Wind Turbine Forging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Seamless Rolled Ring and Open Die Forging) and Component (Flanges, Blades, Bearings, Gears, Shafts, and Others)

According to the new research report on ""Wind Turbine Forging Market Forecast to 2028 - COVID-19 Impact and Global Analysis,"" published by The Insight Partners, the market is expected to reach US$ 11,154.14 million by 2028, registering a CAGR of 7.4% from 2022 to 2028.

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Wind turbines need high-performance components to operate in remote locations, extreme operating conditions, and harsh environments. The technical requirements of the wind power generation industry are encouraging turbine component manufacturers to provide forged parts for performance optimization. The most commonly demanded forged parts for wind power turbines include main turbine shafts pitch, yaw drives, hub bearings, tower flanges, gearboxes, gear blanks, ring gears, bull gears, and output gears. The rising demand for such products has forced companies to collaborate with metallurgists and forging experts to discover new methods for designing metal-forged parts that reduce long-term costs and improve lead times. Metal forged part manufacturers maintain an extensive inventory of ferrous and non-ferrous materials that comply with wind power-specific grades and meet OEM specifications. This ready inventory helps the forged part suppliers to eliminate the delays associated with order processing, allowing for shorter lead times.

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The global wind turbine forging market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). According to the US Department of Energy, in 2021, the US wind industry installed 13,413 megawatts (MW) of new wind capacity, the second-highest amount of wind capacity installed after 2020, with a total investment of US$ 20 billion. North America is focusing on the cost and performance improvements of wind power technologies, production tax credit, and wind energy capacity additions, which is supporting the growth of the wind turbine forging market across the region. The US is witnessing rapid installations of larger wind turbines with more power. Due to the growing development of large turbines, the rotor diameters are available in an average size of 156 m, and turbine capacities account for an average of more than 7 MW. Such developments are anticipated to provide lucrative growth opportunities for the market players operating in the North America wind turbine forging market.

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According to the International Energy Agency (IEA), global wind electricity generation observed a 55% higher growth in 2021 than in 2020, the highest among all renewable power technologies. The unprecedented rise in wind capacity additions, Net Zero Emissions by 2050 scenario, and demand for cost reductions for offshore wind energy are the factors supporting the growth of the wind turbine forging market. Further, growing installations of wind turbines in North America and Asia Pacific are anticipated to propel the wind turbine forging market in the coming years. According to IEA, China held ~70% share of wind generation growth in 2021, followed by the US and Brazil. The US observed a 90% increase in wind generation capacity in 2020. The Net Zero Scenario's wind power generation demand for 2030 is estimated to boost the high-capacity wind turbine installations in the coming years, which is likely to fuel the demand for wind turbine forging.

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The global wind turbine forging market is bifurcated into type and component. Based on type, the global wind turbine forging market is bifurcated into seamless rolled ring and open die forging. In terms of component, the global wind turbine forging market is segmented into flanges, blades, bearings, gears, shafts, and others.

Key Findings of Study:

Asia Pacific is witnessing rapid growth in the installations of high-capacity wind turbines, which is supporting the growth of the wind turbine forging market. For instance, in October 2022, China rolled off the production of a 13.6 MW offshore wind turbine in Fujian Province, East China. The turbine is the largest single-unit wind capacity in Asia Pacific. The region is also witnessing a few major wind energy construction projects initiated in 2022, including the construction of a 5,230 MW integrated hybrid renewable energy project at Pinnapuram village in Andhra Pradesh, India and the construction of a 400 MW offshore wind farm in Yangjiang, Guangdong, China. The growing number of wind turbine construction projects is anticipated to boost the demand for forged components that are critical to the efficient operation of modern wind turbines, thereby propelling the wind turbine forging market growth in Asia Pacific. Further, the rising investments in wind energy and the production of related components is propelling the wind turbine forging market growth in the MEA region. Brazil is anticipated to lead in the South America wind turbine forging market on account of growing partnerships and acquisitions of small forged part suppliers by giant international players and the establishment of new manufacturing facilities.

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https://www.thinkingcapsrc.com/reports/2103/wind-turbine-forging

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