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Wind Turbine Forging Market Trends

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

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.

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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