Global Wind Turbine Forging Market Forecasts to 2030
Overview of Global Wind Turbine Forging Market:
According to Stratistics MRC, the Global Wind Turbine Forging Market is accounted for $8.4 billion in 2023 and is expected to reach $15.4 billion by 2030 growing at a CAGR of 9.1% during the forecast period. Wind turbine forging is the process of shaping and forming metal components, such as blades and hubs, through controlled heating and mechanical pressure. This ensures the creation of durable and high-performance parts for wind turbines. Forged components enhance the structural integrity and efficiency of wind turbines, contributing to the generation of clean and sustainable energy from wind power.
This report analyzes the Wind Turbine Forging Market from 2022 to 2030. It uses a combination of detailed sales and revenue data with insights from industry experts. The report goes beyond just market size and growth rate. It also dives into different market segments, such as region, type, application, etc. This provides a comprehensive picture of how the market breaks down across various categories.
As COVID-19 has reshaped the world economy, our team has been keeping a careful eye on its effects on the market. Beyond the pandemic, we take into account other important variables such as the general state of the economy, local conflicts, and news and regulations unique to the industry. This guarantees a comprehensive perspective on the market.
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Market Dynamics:
Driver:
Transition towards renewable energy
The global shift towards renewable energy sources, driven by environmental concerns and the need for sustainable practices, is a key driver in the wind turbine forging market. As the demand for wind turbines rises to harness clean energy, there is a corresponding increase in the need for robust and efficient components. Wind turbine forging plays a vital role in producing durable parts, contributing to the overall growth of the renewable energy sector and reducing dependence on fossil fuels.
Restraint:
Fluctuations in raw material prices
Fluctuations in raw material prices act as a significant restraint in the wind turbine forging market. As wind turbine components require specialized alloys and metals, price volatility in these materials can impact manufacturing costs. Unpredictable market conditions and geopolitical factors can lead to supply chain disruptions and increased production expenses. This, in turn, challenges the cost-effectiveness of wind turbine forging, hindering market growth.
Opportunity:
Expansion of offshore wind farms
Offshore wind projects, due to their higher energy yield and reduced visual impact, are gaining momentum globally. This growth fuels the demand for robust forged components for offshore turbines, such as larger blades and durable foundations. Wind turbine forging manufacturers can capitalize on this trend by providing specialized components, thereby contributing to the increasing adoption of offshore wind energy.
Threat:
Shortage of skilled labour
Manufacturing wind turbine components requires specialized skills and knowledge. As the industry expands, demand for skilled labor in forging processes, metallurgy and precision machining increases. A shortage of qualified personnel may result in delays, quality issues and higher production costs. This challenge could impede the timely and efficient manufacturing of critical components, affecting the overall growth of the wind energy sector.
Covid-19 Impact:
The COVID-19 pandemic has impacted the wind turbine forging market, causing disruptions in the supply chain, workforce availability and project timelines. Lockdowns and restrictions have affected manufacturing operations, leading to delays in the production and delivery of wind turbine components. Economic uncertainties and financial constraints have further influenced investment decisions in renewable energy projects, affecting the overall growth and development of the wind turbine forging sector.
The steel segment is expected to be the largest during the forecast period
The steel segment is anticipated to be the largest in the wind turbine forging market during the forecast period due to the material's strength, durability and suitability for manufacturing critical components like turbine shafts, gears and hubs. Steel's resilience under extreme weather conditions and its ability to withstand the dynamic loads in wind turbines make it a preferred choice. Additionally, ongoing advancements in steel alloys enhance performance, which contributes to their growth.
The offshore installations segment is expected to have the highest CAGR during the forecast period
The offshore installations segment is poised for lucrative growth in the wind turbine forging market due to the increasing global focus on offshore wind energy. Offshore installations offer higher wind speeds and greater energy yield, driving demand for specialized forged components like larger blades and sturdy foundations. As technological advancements and government initiatives support offshore wind projects, the demand for forgings tailored to the challenges of offshore environments is expected to rise, making this segment a key contributor to market expansion.
Region with largest share:
North America is positioned to lead the wind turbine forging market with the largest share during the forecast period. This dominance can be attributed to increased investments in renewable energy projects, supportive government policies and a growing emphasis on reducing carbon emissions. Additionally, the region's commitment to expanding its wind energy capacity, coupled with advancements in wind turbine technology, positions North America as a key market player.
