A wind turbine refers to a device that converts kinetic energy into electrical energy. The turbine blades are used to capture the kinetic energy in the wind which helps in the movement and spinning of the shafts, that leads from the hub of the rotor to a generator. The generator then turns the rotational energy into electric energy. Wind turbines are mounted on a tower to absorb energy from the wind. The higher the blades are, the more they can take benefit of the fast and less turbulent wind.
The key factors accelerating the growth of the Global Wind Turbine Components market include the growing awareness about the usage of renewable energy, increasing wind energy capacity, and rising demand for renewable energy across the globe. The rapid industrialization, especially in developing countries, is increasing the demand for electric power, which in turn, will propel the demand for wind turbines over the coming years. The stringent government regulation related to carbon emission is boosting the growth of renewable energy resources, and wind power, thereby fuelling the demand of the market. Moreover, the increasing adoption of wind turbines along with technological advancement is expected to transform the manufacturing of wind turbine components, which will attract a large number of end-users towards the adoption of wind turbines. However, inefficiency in supply chain management is constraining the growth of the market.
Based on the type, the offshore turbine segment is expected to grow at a higher CAGR during the forecast period owing to the increasing adoption of the offshore turbine driven by its consistent wind speed and directions as compared to the onshore wind turbines.
Based on the region, the Asia-pacific region is anticipated to lead the market during the forecast period. The increasing energy demand due to the rapid industrialization and urbanization, will drive the demand for wind turbine components market across the region. Moreover, the continuous advancement in technology in emerging economies such as China and India is also expected to improve the growth of the market.
The major key players in the market include General Electric, Siemens Gamesa Renewable, Nordex SE, Senvion Deutschland GmbH, Vestas, Xinjiang Goldwind Science & Technology Co., Ltd., Enercon GmbH, Suzlon Energy Ltd., Sinovel Wind Group Company, and Ming Yang Wind Power Group Ltd.
- In 2020, Nordex SE entered into contract to install the Dutch wind farm “De Drentse Monden en Oostermoer” (DMO) with total capacity of 172 MW. The company will supply 44 N131/3900 turbines including the foundations to its customers Duurzame Energieproductie Exloermond BV, Raedthuys DDM B.V. and Windpark Oostermoer Exploitatie B.V.
- In 2020, Vestas entered into a contract of more than 750 MW in wind power projects from the United States to Mexico or Russia, to the Mekong Delta in Vietnam.
The Global Wind Turbine Components market has been segmented based on the Type, Component, and region. Based on Type, the market is segmented into the onshore turbine and offshore turbine. Based on the Component, the market is segmented into Rotator Blade, Shaft, Tower, Nacelle, Gearbox, Generator, and Others.
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