Market Overview:
The global wind turbine components market is expected to grow at a CAGR of 6.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for renewable energy sources across the globe and rising concerns about climate change. The global wind turbine components market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into generator, nacelle, tower, rotor blades, and others. The generator segment is expected to hold a major share in terms of revenue in 2018 owing to its high adoption rate across wind turbines globally. However, over time rotor blades are anticipated to witness significant growth due their growing demand for offshore wind turbines installations worldwide as compared with onshore installations which dominated earlier years’ installations rates globally .
Product Definition:
Wind turbine components are the parts of a wind turbine that convert the kinetic energy in wind into mechanical or electrical energy. The most important components of a wind turbine are the blades, the tower, and the generator. The blades capture the kinetic energy in wind and use it to turn the rotor on the tower. The rotor is connected to the generator, which converts mechanical energy into electrical energy. Wind turbines also have other components such as brakes and switches that are used to control and protect them.
Generator:
A generator is a device that produces electrical energy from an external source of energy through the movement of rotating parts called rotor. The generator sets up an electromagnetic field which induces electricity in the rotating parts, and as a result it creates electric current.
The prime function of generators is to convert the mechanical energy obtained from turbines into electrical energy for distribution across residential areas, industries or commercial complexes etc.
Nacelle:
Nacelle is the engine room of a wind turbine. It contains main shaft, generator, gearbox and other major components. Nacelle size varies according to the power output required by the turbine; for example, 3-bladed turbines have larger nacelles than 2-bladed turbines. The material used in making nacelles depends on various factors such as operating conditions (temperature range), weight class and aesthetics desired by the manufacturer.
Application Insights:
The offshore wind energy segment dominated the global market in 2017, accounting for over 72% of the revenue share. The growth of this application can be attributed to the fact that these turbines are installed on deep water bodies and off shore islands where there is little or no land-based installation space available. Furthermore, government support for promoting investments in offshore wind energy projects is a key factor responsible for its higher share.
The onshore segment is expected to witness significant growth over the forecast period owing to increasing installations in countries such as China, India and Mexico which have been named as potential candidates for future global renewable energy hubs. Countries such as Brazil and South Africa are also likely to contribute significantly towards this industry's growth over the next few years with numerous opportunities emerging across Africa due to increased electricity demand from industrial sectors including mining & metals and agriculture & food processing among others.
Regional Analysis:
Asia Pacific accounted for the largest revenue share in 2017 and is expected to continue its dominance over the forecast period. China, India, South Korea, Japan are some of the countries with large wind power capacities that are driving regional growth. The presence of a large number of manufacturers has led to lower prices in this region which will drive industry expansion. North America was valued at USD X million in 2017 owing to growing demand from U.S., Canada and Mexico for offshore turbines; whereas, onshore turbines have higher installation costs and hence lower adoption rates compared to offshore models across this region.
Growth Factors:
- Increasing demand for wind energy due to its environmental benefits over other forms of energy generation
- Government initiatives and subsidies for installation of wind turbines to promote renewable energy
- Technological advancements in wind turbine components that improve performance and efficiency
- Rising prices of traditional forms of energy such as oil, gas and coal that make wind power more attractive
- Growing awareness about the benefits of using renewable sources of energy such as wind power
Scope Of The Report
Report Attributes
Report Details
Report Title
Wind Turbine Components Market Research Report
By Type
Generator, Nacelle, Tower, Rotor Blades, Others
By Application
Offshore Wind Energy, Onshore Wind Energy
By Companies
GE Renewable Energy, Goldwind, Siemens, Suzlon, Vestas, Enercon, Siemens(Gamesa), LM Wind Power, MFG, Nordex, GE Renewable Energy, TPI
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
247
Number of Tables & Figures
173
Customization Available
Yes, the report can be customized as per your need.
Global Wind Turbine Components Market Report Segments:
The global Wind Turbine Components market is segmented on the basis of:
Types
Generator, Nacelle, Tower, Rotor Blades, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Offshore Wind Energy, Onshore Wind Energy
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- GE Renewable Energy
- Goldwind
- Siemens
- Suzlon
- Vestas
- Enercon
- Siemens(Gamesa)
- LM Wind Power
- MFG
- Nordex
- GE Renewable Energy
- TPI
Highlights of The Wind Turbine Components Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Generator
- Nacelle
- Tower
- Rotor Blades
- Others
- By Application:
- Offshore Wind Energy
- Onshore Wind Energy
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Wind Turbine Components Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Understanding Competition Scenario
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Wind turbine components are the blades, towers, and other mechanical or electrical equipment used in wind turbines.
Some of the major players in the wind turbine components market are GE Renewable Energy, Goldwind, Siemens, Suzlon, Vestas, Enercon, Siemens(Gamesa), LM Wind Power, MFG, Nordex, GE Renewable Energy, TPI.
The wind turbine components market is expected to grow at a compound annual growth rate of 6.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Wind Turbine Components Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Wind Turbine Components Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Wind Turbine Components Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Wind Turbine Components Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Wind Turbine Components Market Size & Forecast, 2020-2028
4.5.1 Wind Turbine Components Market Size and Y-o-Y Growth
4.5.2 Wind Turbine Components Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Generator
5.2.2 Nacelle
5.2.3 Tower
5.2.4 Rotor Blades
5.2.5 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Offshore Wind Energy
6.2.2 Onshore Wind Energy
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Wind Turbine Components Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Wind Turbine Components Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Generator
9.6.2 Nacelle
9.6.3 Tower
9.6.4 Rotor Blades
9.6.5 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Offshore Wind Energy
9.10.2 Onshore Wind Energy
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Generator
10.6.2 Nacelle
10.6.3 Tower
10.6.4 Rotor Blades
10.6.5 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Offshore Wind Energy
10.10.2 Onshore Wind Energy
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Generator
11.6.2 Nacelle
11.6.3 Tower
11.6.4 Rotor Blades
11.6.5 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Offshore Wind Energy
11.10.2 Onshore Wind Energy
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Generator
12.6.2 Nacelle
12.6.3 Tower
12.6.4 Rotor Blades
12.6.5 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Offshore Wind Energy
12.10.2 Onshore Wind Energy
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Generator
13.6.2 Nacelle
13.6.3 Tower
13.6.4 Rotor Blades
13.6.5 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Offshore Wind Energy
13.10.2 Onshore Wind Energy
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Wind Turbine Components Market: Competitive Dashboard
14.2 Global Wind Turbine Components Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 GE Renewable Energy
14.3.2 Goldwind
14.3.3 Siemens
14.3.4 Suzlon
14.3.5 Vestas
14.3.6 Enercon
14.3.7 Siemens(Gamesa)
14.3.8 LM Wind Power
14.3.9 MFG
14.3.10 Nordex
14.3.11 GE Renewable Energy
14.3.12 TPI
