The global wind turbine manufacturing industry continues to grow substantially in 2019, driving the demand of wind turbine components to reach a new height. According to the latest industry data from BloombergNEF (BNEF), the world’s major wind turbine manufacturers commissioned over 45 GW of onshore wind turbines globally in 2018, compared with 47 GW a year earlier. The world’s top four wind turbine companies, including Denmark’s Vestas, China’s Goldwind, GE Renewable Energy of the U.S. and Spain’s Siemens Gamesa, accounted over 57% of the world’s wind turbine manufacturing sector in 2018. The steady growth of the global wind turbine manufacturing industry is also expected to drive the soaring demand of wind turbine components over the near future.
Wind Turbine Manufacturing Industry Poses Steady Growth
Wind power is currently one of the fastest-growing renewable energy segments in the world. Since wind is one of the most abundantly available and cost-effective energy resources, wind turbines have been widely installed around the world to generate electricity. A major boost in wind turbine investments is expected due to an increase in the capacity of installations, led by countries such as China, which is also the world’s largest wind energy market by capacity. Other major wind energy and wind turbine markets include the US, Germany, India, France and the UK.
Governments across the world are supporting wind turbine manufacturing projects through favorable policies such as feed-in tariff (FiT) and tax incentives to encourage investments in technologies related to renewable energy generation. Governments are also looking at the potential and long-term welfares of utilizing wind energy which will drive onshore and offshore wind turbine market growth. The rapid growth of the global wind power market with increasing wind turbine manufacturing activities is one of top factors driving the wind turbine components market.
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Global Wind Turbine Components Market Report 2018-2022
Wind Turbine Components Market is Expected to Boom
The rapid growth of the global wind turbine manufacturing activities is the main driving force for the global wind turbine components market. According to the recent market report from Technavio, the global wind turbine components market size is projected to grow by USD 16.87 billion from 2018-2022, representing a strong CAGR of nearly 5% during the forecast period. Many major wind turbine components, including nacelle, rotor blades, hub, low speed shaft, gearbox, high speed shaft with its mechanical brake, electrical generator, yaw mechanism, electronic controller, hydraulics system, cooling unit, tower, anemometer and wind vane, are all expected to witness higher demand over the next few years.
Currently, the global wind turbine manufacturing industry is focusing on developing direct drive generators. The direct drive train technology offers various advantages when compared with conventional turbines. Direct drive generators will eliminate the need for a gearbox and the turbine will involve fewer moving parts than geared drive trains. Moreover, due to the absence of gearboxes, direct drive wind turbines run with the help of a rotor and a generator that rotate as an integrated unit. Numerous companies such as Siemens and GE are already experimenting with direct drive turbines, especially in offshore wind farms. As they require low maintenance, these systems are considered as the future of offshore wind turbines. Such development of the wind turbine components is expected to further boost the market growth over the near future.
Check Technavio’s Global Wind Turbine Components Market Report 2018-2022
View Technavio’s Global Wind Turbine Components Market Report for more information about this topic. This market research report provides the latest market size and market development for major market segments in terms of product types and regional market landscape. The report contains detailed market trends, market drivers, market challenges and key opportunities. In-depth market analysis such as Porter’s five force model, and comprehensive competitive landscape including detailed profiles of top companies are also included in the report.