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Wind Turbine Forging Market Size, Share & Growth Report 2031

Wind Turbine Forging Market

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Segments - by Component (Flanges, Gears, Shafts, Blades, Bearings, and Others), Type (Open Die Forging and Seamless Rolled Ring), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author :

Aamir Ansari

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Vineet Pandey

Editor :

Swapnil Hedau

Report Description

The global wind turbine forging market size was USD 7.29 Bn in 2022 and is likely to reach USD 11.16 Bn by 2031, expanding at a CAGR of 7.6% during 2023–2031. Growing government initiatives to reduce CO₂ emission and carbon footprint is anticipated to propel the market in the coming years.

Wind turbine forgings are able to withstand radial and axial loads and handle the operational changes of a turbine. Various types of forgings are available in the market such as forgings for pitch and yaw systems, wind power generator rotor rings and stator rings, tower connecting flanges, forgings of gearboxes, wind power generator stator rings and rotor rings, and offshore platform forgings. As per the International Energy Agency (IEA), wind electricity generation observed a 55% high growth in 2021 than in 2020, if compared to all renewable power technologies.

The research report finds that the COVID-19 pandemic hampered numerous wind energy-related projects. Before 2020, the wind energy sector made significant progress; however, after that major players manufacturing wind turbine forged components and materials have returned to their normal sale capacities and production. As per the Global Wind Energy Council, the global wind industry has witnessed substantial progress with around 94 GW of capacity added globally.

Wind Turbine Forging Market Dynamics

Major Drivers

In many emerging countries, governments installed several high-power wind turbines, thus the demand for shafts, flanges, gear, and other components increased globally. Net zero commitments, unprecedented rise in wind capacity additions and cost reduction, and demand for offshore wind energy are expected to boost the market during the forecast period. Renewed urgency for achieving energy security is anticipated to fuel the market.

Existing Restraints

Size of the installation of the wind turbine and maintenance costs are projected to hinder the market growth during the forecast period. The playback time of the turbine relies on turbine energy costs. Some technical requirements are important for the installation of a turbine such as sufficient area, appropriate ground conditions, adequate wind speed, suitable terrain and topography, and others.

Emerging Opportunities

Initiatives and investments by the government to reduce carbon emissions are anticipated to create lucrative opportunities for the market players. Key players try to resolve some problems such as increased demand for renewable energy, rising energy consumption, and CO₂emissions.

Scope of Wind Turbine Forging Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Wind Turbine Forging Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Component (Flanges, Gears, Shafts, Blades, Bearings, and Others), and Type (Open Die Forging and Seamless Rolled Ring)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
Key Players Covered in the Report	Iraeta Energy Equipment Co Ltd; ULMA Forja S Coop; Celsa Armeringsstal AS; Bharat Forge Ltd; Specialty Ring Products Inc; Bruck GmbH; Tongyu Heavy Industry Co., Ltd; Scot Forge Co; and Frisa Industrias SA de CV.

Wind Turbine Forging Market Segment Insights

On the basis of component, the wind turbine forging market is segmented into flanges, gears, shafts, blades, bearings, and others. The flanges segment is projected to expand at a considerable CAGR during the forecast period. Flanges are used to connect specialty items, valves, and fittings. Flanges are joined by sealing and bolting. The gears segment is anticipated to account for a major market share during the forecast period. Gears are used to transfer torque and motion between machine components in mechanical devices.

Based on type, the market is bifurcated into open die forging and seamless rolled ring. The open die forging segment is expected to hold a significant share of the market in the coming years. Open die forging is a method that forges and molds the material into a specific shape. This method helps in manufacturing products in a massive range of sizes, shapes, and weights with optimum structural integrity. The seamless rolled ring segment accounts for a significant market share. This method manufactures high strength components with the help of raised temperature fluctuations. It is a reliable and cost-effective process with better heat tolerance.

In terms of region, the global wind turbine forging market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the forecast period. As per IEA, China accounts for 70% share of wind generation growth in 2021. China and India are among the countries with high installation of capacities. The market in North America is anticipated to expand at a rapid pace during the forecast period, due to the rising demand for Net Zero Scenario’s wind power generation.

