Wind Turbine Components Market Estimated to Experience a Hike in Growth by 2024

Industry Insights

Global Wind Turbine Components Market

Wind energy is gaining priority over fossil fuels in the power mix of both developed and developing nations as it is capable of addressing power requirements of nations in an environmentally sustainable way. The global wind turbine components market is anticipated to witness a positive growth with the ever increasing demand for electricity and power.

Some of the key wind turbine components are rotor blade, tower, generator, gear box, and others. Rotor blade is the most expensive component in a wind turbine as it directly affects the efficiency of the turbine. The tower of a wind turbine is crucial in determining additional power production. The turbine tower designs have witnessed various technological advancements on the basis of size and type such as concrete, tubular, lattice, and guyed pole.

Global Wind Turbine Components Market: Overview                           

The growing concern for the environment is one of the primary factors driving the growth of the global wind turbine components market. Combustion of fossil fuels for power generation leads to emission of carbon dioxide, which in turn contributes to global warming. Presently, the energy sector accounts for about 40% of overall carbon dioxide emissions. Hence, a number of countries are encouraging the usage of renewable energy sources for power generation.

Wind power generation offers a number of benefits such as low air pollution and no water consumption. Wind energy is also the cheapest source of power generation. Furthermore, a wind turbine can operate efficiently for around 20 years without releasing any harmful emissions. These factors make wind energy an ideal and environmentally sustainable alternative for fossil fuel. The shifting focus on wind energy has propelled the growth of the global wind turbine components market.

Extensive research and development activities are expected to support the growth of the global wind turbine components market in the near future. The growing urgency to adopt eco-friendly technologies has led governments as well as private players to invest heavily in research and development of wind turbine components.

Innovative technologies such as 3D printing are anticipated to transform the manufacturing of wind turbine components. The 3D printing process is being applied to create wind turbine blade molds. Blades are one of the most expensive components of a wind turbine. The current processes implemented to manufacture these blades are time-consuming and energy-intensive. Applying 3D printing to the mold process will significantly lower down the cost and amount of time required for manufacturing rotor blades.

Global Wind Turbine Components Market: Region-wise Outlook        

The global wind turbine components market has been segmented into four key regions: North America, Asia Pacific, Europe, and Rest of the World. Developed nations in Europe and North America have contributed significantly towards the growth of the global wind turbine components market. In Europe, countries such as Austria, Germany, Norway, Sweden, Denmark, and Portugal are making efforts to rely largely on renewable sources of energy. In 2015, Denmark was able to produce around 140% of its domestic electric needs from wind turbines. In Asia Pacific, countries such as India hold immense potential for the growth of the wind turbine components market. The coastal regions of India can harness a large amount of wind energy to meet power requirements.

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Global Wind Turbine Components Market: Vendor Landscape           

Some of the key players operating in the global wind turbine components market are Siemens, Vestas, Suzlon Energy, Goldwind, and GE Renewable Energy. The market players are focusing on introducing innovative wind turbine components. Reducing the weight of rotor blades and increasing the height of wind turbine tower increase the efficiency of wind turbines. The key vendors are investing largely on such aspects of wind turbine. For example, Siemens has manufactured a rotor blade made up of balsa wood and glass fiber-reinforced epoxy resin. As these blades do not have adhesives or glued joins, the overall weight of these blades is reduced significantly.

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