Wind Turbine Components Market | Contrive Datum Insights

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.

Wind Turbine Components Market Overview

A wind turbine is a device used to convert kinetic energy generated by the wind into energy. The turbines capture wind energy, which is converted into electricity by a generator in the nacelle. The tower has electrical conduits that support the nacelle and provides access to maintain and repair it. Made of concrete and steel, the base is the integral support structure of the turbine.
The demand for wind turbines in the renewable energy field around the world grew as the need for renewable energy grew and people became more aware of the need to develop renewable energy. It is expected that the market for electric power will grow because of how quickly cities are growing, especially in places that are still developing. Wind Turbine Components Market is expected to grow because of strict rules and laws from the government to cut down on carbon emissions. Wind is thought to be the cheapest source of energy and is used by every business. Its resources are important for building a sustainable, low-carbon economy that has fewer negative effects on the environment as a whole.

Contrive Datum Insights has recently published the Wind Turbine Components Market to its huge database which helps to shape the future of businesses by making well-informed business decisions. It offers a comprehensive analysis of various business aspects such as global market trends, recent technological advancements, market size, shares, and new innovations. Furthermore, this analytical data has been compiled through data exploratory techniques such as primary and secondary research. Moreover, an expert team of researchers throws light on various static and dynamic aspects of the global Wind Turbine Components market.

Some of the key players profiled in the study are:

Different leading key players have been profiled to get better insights into the businesses. It offers detailed elaboration on different top-level industries which are functioning in global regions. It includes informative data such as company overview, contact information, and some significant strategies followed by key 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

Industry News

• 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.

What are the major Applications, Types, and Regions for the Wind Turbine Components Market?

Component:

• Rotator Blade
• Gearbox
• Generator
• Nacelle
• Tower
• Others

Type:

• Grid Connected
• Standalone

Farm Type:

• Onshore
• Offshore

Wind Turbine Components Market Regional Insights:

The wind turbine components region holds the largest market share in Asia Pacific at 42.1% in 2021. Asia Pacific dominates the global wind turbine components market in 2021 and is expected to remain the fastest-growing segment during the forecast period. This is attributed to numerous factors such as having a large consumer base and rapidly increasing demand for renewable energy, countries in the region also contributed more to the growth through increasing exports.OEC data shows that China- USD 164 million, Countries like Japan- USD 104 million, and Indonesia- USD 54.9 million are the major exporters of wind turbine components globally in 2020. Key players in the region also increased their revenues like Chinese companies Shannon Entropy to generate revenue of USD 650 million in 2021, which is expected to grow by 20% in the future over the forecast period. Asia-Pacific countries such as India have huge growth potential wind turbine components market. Coastal regions of India can utilize large amounts of wind energy to meet electricity demand.
In Europe, countries such as Austria, Germany, Norway, Sweden, Denmark, and Portugal are striving to rely primarily on renewable energy. In 2019, 145% of Denmark's domestic electricity demand came from wind turbines. These are considered factors that are driving the growth of the wind turbine components market in this region.
The North American region is also considered to witness market growth over the forecast period, as the revenue of key players has increased by more than 25% compared to the previous year, and countries such as Germany and the United States are exporting components at an increasing rate.

Geographically, the global Wind Turbine Components market has been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, the Middle East, and India. The global region is dominating this market in the upcoming future.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of 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

Wind Turbine Components Market Dynamics:

Wind turbines are a renewable source of energy that are used by many businesses. The demand for fuel is likely to rise as more people start to like new technologies. Green fuel efforts and ways to save renewable energy are expected to get more people to use wind power over the next few years. The wind turbine market is growing because of actions done by environmental groups and agencies to encourage the use of renewable energy to reduce pollution. This market is projected to grow because these types of power sources have many benefits, such as a long life span, low development costs, low maintenance costs, and high working efficiency.
According to OEC, the wind energy industry will grow by more than 42% in terms of market growth. In terms of income, the wind energy market is expected to bring in US$ 980 million in 2020, and this number is expected to grow by 20–25% every year.

Market Trends:

Along with the growing need for electricity around the world, the rising demand for renewable energy sources is a key factor that is helping the wind turbine market. People are becoming more aware of the environment, which is leading to a rise in the use of wind energy systems to generate power in green buildings. This is helping the market grow. Other things that contribute to the growth of the wind turbine components market are the adoption of good government policies, the promotion of sustainable infrastructure development, and the use of a lot of research and development to help businesses grow.

Wind Turbine Components Market Report Scope:

Report Attributes	Details
Growth Rate	CAGR of 7.27% from 2022 to 2030.
Component:	Rotator Blade Gearbox Generator Nacelle Tower Others
Type:	Grid Connected Standalone
Farm Type:	Onshore Offshore
By Companies	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
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
Base Year	2022
Historical Year	2017 to 2022
Forecast Year	2023 to 2030

Frequently Asked Questions (FAQ) about the Wind Turbine Components market:

What is the CAGR of the global Wind Turbine Components market?

The Wind Turbine Components Market is growing at a CAGR of 7.27% during the forecast period.

Which region would offer high growth for vendors in the Wind Turbine Components market?

Asia Pacific is the largest market for Wind Turbine Components, accounting for 42.1% of the global market in 2021.

Which Is the Most potential market segment?

Types- Grid Connected, Standalone

Component: Rotator Blade, Gearbox, Generator, Nacelle, Tower, Others

Which are the top industry players in the Wind Turbine Components market?

GE Renewable Energy, Goldwind, Siemens, Suzlon, Vestas, Enercon, Gamesa, LM Wind Power, MFG, Nordex, Senvion, TPI

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