Region with highest CAGR:
The Asia-Pacific region is poised for rapid growth in the wind turbine forging market due to escalating demand for renewable energy and increasing investments in wind power projects. Governments in countries like China and India are actively promoting sustainable energy sources, fostering a conducive environment for wind energy development. With a burgeoning population and rising energy needs, the region presents significant opportunities for wind turbine forging, making it a key contributor to the industry's expansion.
Key Developments:
In January 2024, GE Vernova and mining billionaire forge $1.8bn wind turbine supply pact. Squadron Energy – the Australian renewables group owned by mining billionaire Andrew Forrest – said it has forged a A$2.27bn ($1.8bn) “green strategic alliance for wind turbine supply” with manufacturer GE Vernova. The pair kicked off the latest stage of their partnership with an A$1bn deal for GE to equip with its 6MW turbines and supply EPC services to Squadron’s 414MW Uungula Wind Farm, said to be the largest underway in the state of New South Wales.
In August 2023, Energia Renewables and Vargronn have partnered to advance offshore wind projects in Ireland, with the potential to deliver up to 1800MW of capacity by 2030. The Irish renewables-focused integrated utility and Norwegian joint venture between Plenitude (Eni) and HitecVision will co-develop projects that can contribute to the Irish government’s target of at least 5GW of new offshore wind by 2030, initially.
In June 2023, TotalEnergies and Galp forge alliance on offshore wind in Portugal. The country aims to develop 10GW of offshore wind capacity in the coming years, utilising its long coastline, favourable weather conditions and existing industrial infrastructure. TotalEnergies and Galp will develop offshore wind projects along the country’s coast.
Leading Industry Players in the Wind Turbine Forging Market Worldwide:
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Global Wind Turbine Forging Market Segmentation
The Wind Turbine Forging Market segmentation encompasses various dimensions, including, type, material type, component, application, region, and competitors. The Wind Turbine Forging Market is segmented into various categories, each addressing specific operational requirements and functionalities. Different material types are used in wind turbine forgings, chosen for their unique properties and benefits. Wind turbine forgings include critical components essential for the reliable and efficient operation of wind turbines. These forgings are employed across various applications, ensuring the durability and performance of wind energy systems. Geographically, the market is segmented into major regions such as North America, Europe, Asia Pacific, South America, the Middle East and Africa, each exhibiting different market dynamics and growth opportunities. Competitor analysis reveals the competitive landscape, with major players developing new products, strategic partnerships, mergers and acquisitions, and competing for market share. Additional segmentation factors provide a comprehensive understanding of the Wind Turbine Forging Market's structure and potential.
Geographic Regions Covered:
North America: United States, Canada, and Mexico.
Europe: Germany, United Kingdom, Italy, France, Spain, and Rest of Europe.
Asia Pacific: Japan, China, India, Australia, New Zealand, South Korea, and Rest of Asia Pacific.
South America: Argentina, Brazil, Chile, and Rest of South America.
Middle East & Africa: Saudi Arabia, United Arab Emirates, Qatar, South Africa, and Rest of Middle East & Africa.
Key Questions Answered in This Report:
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Table of Contents (TOC) for the Global Wind Turbine Forging Market Research Report (2024-2030)
1 Executive Summary ? ??? ? ??
2 Preface ? ???
2.1 Abstract ? ??
2.2 Stake Holders ? ??
2.3 Research Scope ? ??
2.4 Research Methodology ? ??
2.4.1 Data Mining ???
2.4.2 Data Analysis ???
2.4.3 Data Validation ???
2.4.4 Research Approach ???
2.5 Research Sources ? ??
2.5.1 Primary Research Sources ???
2.5.2 Secondary Research Sources ???
2.5.3 Assumptions ??? ?
3 Market Trend Analysis???
?3.1 Introduction??
?3.2 Drivers??
?3.3 Restraints??
?3.4 Opportunities??
?3.5 Threats??
?3.6 Application Analysis??
?3.7 Impact of Covid-19?? ?????
4 Porters Five Force Analysis???
?4.1 Bargaining power of suppliers??
?4.2 Bargaining power of buyers??
?4.3 Threat of substitutes??
?4.4 Threat of new entrants??