Segments

The global wind turbine forging market has been segmented on the basis of

Component

Flanges
Gears
Shafts
Blades
Bearings
Others

Type

Open Die Forging
Seamless Rolled Ring

Region

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Iraeta Energy Equipment Co Ltd
ULMA Forja S Coop
Celsa Armeringsstal AS
Bharat Forge Ltd
Specialty Ring Products Inc
Bruck GmbH
Tongyu Heavy Industry Co., Ltd
Scot Forge Co
Frisa Industrias SA de CV.

Competitive Landscape

Key players competing in the global wind turbine forging market are Iraeta Energy Equipment Co Ltd; ULMA Forja S Coop; Celsa Armeringsstal AS; Bharat Forge Ltd; Specialty Ring Products Inc; Bruck GmbH; Tongyu Heavy Industry Co., Ltd; Scot Forge Co; and Frisa Industrias SA de CV.

Some of the key players in the market have adopted various strategies including product launches, partnerships, mergers, and collaborations to increase their market share and witness significant growth. For instance,

In 2022, a leading forging supplier and Mexico-based manufacturer FRISA, introduced its portfolio of open die forgings and seamless rolled rings that provides increased reliability and value to its customers in harsh environments.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Wind Turbine Forging Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Wind Turbine Forging Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Wind Turbine Forging Market - Supply Chain
  4.5. Global Wind Turbine Forging Market Forecast
     4.5.1. Wind Turbine Forging Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Wind Turbine Forging Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Wind Turbine Forging Market Absolute $ Opportunity
5. Global Wind Turbine Forging Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Wind Turbine Forging Market Size and Volume Forecast by Types
     5.3.1. Open Die Forging
     5.3.2. Seamless Rolled Ring
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Wind Turbine Forging Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Wind Turbine Forging Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Wind Turbine Forging Demand Share Forecast, 2019-2026
7. North America Wind Turbine Forging Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Wind Turbine Forging Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Wind Turbine Forging Market Size and Volume Forecast by Types
     7.4.1. Open Die Forging
     7.4.2. Seamless Rolled Ring
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Wind Turbine Forging Demand Share Forecast, 2019-2026
8. Latin America Wind Turbine Forging Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Wind Turbine Forging Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Wind Turbine Forging Market Size and Volume Forecast by Types
     8.4.1. Open Die Forging
     8.4.2. Seamless Rolled Ring
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Wind Turbine Forging Demand Share Forecast, 2019-2026
9. Europe Wind Turbine Forging Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Wind Turbine Forging Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Wind Turbine Forging Market Size and Volume Forecast by Types
     9.4.1. Open Die Forging
     9.4.2. Seamless Rolled Ring
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Wind Turbine Forging Demand Share Forecast, 2019-2026
10. Asia Pacific Wind Turbine Forging Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Wind Turbine Forging Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Wind Turbine Forging Market Size and Volume Forecast by Types
     10.4.1. Open Die Forging
     10.4.2. Seamless Rolled Ring
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Wind Turbine Forging Demand Share Forecast, 2019-2026
11. Middle East & Africa Wind Turbine Forging Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Wind Turbine Forging Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Wind Turbine Forging Market Size and Volume Forecast by Types
     11.4.1. Open Die Forging
     11.4.2. Seamless Rolled Ring
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Wind Turbine Forging Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Wind Turbine Forging Market: Market Share Analysis
  12.2. Wind Turbine Forging Distributors and Customers
  12.3. Wind Turbine Forging Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Iraeta Energy Equipment Co Ltd
     12.4.2. ULMA Forja S Coop
     12.4.3. Celsa Armeringsstal AS
     12.4.4. Bharat Forge Ltd
     12.4.5. Specialty Ring Products Inc
     12.4.6. Bruck GmbH
     12.4.7. Tongyu Heavy Industry Co., Ltd
     12.4.8. Scot Forge Co
     12.4.9. Frisa Industrias SA de CV.

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