The global wind turbine components market is expected to experience brisk growth over the forecast period owing to an increase in renewable energy demand over the forecast period. Growth in the application for electricity across the world is projected to enhance further the wind turbine components industry over the next few years.
Wind turbines are devices that are used to convert the kinetic energy generated from the wind to electric energy. The turbine blades capture the wind's energy which is then converted to electricity by the generator in the nacelle. The tower has electrical conduits that support the nacelle and offers access to it for maintenance and repairs. The base that is made of concrete and steel is the whole support structure for the turbine.
The rise in demand for renewable energy coupled with an increase in awareness is anticipated to propel the wind turbine components market over the forecast period. Due to rapid industrialization, particularly in the developing regions, the demand for electric power is estimated to increase over the forecast period. This factor is projected to enhance further the industry growth over the next eight year period. Stringent government rules and regulations in opposition to carbon emission are presumed to boost the demand for renewable energy resources. The wind being the cheapest power source is expected to be adopted at a higher rate over the forecast period by the companies. This resource is vital for developing a sustainable and low carbon economy which reduces the overall detrimental effects on the environment.
Growing acceptance along with numerous technological advancements is expected to fuel the demand. Green fuel campaigns coupled with non-renewable energy conservation measures is projected to inspire wind energy acceptance over the forecast period. Initiatives taken by environmental organizations and agencies promoting renewable resources usage for less pollution is estimated to contribute towards the industry demand. Several advantages related to such power sources such as long life span, minimum development cost, reduced maintenance cost and high working efficiency are expected to cater further to the industry growth.
Growing acceptance for offshore applications is projected to propel industry demand significantly over the next eight years. Easy and quick installation benefit in comparison to other energy generation methods is anticipated to fuel industry growth. Volatile crude oil price and natural gas price is projected to prompt users to accept renewable fuel sources, which in turn is expected to benefit the market.
Inefficiency in the supply chain is expected to hinder industry demand over the forecast period. As this system is dependent on the wind, the turbine installation is not possible in areas with less wind. Such natural bottlenecks are estimated to hinder the demand for this market over the forecast period. The market is segmented as onshore and offshore turbine market based on the wind farm types. Based on components the market is classified as rotator blade, base, gearbox, generator, nacelle, and tower.
This market can be segmented based on regions as North America, Europe, Middle East & Africa, Central & South America, and Asia-Pacific. Developed economies including Europe and North America dominated the global market in the recent past. Developing regions such as Asia Pacific are expected to witness huge demand for this system over the forecast period. Asia-Pacific region is projected to grow at a lucrative CAGR over the next eight years due to high energy demand.
Rapid urbanization and industrialization in developing countries are expected to enhance energy demand over the forecast period which in turn is anticipated to impact the wind turbine industry positively. Technology advancement in emerging economies such as India, Brazil, and China is estimated to enhance the industry growth in the near future.
Several industry vendors are now using this technology to produce electricity from both onshore and offshore installations. The wind turbine components market is not very cost-intensive and thus is projected to offer ample opportunities to new as well as existing industry participants. The industry vendors are investing heavily in research and development initiatives to gain a competitive advantage and cater to the growing energy market.
The industry is expected to witness ample mergers and acquisitions over the forecast period. Formidable companies are presumed to acquire new industry entrants that offer superior technological capabilities. Such strategic initiatives are aimed at providing cheaper energy and developing efficient power generation methods. These market trends are expected to positively impact the wind turbine components market in the near future. Prominent industry participants include Vestas, Goldwind, Enercon, Suzlon, Ming Yang Wind Power Group Ltd, Guodian United Power, Sinovel, Gamesa, General Electric, Siemens DHI DCW Group, Enercon, Wuxi Qiaolian, Eisengiesserei Torgelow GmbH, Seforge, Global Castings, Ningbo Riyue, Patel Alloys, and Wind Power.
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