Global Wind Turbine Components Market to Reach US$ 171.1 Billion by 2027 | IMARC Group
The latest report by IMARC Group, titled “Wind Turbine Components Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the wind turbine components market reached a value of US$ 110.3 Billion in 2021.Looking forward, IMARC Group expects the market value to reach US$ 171.1 Billion by 2027, expanding at a CAGR of 7.71% during the forecast period (2022-2027).
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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Wind Turbine Components Market:
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.
- Based on the component, the market has been segmented into rotor blades, 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.
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