Wind Turbine Forging Market Size By Type (Open Die Forging, Seamless Rolled Ring), By Component (Flanges, Gears, Shafts, Blades, Bearings, and Others), Industry Analysis Report & Global Forecast, 2023-2032
Report ID: GMI5706
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Published Date: May 2023
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Report Format: PDF
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Base Year: 2022
Companies covered: 15
Tables & Figures: 122
Countries covered: 20
Pages: 250
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Wind Turbine Forging Market
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Wind Turbine Forging Market Size
Wind Turbine Forging Market size surpassed USD 7.7 billion in 2022 and is anticipated to register 7.1% CAGR from 2023 to 2032. The demand for offshore wind energy cost reductions, targets for net zero emissions by 2050, and the exceptional increase in wind capacity are the factors driving industry growth. The sector will grow in the next few years due to the increasing wind turbine installations in North America and Asia Pacific.
The International Energy Agency (IEA) reported that the global wind electricity generation experienced the fastest growth rate of any renewable energy technology in 2022 compared to 2021 with a 55% increase. The increasing awareness regarding electricity generation from wind turbines will create a demand for wind turbine. The growing wind turbine production will positively impact the wind turbine forging market.
COVID-19 impact
The covid-19 pandemic have a negative impact on the wind turbine forging industry. The manufacturer of wind turbine parts faced a huge challenge due to restriction and disruption in supply chain. The installation of wind turbine was low in 2021 due to pandemic. This has resulted in decreased demand for forged parts of wind turbine, and had a negative impact on the industry demand.
The capacity utilization of energy has significantly decreased in countries such as China due to COVID-19 pandemic. This is due to the measures Chinese authority have taken to contain the spread of pandemic. The global supply chain from raw material sourcing to installation and building was disrupted due to COVID-19 pandemic. These factor has decreased the wind turbine forging market demand globally.
Wind Turbine Forging Industry Trends
Energy transition describes the change in the global energy industry away from fossil-based methods of generating and using electricity, such as oil, natural gas, and coal, and towards lithium-ion batteries and energy from renewable sources like solar and wind power.The introduction of electricity, the increased use of renewable energy, and advancements in energy storage are all major forces behind the energy shift. Despite varying levels of regulation and decarbonization commitment, the energy shift will continue to gain importance as long as investors give importance to environmental, social, and governance factors. There is growing shift of consumer aslo towards use of wind turbine for electrcity production.
In order to function in distant places, challenging operating situations, and hostile surroundings, wind turbines require high-performance turbine components. Manufacturers of turbine components are being prompted by the technological demands of the wind energy generating sector to provide forged parts for performance enhancement. Companies have been obliged to work together and collaborate with metallurgists and forging experts to find innovative techniques for developing metal forged components that lower long-term costs and improve lead times due to the increasing demand for such items. The wind turbine forging market growth is expected to increase due to the net zero targets and the growing pressure for achieving energy security.
Wind Turbine Forging Market Analysis
The flanges market is anticipated to grow at highest growth during 2023-2032. Flanges are used to connect specialty products, valves, and fittings. Bolting and sealing are used to unite flanges. The gears category is expected to hold a significant market share by 2023. In mechanical devices, gears are employed to transmit motion and torque between machine parts.
In the upcoming years, the open die forging segment will account for a signifcant wind turbine forging market share. The seamless rolled ring segment will hold a good industry value. This is a more heat-tolerant & affordable process that uses increased temperature fluctuations to produce high-strength components. However, businesses involved in the manufacturing of forged materials & components for wind turbines resumed their regular sales activities in the second half of 2020. According to the Global Wind Energy Council, in 2021, the global wind sector witnessed the installation of approximately 94 GW of capacity globally.
North America is expedted to growth at highest CAGR in assesmnet timeline. The U.S. wind turbine forging industry crossed valuation of USD 700 million in 2022. To increase their industry share and experience considerable growth, some major competitors in the market have implemented a variety of methods such as product launches, partnerships, mergers, and collaborations.
Wind Turbine Forging Market Share
Some of the major players operating in wind turbine forging market are:
These players are engaged in startergic partneships and collaboration with instllaors and manufacturer of wind tubrine inorder to gain a competitive advantage in the business landscape.
Wind Turbine Forging Industry leaders
This market research report on wind turbine forging includes in-depth coverage of the industry with estimates & forecast in terms revenue in USD Million from 2018 to 2032 for the following segments:
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