Wind Turbine Components Market size is set to grow by USD 40.4 billion from 2024-2028, Rapid growth of global wind power market boost the market, Technavio

NEW YORK, July 18, 2024 /PRNewswire/ -- The global wind turbine components market size is estimated to grow by USD 40.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.61%  during the forecast period. Rapid growth of global wind power market is driving market growth, with a trend towards consistently declining cost of wind power. However, complications associated with materials, control, and storage  poses a challenge. Key market players include China High Speed Transmission Equipment Group Co. Ltd., CS WIND Corp., Dongfang Electric Corp. Ltd., Emergya Wind Technologies BV, EnBW Energie Baden Wurttemberg AG, ENERCON GmbH, Envision Energy USA Ltd., Flender GmbH, General Electric Co., ISHIBASHI Manufacturing Co. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Max Bogl Wind AG, Ming Yang Smart Energy Group Ltd., Siemens AG, Sinoma Science and Technology Co. Ltd., Suzlon Energy Ltd., TPI Composites Inc., Vestas Wind Systems AS, XEMC Darwind BV, Xinjiang Goldwind Science and Technology Co. Ltd., and ZF Friedrichshafen AG.

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Market Driver

The wind turbine components market has seen significant growth due to technological advancements leading to more efficient and cost-effective wind turbines. With economies of scale making wind energy the least expensive source of power in several regions, the focus is on next-generation wind power plants using the System Management of Atmospheric Resource through Technology (SMART) strategy. This strategy includes high-fidelity physics modeling, real-time wind flow monitoring, innovative rotor and drivetrain technology, and large blades and tall towers. Government support, such as the federal wind Production Tax Credit (PTC) and Business Energy Investment Tax Credit (ITC), also plays a crucial role in the market's growth. Competitive bidding for wind power has resulted in lower tariffs, potentially impacting vendor profit margins. 

The Wind Turbine Components market is witnessing significant growth due to the increasing demand for renewable power and sustainable energy sources. Key components include rotor blades, towers, generators, nacelles, gearboxes, and control systems. Rotor blades convert kinetic energy into electricity, while towers support the entire structure. Grid-connected wind turbines supply electricity to the power grid, while standalone turbines operate independently. Onshore and offshore wind turbines are gaining popularity due to their ability to harness wind resources effectively. Crude oil and natural gas prices are driving the shift towards renewable resources. Industry sectors like construction and green buildings are integrating wind turbines to meet their electricity requirements. Environmental organizations support this trend as wind energy produces fewer greenhouse gas emissions compared to traditional power sources. Advancements in technology include 3D printed components, which reduce manufacturing costs and improve efficiency. Wind turbine components are essential for the sustainable economy, reducing reliance on non-renewable resources. Wind speed, electrical conduits, base, power source, and gear box are other crucial components. The industry is expected to continue growing, offering numerous opportunities for businesses. 

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Market Challenges

•         The renewable energy market, including wind turbine components, faces challenges due to the uneven distribution of resources. For instance, wind flow is essential for wind power generation, and high-intensity sunlight is required for solar power. Regions like equatorial areas are rich in solar radiation, making them ideal for solar power, while tropical areas are suitable for hybridization. However, the market is experiencing consolidation as vendors adopt inorganic growth strategies. In 2017, Siemens Gamesa Renewable Energy was formed by merging Siemens Wind Power and Gamesa, allowing the company to offer advanced wind turbine components globally. The European offshore wind market is dominated by Siemens Gamesa Renewable Energy, Vestas, and Senvion, which hold 64%, 18%, and 8% shares, respectively, making it a concentrated market. The global offshore wind market has grown faster than the onshore market due to improved efficiency, but the infrastructure required for storage and transmission adds to the cost, accounting for 11.89% of the total cost by 2021. These factors, including rising T and D costs and declining wind power costs, create challenges for the wind turbine components market in terms of materials, control, and storage.

