The wind turbine components market size is anticipated to hit around US$ 20 bn by 2027 and growing at a CAGR of 5% over the forecast period 2020 to 2027.
A wind turbine belongs to a device which converts kinetic energy into electricity. The turbine blades are used to absorb the kinetic power in the wind that allows the shafts to travel and rotate from the center of the rotor to the generator. The generator then converts the rotational power into electricity. A generator to absorb wind energy is mounted on a roof. The higher the blades, the more easily and less turbulent wind they will gain.
The demand for wind turbines is expected to raise awareness of the use of renewable energy and to increase wind power capacities globally. The market for renewable energy sources was driven by stringent government rules and regulations against emissions of carbon. In addition, technological developments and measures initiated by environmental organizations and governments lead to market demand by promoting sustainable energy with less emission. Furthermore, the growing adoption of offshore applications over the next eight years is expected to fuel market growth. However, the factor that may hinder the market growth of the global wind turbine components is inefficiency in the supply chain.
Covid-19 will have high impact on renewable energy projects
In most countries, the renewable sector depends heavily on imports from other regions, especially China. More than 40% of the global solar industry's supply chain is supplied from China and other countries of Southeast Asia, including Vietnam and Thailand. The U.S. and Europe depend heavily on cheap photovoltaic (PV) solar modules and China cells. In global, China companies like Trina Solar, Yingli, Hanwa, Jinko and Rene Solar are big suppliers of solar panels. More than 50% of components come from these manufacturers. The outbreak in Covid-19 has resulted in a global supply constraint where part and equipment manufacturers have stopped production at their facilities for the first two months i.e.March and April 2020.
The market research study on “Wind Turbine Components Market (By Type: Onshore Turbine, Offshore Turbine; By Component: Rotator Blade, Shaft, Tower, Nacelle, Gearbox, Generator, Others) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global wind turbine components market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global wind turbine components market are type, component, and major geographic regions. The wind turbine components market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global economy is dominated in the historical period by developing economies, including Europe and North America. During the forecast period, emerging region such as Asia Pacific are anticipated to be witnessing significant demand for this program. Owing to a strong energy demand, the Asia-Pacific region will rise in productivity with CAGR in the next 8 years. In developing countries, rapid urbanization and industrialization will fuel electricity demand over the projected period, which is expected to have a positive effect on the wind turbines market. In developing economies such as India, Brazil, and China, technological progress is projected to fuel business development in the immediate future.
Major players included in this report are Nordex SE, Enercon GmbH, General Electric, Siemens Gamesa Renewable, Senvion Deutschland GmbH, Xinjiang Goldwind Science & Technology Co., Ltd., Vestas, Suzlon Energy Ltd., Ming Yang Wind Power Group Ltd., Sinovel Wind Group Company, and others. Over the projected period, the market is expected to see major fusions and acquisitions. Formidable companies are expected to develop new markets with advanced technological capabilities. The aim of these strategic initiatives is to provide cheaper energy and to develop effective methods for generating power. These developments in the demand for wind turbine components will have a positive impact in the near future.
The global wind turbine components market is segmented as below:
Wind Turbine Components Market By Type
Wind Turbine Components Market By Component
Wind Turbine Components Market By Geography
Middle East & Africa
The rise in demand for renewable energy coupled with an increase in awareness is the major drivers for the growth of the wind turbine components market.
Inefficiency in the supply chain is expected is a major factor expected to restraint the growth of the market.
Acumen Research and Consulting says that the wind turbine components market value is anticipated to hit around US$ 20,000 Mn in 2027.
The wind turbine components market is anticipated to grow around 5% CAGR amid the forecast period 2020-2027
North America held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Major players included in this report are Nordex SE, Enercon GmbH, General Electric, Siemens Gamesa Renewable, Senvion Deutschland GmbH, Xinjiang Goldwind Science & Technology Co., Ltd., Vestas, Suzlon Energy Ltd., Ming Yang Wind Power Group Ltd., Sinovel Wind Group Company, and others.