Segments - Wind Turbine Forging Market 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
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.
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.
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.
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 CO2 emissions.
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. |
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.
The global wind turbine forging market has been segmented on the basis of
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.