Wind Turbine Components Market to Witness Comprehensive Growth by 2024

Global Wind Turbine Components Market

Wind energy is gaining priority over fossil fuels in the power mix of both developed and developing nations as it is capable of addressing power requirements of nations in an environmentally sustainable way. The global wind turbine components market is anticipated to witness a positive growth with the ever increasing demand for electricity and power.

Get Research Report Overview @ https://www.transparencymarketresearch.com/wind-turbine-components-market.html

Some of the key wind turbine components are rotor blade, tower, generator, gear box, and others. Rotor blade is the most expensive component in a wind turbine as it directly affects the efficiency of the turbine. The tower of a wind turbine is crucial in determining additional power production. The turbine tower designs have witnessed various technological advancements on the basis of size and type such as concrete, tubular, lattice, and guyed pole.

Global Wind Turbine Components Market: Overview

The growing concern for the environment is one of the primary factors driving the growth of the global wind turbine components market. Combustion of fossil fuels for power generation leads to emission of carbon dioxide, which in turn contributes to global warming. Presently, the energy sector accounts for about 40% of overall carbon dioxide emissions. Hence, a number of countries are encouraging the usage of renewable energy sources for power generation.

Wind power generation offers a number of benefits such as low air pollution and no water consumption. Wind energy is also the cheapest source of power generation. Furthermore, a wind turbine can operate efficiently for around 20 years without releasing any harmful emissions. These factors make wind energy an ideal and environmentally sustainable alternative for fossil fuel. The shifting focus on wind energy has propelled the growth of the global wind turbine components market.

Extensive research and development activities are expected to support the growth of the global wind turbine components market in the near future. The growing urgency to adopt eco-friendly technologies has led governments as well as private players to invest heavily in research and development of wind turbine components

Innovative technologies such as 3D printing are anticipated to transform the manufacturing of wind turbine components. The 3D printing process is being applied to create wind turbine blade molds. Blades are one of the most expensive components of a wind turbine. The current processes implemented to manufacture these blades are time-consuming and energy-intensive. Applying 3D printing to the mold process will significantly lower down the cost and amount of time required for manufacturing rotor blades.

Get PDF Brochure for more Professional & Technical industry insights: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=11936

Global Wind Turbine Components Market: Region-wise Outlook

The global wind turbine components market has been segmented into four key regions: North America, Asia Pacific, Europe, and Rest of the World. Developed nations in Europe and North America have contributed significantly towards the growth of the global wind turbine components market. In Europe, countries such as Austria, Germany, Norway, Sweden, Denmark, and Portugal are making efforts to rely largely on renewable sources of energy. In 2015, Denmark was able to produce around 140% of its domestic electric needs from wind turbines. In Asia Pacific, countries such as India hold immense potential for the growth of the wind turbine components market. The coastal regions of India can harness a large amount of wind energy to meet power requirements.

Global Wind Turbine Components Market: Vendor Landscape

Some of the key players operating in the global wind turbine components market are Siemens, Vestas, Suzlon Energy, Goldwind, and GE Renewable Energy. The market players are focusing on introducing innovative wind turbine components. Reducing the weight of rotor blades and increasing the height of wind turbine tower increase the efficiency of wind turbines. The key vendors are investing largely on such aspects of wind turbine. For example, Siemens has manufactured a rotor blade made up of balsa wood and glass fiber-reinforced epoxy resin. As these blades do not have adhesives or glued joins, the overall weight of these blades is reduced significantly.

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

Transparency Market Research

90 State Street, Suite 700

Albany, NY 12207

Tel: +1-518-618-1030

USA – Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: https://www.transparencymarketresearch.com

This release was published on openPR.