?4.5 Competitive rivalry?? ?????
5 Global Wind Turbine Forging Market, By Type???
?5.1 Introduction??
?5.2 Seamless Rolled Rings??
?5.3 Open Die Forgings??
?5.4 Closed Die Forging?? ????
6 Global Wind Turbine Forging Market, By Material Type???
?6.1 Introduction??
?6.2 Steel??
?6.3 Aluminum??
?6.4 Other Material Types?? ????
7 Global Wind Turbine Forging Market, By Component???
?7.1 Introduction??
?7.2 Flanges??
?7.3 Bearings??
?7.4 Blades??
?7.5 Gears??
?7.6 Shafts??
?7.7 Other Components?? ?????
8 Global Wind Turbine Forging Market, By Application???
?8.1 Introduction??
?8.2 Onshore Installations??
?8.3 Offshore Installations?? ??????????
Continued…
List of Tables ? ? ?
1 Global Wind Turbine Forging Market Outlook, By Region (2021-2030) ($MN)???
2 Global Wind Turbine Forging Market Outlook, By Type (2021-2030) ($MN)???
3 Global Wind Turbine Forging Market Outlook, By Seamless Rolled Rings (2021-2030) ($MN)???
4 Global Wind Turbine Forging Market Outlook, By Open Die Forgings (2021-2030) ($MN)???
5 Global Wind Turbine Forging Market Outlook, By Closed Die Forging (2021-2030) ($MN)???
6 Global Wind Turbine Forging Market Outlook, By Material Type (2021-2030) ($MN)???
7 Global Wind Turbine Forging Market Outlook, By Steel (2021-2030) ($MN)???
8 Global Wind Turbine Forging Market Outlook, By Aluminum (2021-2030) ($MN)???
9 Global Wind Turbine Forging Market Outlook, By Other Material Types (2021-2030) ($MN)???
10 Global Wind Turbine Forging Market Outlook, By Component (2021-2030) ($MN)???
11 Global Wind Turbine Forging Market Outlook, By Flanges (2021-2030) ($MN)???
12 Global Wind Turbine Forging Market Outlook, By Bearings (2021-2030) ($MN)???
13 Global Wind Turbine Forging Market Outlook, By Blades (2021-2030) ($MN)???
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14 Global Wind Turbine Forging Market Outlook, By Gears (2021-2030) ($MN)???