•         The wind turbine components market is a significant part of the renewable power sector, focusing on wind turbines that generate sustainable energy from wind. Challenges in this market include optimizing wind turbine design for varying wind speeds and harnessing offshore wind resources. Key components include towers (steel or concrete), rotor blades (fiberglass), generators, nacelles, gearboxes, and control systems. Government policies, such as feed-in tariffs, tax incentives, and renewable portfolio standards, support the growth of wind energy projects. The offshore wind sector, with larger capacity turbines and complex infrastructure, faces unique challenges, including high upfront costs and logistical complexities. Climate change necessitates a shift towards net-zero carbon emissions, making wind energy a crucial component of sustainable energy infrastructure. The wind technology industry continues to innovate, with a focus on larger capacity turbines, composite materials, and advanced control systems. The wind energy sector competes with traditional fossil fuel sources, making energy security a critical concern. Renewable energy resources, such as hydropower and wind energy, offer lower carbon intensity and contribute to reducing electric power's carbon emissions. Grants and international climate goals further incentivize investment in wind energy projects, ensuring a sustainable future for the industry.

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Segment Overview 

This wind turbine components market report extensively covers market segmentation by  

1. Application 
• 1.1 Onshore
• 1.2 Offshore
2. Product 
• 2.1 Wind turbine rotor blades
• 2.2 Wind turbine gearboxes
• 2.3 Wind turbine generators
• 2.4 Wind turbine towers
• 2.5 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Onshore-  The onshore wind power segment has experienced notable growth in the global wind turbine components market. Onshore wind power plants, which utilize turbines situated on land, have gained competitiveness against traditional energy sources like coal and natural gas in regions such as the UK and China. This competitiveness is attributed to the decreasing cost of onshore wind power generation technology and financing. Advancements in technology have further fueled the growth of the onshore segment. For instance, Vestas, a leading wind energy solutions provider, offers a 4 MW platform suitable for onshore turbines, enabling optimal energy production in varying wind conditions. Additionally, Vestas' Large Diameter Steel Tower (LDST) enhances annual energy production for low-capacity onshore wind farms. Recent developments in the market include wpd AG's selection of GE Renewable Energy to supply 16 onshore wind turbines for their wind farms in Germany. These factors underscore the potential for continued growth in the onshore wind turbine components market during the forecast period.

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The global wind turbine gearbox market is experiencing robust growth, driven by increasing demand for renewable energy and advancements in gearbox technology. Similarly, the global wind turbine monitoring systems market is expanding as operators seek to enhance efficiency and reduce maintenance costs through real-time monitoring and predictive analytics. Meanwhile, the global gas turbine market continues to thrive, supported by the rising need for efficient and flexible power generation solutions, particularly in regions transitioning to cleaner energy sources. Together, these markets are pivotal in the shift towards sustainable energy.

Research Analysis

The Wind Turbine Components market is a vital segment of the renewable power sector, focused on supplying essential parts for wind turbines. Wind turbines, as sustainable energy sources, convert kinetic energy from the wind into electrical power, contributing significantly to reducing greenhouse gas emissions and promoting renewable energy resources. Components include towers, rotor blades, generators, and nacelles, among others. Wind technology's advancements have led to larger capacity turbines and offshore wind projects, making wind energy a competitive power source. Turbine design and sustainable energy infrastructure development continue to evolve, influenced by industry sectors' growing demand for renewable energy and decreasing crude oil and natural gas prices. Key components like electrical conduits and bases ensure the efficient transfer and storage of electricity generated by wind turbines.

Wind turbine components are essential parts of renewable power systems that convert wind energy into electricity. Wind turbines, a key technology for sustainable energy sources and renewable energy resources, consist of various components including towers, rotor blades, generators, nacelles, gearboxes, and control systems. These components are primarily made of steel, concrete, and fiberglass. The wind energy sector is expanding globally, with both onshore and offshore wind energy projects contributing significantly to reducing greenhouse gas emissions and meeting international climate goals. Wind projects can be grid connected or standalone, with larger capacity turbines and composite materials being used in offshore wind farms. Governments and environmental organizations support the wind energy sector through feed in tariffs, tax incentives, and renewable portfolio standards. The offshore wind sector is growing rapidly, with offshore wind farms offering higher wind speeds and larger capacity. The wind industry is also exploring the use of 3D printed components and turbine technology to increase efficiency and reduce costs. Wind energy projects are essential for a sustainable economy, reducing reliance on fossil fuels and decreasing carbon intensity in the electricity sector. As crude oil and natural gas prices rise, wind energy becomes an increasingly attractive power source for industry sectors seeking energy security and net-zero carbon emissions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Onshore
• Offshore
• Product
• Wind Turbine Rotor Blades
• Wind Turbine Gearboxes
• Wind Turbine Generators
• Wind Turbine Towers
• Others
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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