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.
To get key market trends
Download Free Sample
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.
Wind Turbine Forging Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2022 |
| Wind Turbine Forging Market Size in 2022 |
USD 7.7 Billion |
| Forecast Period |
2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR |
7.1% |
| 2032 Value Projection |
USD 15.4 Billion |
| Historical Data for |
2018 to 2022 |
| No. of Pages |
250 |
| Tables, Charts & Figures |
122 |
| Segments covered |
Type, Component and Region |
| Growth Drivers |
- High demand for high performance wind turbine parts
- Growing use of wind turbine for clean energy production
|
| Pitfalls & Challenges |
- High installation cost of wind turbine
|
What are the growth opportunities in this market?
Download Free Sample
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
The world is undergoing a major shift in the way we generate and use energy, moving away from fossil fuels like oil, gas, and coal toward cleaner options. This energy transition is driven by the introduction of electricity, the rise of renewable sources like solar and wind, and advancements in energy storage technologies like lithium-ion batteries. While different countries are at various stages in this transition, it's gaining momentum as investors and consumers become more aware of the need to reduce our environmental impact. We're seeing a growing number of people choosing to use electricity generated by wind turbines and other renewable sources, and this trend is expected to continue in the years to come.
Wind turbines are facing tougher and tougher conditions as they're being built in more remote locations, dealing with extreme weather, and combating harsh environments. This means they need better parts to keep working properly. To meet this demand, companies that make wind turbine parts are teaming up with experts in metalworking to find new ways to create stronger, more durable forged parts that will last longer and cost less in the long run. As more and more countries set goals to reach net zero emissions and become more energy-independent, the demand for these better wind turbine parts is only going to grow, which will help the wind turbine forging industry boom.
Wind Turbine Forging Market Analysis
Learn more about the key segments shaping this market
Download Free Sample
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.
Learn more about the key segments shaping this market
Download Free Sample
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.
Looking for region specific data?
Download Free Sample
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
- A. Finkl & Sons Steel
- Bharat Forge Limited
- CIE Automotive
- S.A
- Euskalforging Group
- Farinia Group
- GKN Aerospace (Melrose Industries)
- Iraeta Energy Equipment Co., Ltd
- Nippon Steel Corporation
- R&M Forge and Fittings
- Synergy Heavy Industry (Jiangsu) Co., Ltd
- Saarschmiede GmbH Freiformschmiede
- Shanxi Huanjie Petroleum Drilling Tools Co., Ltd
- Sheffield Forgemasters International Ltd
- Sinomach Heavy Industry Corporation
- Suzhou Tianyuan Equipment Technology Co., Ltd
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
- In December 2022, Bharat Forged has started to supply of forging utilizing Green Steel. This steel is manufactured Saarloha Advanced Materials Private Limited (Saarloha).
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
Click here to Buy Section of this Report
Market, By Type
- Open Die Forging,
- Seamless Rolled Ring
Market, By Component
- Flanges,
- Gears,
- Shafts,
- Blades,
- Bearings,
- Others
Market, By Region
- North America
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Middle East
- South Africa
- Saudi Arabia
- UAE
- Egypt
