The global wind turbine components market grew at a CAGR of around 6% during 2014-2019. Wind turbine components refer to the devices used for converting kinetic energy generated from the wind to electric energy. It consists of an anemometer to measure the speed of the wind and transmit the data, multiple blades to rotate and cause the rotor to spin, a brake to stop the rotor mechanically, electrically or hydraulically, a controller to start up and shut off the machine, a generator and a gearbox. The turbine also consists of a nacelle, drive train, power transformer and yaw, pitch, lubrication, and Supervisory Control and Data Acquisition (SCADA) systems. These components are usually manufactured using stainless steel, fiberglass, resin, iron, copper, aluminum, and plastic to protect the turbines from weathering and corrosion, thereby enhancing the components’ longevity and ensuring reliable functioning.
The increasing demand for renewable sources of energy, along with the growing electricity requirements across the globe, is one of the key factors creating a positive impact on the market. Due to rising environmental consciousness among the masses, there is an increasing adoption of wind energy systems for power generation in green buildings, which is contributing to the market growth. Additionally, various technological advancements, such as the development of 3D printed components, are acting as other growth-inducing factors. Manufacturers are using innovating 3D printing technology to create cost-effective and more durable rotor blades with improved design capabilities and greater energy absorption. Other factors, including the implementation of favorable government policies promoting sustainable infrastructural development, along with extensive research and development (R&D) activities, are anticipated to drive the market further. Looking forward, IMARC Group expects the global wind turbine components market to continue its moderate growth during the next five years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global wind turbine components market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, component, wind turbine type and wind farm type.
Breakup by Component:
Breakup by Wind Turbine Type:
Breakup by Wind Farm Type:
Breakup by Region:
Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being 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 and Xinjiang Goldwind Science & Technology Co. Ltd.
Key questions answered in this report:
How has the global wind turbine components market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global wind turbine components market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the wind turbine type?
What is the breakup of the market based on the wind farm type?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global wind turbine components market and who are the key players?
What is the degree of competition in the industry?