Wind Turbine Components Market Size:
The global wind turbine components market size reached US$ 127.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 225.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.4% during 2024-2032. The growing demand for renewable energy, rising incentives for wind energy projects, technological advancements in turbine design, declining costs of wind technology, and rising need for sustainable energy infrastructure are some of the factors propelling the market.
Report Attribute
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Key Statistics
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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US$ 127.2 Billion |
Market Forecast in 2032
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US$ 225.6 Billion |
Market Growth Rate 2024-2032 |
6.4% |
Wind Turbine Components Market Analysis:
- Major Market Drivers: Some of the major market drivers are the rising global commitment to renewable energy, favorable government policies and subsidies for wind power development, advancement in turbine technology that improves efficiency and reduces costs, and increasing investment in sustainable infrastructure. The urgent need to reduce carbon emissions drives the adoption of wind energy solutions, along with the expansion of offshore wind projects is driving the market growth.
- Key Market Trends: The growing shift toward larger-capacity turbines enhances efficiency and reduces costs per megawatt, which is influencing market trends. There is also a significant shift toward offshore wind projects attributed to the higher yield and consistent wind conditions. Innovations in composite materials for plates and digitalization for predictive maintenance and performance optimization are some of the key trends.
- Geographical Trends: The Asia Pacific region accounted for the largest region in the wind turbine component market outlook due to the robust government support and incentives for renewable energy projects, particularly in countries like China and India. Rapid urbanization and industrialization increase energy demand, pushing for renewable sources. The rising trend toward adopting offshore when projects in the region, especially in countries with extensive coastlines is also driving the market in the region.
- Competitive Landscape: Some of the major market players in the wind turbine components industry include 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., among many others.
- Challenges and Opportunities: The market faces challenges such as high initial investment costs, Logistical difficulties in transporting large turbine parts, and variable wind speeds affecting energy production. However, the market faced significant opportunities such as the ongoing reduction in component costs driven by technological advancements, which makes wind power more competitive.
Wind Turbine Components Market Trends:
Increasing Demand for Renewable Energy
The rising need to meet international climate goals and reduce reliance on fossil fuels is driving the demand for renewable energy sources which represents one of the key factors influencing the growth of the market across the globe. According to the data from Invest India, as of March 2024, renewable energy sources, including hydropower, have a combined installed capacity of 190.57 GW. This rise is driven by the growing need to decrease greenhouse gas (GHG) emissions and the urgent need for energy security, making wind power a favored choice in national energy portfolios. For instance, India has set a target to reduce the carbon intensity of the nation's economy by less than 45% by the end of the decade, achieve 50% cumulative electric power installed by 20 2030 from renewables, and achieve net-zero carbon emissions by 2070. India aims for 500 GW of renewable energy installed capacity by 2030. This is further propelling the wind turbine components market statistics.
Technological Advancements in Turbine Design
Rapid technological progress enhancing the efficiency and operational capabilities of wind turbines is contributing to the growth of the market. These technological improvements not only make wind turbines more appealing but also expand their applicability to previously unsuitable locations thereby bolstering the market. According to the National Renewable Energy Laboratory (NREL), in a recent National Renewable Energy Laboratory (NREL) study, researchers found that technology innovations making their way into commercial markets today and in coming years could unlock 80% more economically viable wind energy capacity within the contiguous United States. This is further supporting the growth of the wind turbine components market research.
Government Incentives and Support
The rising government policies and financial incentives, including feed-in tariffs and grants across the globe are playing an essential role in accelerating the adoption of wind energy, thus influencing the market growth. For instance, the Ministry of New and Renewable Energy is implementing the National Green Hydrogen Mission, approved by the Union Cabinet on 4th January 2023, with an outlay of rupees 19,744 crore. The overarching objective of the mission is to make India the Global Hub for the production, usage, and export of Green Hydrogen and its derivatives. This is further fueling the wind turbine components market revenue.
Wind Turbine Components Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on component, wind turbine type, and wind farm type.
Breakup by Component:
- Rotator Blade
- Gearbox
- Generator
- Nacelle
- Tower
- Others
Rotator Blade accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the market based on the component. This includes a rotator blade, gearbox, generator, nacelle, tower, and others. According to the report, the rotator blade represented the largest segment. The ongoing efforts to reduce the levelized cost of energy (LCOE) in wind power drive innovations in blade design to maximize wind capture and efficiency which is driving the wind turbine components market segmentation. For instance, in January 2023, TPI Composites announced that it had extended its supply agreements with GE Renewable Energy through 2025 for rotor blades.
