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The wind turbine components market size is estimated to grow by USD 40.4 billion at a CAGR of 6.61% between 2023 and 2028. The rapid growth of the market is creating a significant demand for related technologies and services, driving growth in the market. Rising investments in clean sources of energy, including wind energy, are further fueling market expansion, as governments and organizations worldwide seek to reduce carbon emissions and transition to more sustainable energy sources. Additionally, the presence of regulations that encourage power generation from renewable sources, such as wind, is providing a strong incentive for the adoption of wind power monitoring and control systems as well as wind turbine monitoring systems.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market share growth by the onshore segment will be significant during the forecast period. Onshore wind power plants generate energy from turbines located on land. Onshore wind power plants are competitive due to the low cost of technology and finance.
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The onshore segment showed a gradual increase in the market share of USD 68.50 billion in 2018. These power plants, located on land, are becoming increasingly cost-competitive with coal and natural gas in countries like the UK and China. The low cost of technology and finance makes these power plants competitive. Innovations in advanced technologies have enabled commercialization. Government support also drives the growth of onshore wind farms, with countries like Germany and Vietnam setting ambitious installation targets. In 2018, 46.8 GW of onshore wind capacity was added globally, with major contributions from China, the US, Germany, India, and Brazil. Support mechanisms like feed-in tariffs and production tax credits play a role in these new installations.
APAC is estimated to contribute 58% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In 2016, China adopted the 13th Wind Energy Development Five-Year Plan, setting a target of 210 GW of grid-connected wind capacity by 2020. India also aimed to install 60 GW of wind capacity by 2022. However, transmission and grid bottlenecks in China and the transition to competitive auctions in India have posed challenges to market growth in the APAC region. Despite these challenges, rising investments in offshore wind power plants in the Philippines, Thailand, and Taiwan are expected to drive wind turbine components market growth.
Renewable power from renewable energy resources like wind energy projects is pivotal in building a sustainable energy infrastructure. Factors such as wind speed influence turbine design and generator efficiency within wind technology advancements. Government policies and subsidies play a crucial role in promoting offshore wind projects and larger capacity turbines, harnessing kinetic energy as a viable power source. Amid fluctuating crude oil prices and natural gas prices, the renewable energy sector emerges as a resilient alternative across various industry sectors. The focus on sustainable economy initiatives drives innovations in turbine technology and reinforces the global shift towards cleaner energy solutions.
The rapid growth of the global wind power market is a major factor driving the growth of the market. This growth is driving an increase in energy demand worldwide. The market is experiencing growth, particularly in Europe and China, and in the offshore sector. Advances in electronics, efficient planning, and management have improved the reliability and reduced the costs of onshore wind development, leading to various commercialization opportunities. This includes the adoption of renewable energy sources, particularly offshore wind energy, which has benefited from advancements in electrical conduits, maintenance, and repairs.
Moreover, the offshore wind sector has become viable with the availability of machines supporting capacities over 1 MW. The development of floating wind turbines has further facilitated the commercialization of offshore wind power. This has intensified competition between wind power plants and nuclear and fossil fuel power plants, with competitive pricing, advanced grid management, and affordable power storage driving the growth of the market. Consequently, there is expected to be an increase in demand for turbine components in the forecast period.
The consistently declining cost of wind power is a key market trend. Advancements in technology have led to the development of more efficient turbines, making them increasingly cost-effective in many regions. The System Management of Atmospheric Resource through Technology (SMART) strategy focuses on innovations in physics modeling, real-time monitoring, rotor technology, and grid communication to enhance the performance and reliability of wind power plants.
Moreover, government support, such as the federal wind Production Tax Credit (PTC) and business energy Investment Tax Credit (ITC), provides financial incentives for renewable energy projects. Competitive bidding has also led to lower tariffs. While the declining cost may impact company profit margins and market forecast, it is expected to drive the growth of the industry.
Complications associated with materials, control, and storage are a major market challenge. The availability of renewable energy sources, such as wind and solar power, varies across regions, posing a challenge similar to fossil fuels. Market consolidation is occurring as companies adopt inorganic growth strategies, leading to a concentrated market.
However, the offshore market is growing faster than the onshore market due to improved efficiency, but costly infrastructure for storage and transmission is required. Rising transmission and distribution (T&D) costs, coupled with declining costs, may impact profit margins for wind power plant operators. These challenges in materials, control, and storage complicate the growth of the market.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Envision Group- The company offers Wind Turbine Components such as Vantage PTC, Vantage PTC Twin and Vantage PTI High Flow.
The wind turbine components market analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak
Greenhouse gas emissions are a critical concern addressed by the adoption of renewable energy sources like hydropower and wind energy, whether through offshore wind farms or onshore wind energy projects. Components such as nacelle, gearbox, and rotator blade in wind turbines utilize steel, concrete, fiberglass, and carbon fiber reinforced polymers to enhance efficiency and reduce carbon intensity in electric power generation. Policies like feed-in tariffs, tax incentives, and renewable portfolio standards incentivize investments in green technologies, supporting international climate goals and promoting net-zero carbon emissions. The use of composite materials such as glass fiber reinforced epoxy resin in 3D printed components underscores advancements in green buildings and environmental organizations' efforts to meet electricity requirements sustainably. These initiatives contribute to energy security while mitigating the impacts of climate change on home content and the broader environment.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.61% |
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Market growth 2024-2028 |
USD 40.4 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.16 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 58% |
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Key countries |
China, US, Germany, India, and Spain |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
China High Speed Transmission Equipment Group Co. Ltd., CS WIND Corp., Dongfang Electric Corp. Ltd., Emergya Wind Technologies BV, EnBW Energie Baden Wurttemberg AG, ENERCON GmbH, Envision Energy USA Ltd., Flender GmbH, General Electric Co., ISHIBASHI Manufacturing Co. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Max Bogl Wind AG, Ming Yang Smart Energy Group Ltd., Siemens AG, Sinoma Science and Technology Co. Ltd., Suzlon Energy Ltd., TPI Composites Inc., Vestas Wind Systems AS, XEMC Darwind BV, Xinjiang Goldwind Science and Technology Co. Ltd., and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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