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Germany: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Germany: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: France: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: France: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: United Kingdom: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: United Kingdom: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Italy: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Italy: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Spain: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Spain: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Russia: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Russia: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Others: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Others: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Latin America: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Latin America: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Brazil: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Brazil: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Mexico: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Mexico: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Others: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Others: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Middle East and Africa: Wind Turbine Components Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Middle East and Africa: Wind Turbine Components Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Global: Wind Turbine Components Industry: SWOT Analysis
Figure 77: Global: Wind Turbine Components Industry: Value Chain Analysis
Figure 78: Global: Wind Turbine Components Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: Global: Wind Turbine Components Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Wind Turbine Components Market Forecast: Breakup by Component (in Million US$), 2022-2027 
Table 3: Global: Wind Turbine Components Market Forecast: Breakup by Wind Turbine Type (in Million US$), 2022-2027
Table 4: Global: Wind Turbine Components Market Forecast: Breakup by Wind Farm Type (in Million US$), 2022-2027
Table 5: Global: Wind Turbine Components Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Wind Turbine Components Market Structure
Table 7: Global: Wind Turbine Components Market: Key Players


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Key Questions Answered in This Report

The global wind turbine components market was valued at US$ 110.3 Billion in 2021.

We expect the global wind turbine components market to exhibit a CAGR of 7.71% during 2022-2027.

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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