Breakup by Wind Turbine Type:
- Grid Connected
- Standalone
Standalone holds the largest share of the industry
A detailed breakup and analysis of the market based on the wind turbine type have also been provided in the report. This includes grid connected and standalone. According to the report, standalone accounted for the largest market share. The rising need for decentralized energy solutions, particularly in remote or off-grid locations is driving the demand for standalone wind turbine types in the market. Technological advancements are making standalone turbines more efficient and cost-effective, appealing to small-scale industrial and residential users. The rising push for sustainable living and growing environmental concerns are propelling the adoption of these systems, as they offer a clean, renewable energy source independent of traditional power grids, thus driving the wind turbine components market growth.
Breakup by Wind Farm Type:
Onshore represents the leading market segment
The report has provided a detailed breakup and analysis of the market based on the wind farm type. This includes onshore and offshore. According to the report, onshore represented the largest segment. The lower setup and maintenance costs of onshore wind farms compared to offshore wind farms are driving the demand for onshore wind farms in the market. The accessibility of onshore sites simplifies operation, construction, and logistical processes. Government policies and incentives supporting renewable energy development significantly contribute to this demand. Technological advancements improving turbine efficiency and integration of onshore wind into existing electrical grids enhance its feasibility and attractiveness as a sustainable and economically viable energy source, thereby boosting the wind turbine components market demand.
Breakup by Region:
- North America
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Asia Pacific leads the market, accounting for the largest wind turbine components market share
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for wind turbine components. Government incentives and policies like renewable purchase obligations and feed-in tariffs play a crucial role in promoting wind energy projects in the region, especially in countries like China and India. For example, in March 2023, the Government of India implemented the Production Linked Incentive (PLI) Scheme under the National Program on High-Efficiency Solar PV Modules, for achieving domestic manufacturing capacity of legal ward scale in High-Efficiency Solar PV Modules, with an outlay of rupees 24,000 crore. Rapid economic growth and urbanization in the region increase the power demand, pushing for investments in renewable energy infrastructure. For instance, in February 2024, Spain-based renewable energy company ACCIONA Energia announced that it would build a new 412 MWp photovoltaic project in the state of Rajasthan. As per the press release by the company, the project will be commissioned by 2025. This is expected to fuel the wind turbine components market forecast across the region over the coming years.
Competitive Landscape:
- The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the wind turbine components industry include 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.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
- The competitive landscape of the wind turbine components market is characterized by a mix of global and regional players, creating a highly competitive environment. Leading companies such as Siemens Gamesa, Vestas, Nordex, and GE Renewable Energy are prominent due to their extensive product portfolios, technological innovations, and global reach. These companies invest heavily in research and development (R&D) to improve turbine efficiency and component durability. The market experiences intense competition over cost efficiency and supply chain optimization. For instance, in February 2022, GE Renewable Energy Announced the opening of a new Renewable Hybrid factory in Vallam, near Chennai, India where 250 people are employed.
Wind Turbine Components Market News:
- In January 2024, the Port of Trelleborg inked a deal with German wind power company ENERCON for the construction of two 120-meter-high wind turbines. This move aligns with the port's ambitious plan to become a major energy hub, ensuring self-sufficiency in energy production for its future needs, including shore power for vessels.
- In June 2023, ENERCON, a German wind turbine maker, signed an agreement with the renewable energy investor Kaylon Enerji for a 260 MW wind project in Turkey. As per the terms of the agreement, ENERCON will be supplying and installing 64 of its E-138 EP3 wind turbines for Kalyon’s Yeka Res-3 projects.
- In April 2024, The Nordex Group announced an order intake of 338 turbines with a total capacity of 2,086 MW in the first quarter of 2024 (Q1/2023: 1,021 MW). The average sales price in euros per megawatt of capacity (ASP) amounted to EUR 0.85 million/MW (Q1/2023: EUR 0.90 million/MW). The orders are received from 11 countries, including Germany, South Africa and Lithuania.
Wind Turbine Components Market Report Scope:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Billion |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
- Component
- Wind Turbine Type
- Wind Farm Type
- Region
|
Components Covered |
Rotator Blade, Gearbox, Generator, Nacelle, Tower, Others |
Wind Turbine Types Covered |
Grid Connected, Standalone |
Wind Farm Types Covered |
Onshore, Offshore |
Regions Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered |
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., etc. |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the wind turbine components market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the global wind turbine components market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the wind turbine components industry and its attractiveness.
- The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.