The global Wind Turbine Components Market was valued at US$ 55.1 billion in 2022 and it is anticipated to grow up to US$ 112.2 billion by 2032, at a CAGR of 7.2% during the forecast period.
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Wind turbines are machines that transform the kinetic energy produced by the wind into energy. The wind energy is captured by the turbines and turned into electricity by the generator in the nacelle. The tower has electrical conduits that bolster the nacelle and allow maintenance and repairs. The whole support structure for the turbine is composed of concrete and steel.
Market Drivers and Trends
One of the key factors driving the growth of the worldwide wind turbine components market is the rising concern for the environment. The combustion of fossil fuels for electricity generation emits carbon dioxide, which contributes to global warming. At the moment, the energy sector accounts for around 40% of total CO2 emissions. As a result, a number of governments promote the use of renewable energy sources for electricity generation.
Furthermore, A critical wind turbine components market trend is the continually dropping cost of wind electricity. Technological advancements have resulted in construction of more efficient turbines, making wind power more cost-effective in many places. To improve the performance and reliability of wind power facilities, the System Management of Atmospheric Resource via Technology (SMART) approach focuses on improvements in physics modeling, real-time monitoring, rotor technology, and grid communication. Government incentives for renewable energy projects include the federal wind Production Tax Credit (PTC) and the commercial energy Investment Tax Credit (ITC). Competitive bidding has also resulted in cheaper wind power tariffs. While falling wind power costs may impact vendor profit margins, the industry is likely to flourish. These drivers are likely to propel market expansion.
Market Restraints and Challenges
Material, management, and storage complications are a key business problem for wind turbine components. Renewable energy sources, such as wind and solar power, vary by geography, providing a difficulty similar to fossil fuels. Market consolidation takes place when suppliers pursue inorganic expansion techniques, resulting in a more concentrated market. Because of greater efficiency, the offshore wind industry is developing faster than the onshore sector, but costly infrastructure for storage and transmission is necessary. Rising transmission and distribution (T&D) costs, along with lowering wind power prices, may have an influence on wind power plant owners’ profit margins. These material, control, and storage difficulties are complicating the expansion of the worldwide wind turbine components market.
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Major Players in the Global Wind Turbine Components Market
The key players studied in the global Wind Turbine Components Market are Emerson GmbH , Gamesa, General Electric , Goldwind , China High Speed Transmission Equipment Group Co. Ltd., Dongfang Electric Corp, Emergya Wind Technologies BV, Enercon GmbH, Envision Group , and Flender GmbH among others.
COVID-19 Impact
The COVID-19 epidemic has had a negative influence on the supply side of several sectors throughout the world. To combat the spread of COVID-19, government agencies instituted lockdowns and travel prohibitions, resulting in the temporary closure of production sites. Since the worldwide supply chain has been disrupted, both manufacturers and suppliers of wind turbine components have faced obstacles such as raw material shortages and transportation concerns. However, on the demand side, wind turbine installation around the globe increased by more than 50% in 2020, boosting market growth year on year compared to 2019.
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Global Wind Turbine Components Market Segmentation
By Component
- Rotator Blade
- Generator
- Gear Box
- Nacelle
- Others
By Installation Type
- Offshore
- Onshore
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