Wind Turbine Components Market Size Worth USD 82.34 Billion by 2030 Growing at a CAGR of 7.27% during the forecast period 2023-2030, Data By Contrive Datum Insights
Contrive Datum Insights Pvt Ltd
7 min read
Contrive Datum Insights Pvt Ltd
According to a market research study published by Contrive Datum Insights, 42.1% of the market in Asia-Pacific will come from the wind turbine components area, Chinese companies Shannon Entropy, also grew their sales
Farmington, March 04, 2023 (GLOBE NEWSWIRE) -- The Wind Turbine Components Market is valued at USD 54.03 Billion. By 2022, it is estimated to be worth USD 82.34 Billion. 2030. The global wind turbine components market size is expected to grow at a CAGR of 7.27% during the forecast period. A wind turbine is a machine that turns the motion of the wind into electricity. The wind energy is caught by the turbines, and a generator in the nacelle turns it into power. The tower has electrical lines that hold up the nacelle and let people get to it to fix it or keep it in good shape. The base is the part of the rotor that holds it up. It is made of concrete and steel.
In 2022, GE Renewable Energy contracts with Veolia to recycle onshore wind turbine blades in the United States. The recycling agreement, a first for the US wind turbine industry, will convert the blades into raw material for cement manufacturing.
In 2021, Enel Green Power has partnered with startup ACT Blade to develop a new type of innovative wind turbine made from fabric that generates more energy, lowers costs and makes its component materials more easily recyclable.
Wind Turbine Components Market Dynamics:
Wind turbines are a renewable energy source utilized by numerous enterprises. As more people begin to favor new technologies, the demand for fuel is likely to rise. In the coming years, green fuel initiatives and methods for conserving renewable energy are anticipated to encourage more people to use wind power. The market for wind turbines is expanding due to the efforts of environmental groups and agencies to promote the use of renewable energy to reduce pollution. This market is anticipated to expand because these power sources offer numerous advantages, including a long lifespan, low development costs, low maintenance costs, and high working efficiency. According to OEC, the wind energy industry will experience a market expansion of over 42%. In terms of revenue, the wind energy market is anticipated to generate $980 million in 2020, with a yearly growth rate of 20–25%.
Market Trends:
In addition to the increasing demand for electricity around the globe, the rising demand for renewable energy sources is a major factor driving the growth of the wind turbine market. People are becoming more environmentally conscious, which is increasing the use of wind energy systems to generate electricity in green buildings. This contributes to the market's growth. Other factors that contribute to the expansion of the market for wind turbine components include the implementation of effective government policies, the promotion of sustainable infrastructure development, and the use of extensive research and development to help businesses expand.
Regional Outlook:
In 2021, 42.1% of the market in Asia-Pacific will come from the wind turbine components area. Asia Pacific is the biggest market for wind turbine parts worldwide in 2021, and it is projected to stay the fastest-growing market segment during the forecast period. This is because of a lot of things, like the fact that the region has a lot of consumers and the desire for renewable energy is growing quickly. Countries in the region have also helped the growth by exporting more.In 2020, OEC data shows that the countries that send the most wind turbine parts are China (USD 164 million), Japan (USD 104 million), and Indonesia (USD 54.9 million). Key players in the region, like Chinese companies Shannon Entropy, also grew their sales. In 2021, they will make USD 650 million, which is projected to grow by 20% over the forecast period. Countries in the Asia-Pacific region like India have a lot of room to grow in the wind turbine components market. India's coastal areas can use a lot of wind energy to meet their power needs. Countries in Europe like Austria, Germany, Norway, Sweden, Denmark, and Portugal are trying to get most of their energy from clean sources. In 2019, wind turbines met 145% of Denmark's energy needs at home. These are thought to be the things that are making the market for wind turbine parts grow in this area.
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, and Others
Top Market Players: 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, and Others.
Component:
Rotator Blade
Gearbox
Generator
Nacelle
Tower
Others
Type:
Grid Connected
Standalone
Farm Type:
Onshore
Offshore
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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