15 Global Wind Turbine Forging Market Outlook, By Shafts (2021-2030) ($MN)???
16 Global Wind Turbine Forging Market Outlook, By Other Components (2021-2030) ($MN)???
17 Global Wind Turbine Forging Market Outlook, By Application (2021-2030) ($MN)???
18 Global Wind Turbine Forging Market Outlook, By Onshore Installations (2021-2030) ($MN)???
19 Global Wind Turbine Forging Market Outlook, By Offshore Installations (2021-2030) ($MN)???
20 North America Wind Turbine Forging Market Outlook, By Country (2021-2030) ($MN)???
21 North America Wind Turbine Forging Market Outlook, By Type (2021-2030) ($MN)???
22 North America Wind Turbine Forging Market Outlook, By Seamless Rolled Rings (2021-2030) ($MN)???
23 North America Wind Turbine Forging Market Outlook, By Open Die Forgings (2021-2030) ($MN)???
24 North America Wind Turbine Forging Market Outlook, By Closed Die Forging (2021-2030) ($MN)???
25 North America Wind Turbine Forging Market Outlook, By Material Type (2021-2030) ($MN)???
26 North America Wind Turbine Forging Market Outlook, By Steel (2021-2030) ($MN)???
27 North America Wind Turbine Forging Market Outlook, By Aluminum (2021-2030) ($MN)???
28 North America Wind Turbine Forging Market Outlook, By Other Material Types (2021-2030) ($MN)???
29 North America Wind Turbine Forging Market Outlook, By Component (2021-2030) ($MN)???
30 North America Wind Turbine Forging Market Outlook, By Flanges (2021-2030) ($MN)???
31 North America Wind Turbine Forging Market Outlook, By Bearings (2021-2030) ($MN)???
32 North America Wind Turbine Forging Market Outlook, By Blades (2021-2030) ($MN)???
33 North America Wind Turbine Forging Market Outlook, By Gears (2021-2030) ($MN)???
34 North America Wind Turbine Forging Market Outlook, By Shafts (2021-2030) ($MN)???
35 North America Wind Turbine Forging Market Outlook, By Other Components (2021-2030) ($MN)???
36 North America Wind Turbine Forging Market Outlook, By Application (2021-2030) ($MN)???
37 North America Wind Turbine Forging Market Outlook, By Onshore Installations (2021-2030) ($MN)???
38 North America Wind Turbine Forging Market Outlook, By Offshore Installations (2021-2030) ($MN)???
39 Europe Wind Turbine Forging Market Outlook, By Country (2021-2030) ($MN)???
40 Europe Wind Turbine Forging Market Outlook, By Type (2021-2030) ($MN)???
41 Europe Wind Turbine Forging Market Outlook, By Seamless Rolled Rings (2021-2030) ($MN)???
42 Europe Wind Turbine Forging Market Outlook, By Open Die Forgings (2021-2030) ($MN)???
43 Europe Wind Turbine Forging Market Outlook, By Closed Die Forging (2021-2030) ($MN)???
44 Europe Wind Turbine Forging Market Outlook, By Material Type (2021-2030) ($MN)???
45 Europe Wind Turbine Forging Market Outlook, By Steel (2021-2030) ($MN)???
46 Europe Wind Turbine Forging Market Outlook, By Aluminum (2021-2030) ($MN)???
47 Europe Wind Turbine Forging Market Outlook, By Other Material Types (2021-2030) ($MN)???
48 Europe Wind Turbine Forging Market Outlook, By Component (2021-2030) ($MN)???
49 Europe Wind Turbine Forging Market Outlook, By Flanges (2021-2030) ($MN)???
50 Europe Wind Turbine Forging Market Outlook, By Bearings (2021-2030) ($MN)???
51 Europe Wind Turbine Forging Market Outlook, By Blades (2021-2030) ($MN)???
52 Europe Wind Turbine Forging Market Outlook, By Gears (2021-2030) ($MN)???
53 Europe Wind Turbine Forging Market Outlook, By Shafts (2021-2030) ($MN)???
54 Europe Wind Turbine Forging Market Outlook, By Other Components (2021-2030) ($MN)???
55 Europe Wind Turbine Forging Market Outlook, By Application (2021-2030) ($MN)???
56 Europe Wind Turbine Forging Market Outlook, By Onshore Installations (2021-2030) ($MN)???
57 Europe Wind Turbine Forging Market Outlook, By Offshore Installations (2021-2030) ($MN)???
58 Asia Pacific Wind Turbine Forging Market Outlook, By Country (2021-2030) ($MN)???
59 Asia Pacific Wind Turbine Forging Market Outlook, By Type (2021-2030) ($MN)???
60 Asia Pacific Wind Turbine Forging Market Outlook, By Seamless Rolled Rings (2021-2030) ($MN)???
61 Asia Pacific Wind Turbine Forging Market Outlook, By Open Die Forgings (2021-2030) ($MN)???
62 Asia Pacific Wind Turbine Forging Market Outlook, By Closed Die Forging (2021-2030) ($MN)???
63 Asia Pacific Wind Turbine Forging Market Outlook, By Material Type (2021-2030) ($MN)???
64 Asia Pacific Wind Turbine Forging Market Outlook, By Steel (2021-2030) ($MN)???
