Wind Turbine Components Market Share 2023 | Industry Size, Growth, Trends And Forecast 2028

IMARC Group, a leading market research company, has recently releases report titled "Wind Turbine Components Market Report by Component (Rotator Blade, Gearbox, Generator, Nacelle, Tower, and Others), Wind Turbine Type (Grid Connected, Standalone), Wind Farm Type (Onshore, Offshore), and Region 2023-2028." The study provides a detailed analysis of the industry, including the global wind turbine components market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the wind turbine components market?

The global wind turbine components market size reached US$ 118.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 184.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.3% during 2023-2028.

What are wind turbine components?

Wind turbine components refer to devices that are utilized to generate wind energy into electricity. They comprise a generator, rotor, nacelle, tower, hub, blades, yaw and pitch system, gearbox, low-speed and high-speed shaft, brake, and controller. They are manufactured from various materials, such as glass and carbon fibers, steel, resin, plastic, iron, aluminum, and copper, to protect the turbines from harsh weather conditions. It offers enhanced durability and reliability for proper functioning. Besides this, they assist in providing increased efficiency to generate more renewable energy or electricity across the globe.

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What are the growth prospects and trends in the wind turbine components industry?

At present, the increasing adoption of wind energy systems due to rising environmental concerns among the masses represents one of the primary factors contributing to the market growth. Besides this, the growing utilization of wind turbine components due to the escalating demand for clean or renewable sources of energy across the globe are offering a positive market outlook. Apart from this, the rising popularity of offshore wind farms in the deep water, as they offer more efficiency, high speed, consistency, and lack of physical interference, is propelling the growth of the market. Moreover, the development of 3D printed wind turbine blades, as they reduce the weight and cost, is bolstering the growth of the market. Furthermore, key manufacturers are introducing recyclable wind turbine components, such as rotor blades and nacelles, which is strengthening the market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

Rotator Blade
Gearbox
Generator
Nacelle
Tower
Others

Breakup by Wind Turbine Type:

Grid Connected
Standalone

Breakup by Wind Farm Type:

Onshore
Offshore

Breakup by Region:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

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 
Xinjiang Goldwind Science & Technology Co. Ltd

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