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Wind Turbine Forging Market Analysis

  • Report ID: GMI5706
  • Published Date: May 2023
  • Report Format: PDF

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.

Global Wind Turbine Forging Market Revenue Share, By Type, 2022

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 Wind Turbine Forging Market Size, 2020 - 2032 (USD Billion)

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.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of wind turbine forging exceeded USD 7.7 billion in 2022 and is expected to witness 7.1% CAGR during 2023 to 2032 due to the surging need for offshore wind energy cost reductions.

The flanges component type in wind turbine forging industry will gain significnat traction between 2023 and 2032 owing to rising usage for connecting specialty products, valves, and fittings.

Demand for wind turbine forging in the U.S. reached USD 700 million in 2022 and will expand through 2023 driven by the increasing number of product launches, partnerships, mergers, and collaborations in the country.

Some of the leading wind turbine forging industry players include A. Finkl & Sons Steel, Bharat Forge Limited, CIE Automotive, S.A., Farinia Group, GKN Aerospace (Melrose Industries), Iraeta Energy Equipment Co., Ltd., Nippon Steel Corporation.

Wind Turbine Forging Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 122
  • Countries covered: 20
  • Pages: 250
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