65 Asia Pacific Wind Turbine Forging Market Outlook, By Aluminum (2021-2030) ($MN)???
66 Asia Pacific Wind Turbine Forging Market Outlook, By Other Material Types (2021-2030) ($MN)???
67 Asia Pacific Wind Turbine Forging Market Outlook, By Component (2021-2030) ($MN)???
68 Asia Pacific Wind Turbine Forging Market Outlook, By Flanges (2021-2030) ($MN)???
69 Asia Pacific Wind Turbine Forging Market Outlook, By Bearings (2021-2030) ($MN)???
70 Asia Pacific Wind Turbine Forging Market Outlook, By Blades (2021-2030) ($MN)???
71 Asia Pacific Wind Turbine Forging Market Outlook, By Gears (2021-2030) ($MN)???
72 Asia Pacific Wind Turbine Forging Market Outlook, By Shafts (2021-2030) ($MN)???
73 Asia Pacific Wind Turbine Forging Market Outlook, By Other Components (2021-2030) ($MN)???
74 Asia Pacific Wind Turbine Forging Market Outlook, By Application (2021-2030) ($MN)???
75 Asia Pacific Wind Turbine Forging Market Outlook, By Onshore Installations (2021-2030) ($MN)???
76 Asia Pacific Wind Turbine Forging Market Outlook, By Offshore Installations (2021-2030) ($MN)???
77 South America Wind Turbine Forging Market Outlook, By Country (2021-2030) ($MN)???
78 South America Wind Turbine Forging Market Outlook, By Type (2021-2030) ($MN)???
79 South America Wind Turbine Forging Market Outlook, By Seamless Rolled Rings (2021-2030) ($MN)???
80 South America Wind Turbine Forging Market Outlook, By Open Die Forgings (2021-2030) ($MN)???
81 South America Wind Turbine Forging Market Outlook, By Closed Die Forging (2021-2030) ($MN)???
82 South America Wind Turbine Forging Market Outlook, By Material Type (2021-2030) ($MN)???
83 South America Wind Turbine Forging Market Outlook, By Steel (2021-2030) ($MN)???
84 South America Wind Turbine Forging Market Outlook, By Aluminum (2021-2030) ($MN)???
85 South America Wind Turbine Forging Market Outlook, By Other Material Types (2021-2030) ($MN)???
86 South America Wind Turbine Forging Market Outlook, By Component (2021-2030) ($MN)???
87 South America Wind Turbine Forging Market Outlook, By Flanges (2021-2030) ($MN)???
88 South America Wind Turbine Forging Market Outlook, By Bearings (2021-2030) ($MN)???
89 South America Wind Turbine Forging Market Outlook, By Blades (2021-2030) ($MN) ???
90 South America Wind Turbine Forging Market Outlook, By Gears (2021-2030) ($MN)???
91 South America Wind Turbine Forging Market Outlook, By Shafts (2021-2030) ($MN)???
92 South America Wind Turbine Forging Market Outlook, By Other Components (2021-2030) ($MN)???
93 South America Wind Turbine Forging Market Outlook, By Application (2021-2030) ($MN)???
94 South America Wind Turbine Forging Market Outlook, By Onshore Installations (2021-2030) ($MN)???
95 South America Wind Turbine Forging Market Outlook, By Offshore Installations (2021-2030) ($MN)???
96 Middle East & Africa Wind Turbine Forging Market Outlook, By Country (2021-2030) ($MN)???
97 Middle East & Africa Wind Turbine Forging Market Outlook, By Type (2021-2030) ($MN)???
98 Middle East & Africa Wind Turbine Forging Market Outlook, By Seamless Rolled Rings (2021-2030) ($MN)???
99 Middle East & Africa Wind Turbine Forging Market Outlook, By Open Die Forgings (2021-2030) ($MN)???
100 Middle East & Africa Wind Turbine Forging Market Outlook, By Closed Die Forging (2021-2030) ($MN)???
101 Middle East & Africa Wind Turbine Forging Market Outlook, By Material Type (2021-2030) ($MN)???
102 Middle East & Africa Wind Turbine Forging Market Outlook, By Steel (2021-2030) ($MN)???
103 Middle East & Africa Wind Turbine Forging Market Outlook, By Aluminum (2021-2030) ($MN)???
104 Middle East & Africa Wind Turbine Forging Market Outlook, By Other Material Types (2021-2030) ($MN)???
105 Middle East & Africa Wind Turbine Forging Market Outlook, By Component (2021-2030) ($MN)???
106 Middle East & Africa Wind Turbine Forging Market Outlook, By Flanges (2021-2030) ($MN)???
107 Middle East & Africa Wind Turbine Forging Market Outlook, By Bearings (2021-2030) ($MN)???
108 Middle East & Africa Wind Turbine Forging Market Outlook, By Blades (2021-2030) ($MN)???
109 Middle East & Africa Wind Turbine Forging Market Outlook, By Gears (2021-2030) ($MN)???
110 Middle East & Africa Wind Turbine Forging Market Outlook, By Shafts (2021-2030) ($MN)???
111 Middle East & Africa Wind Turbine Forging Market Outlook, By Other Components (2021-2030) ($MN)???
112 Middle East & Africa Wind Turbine Forging Market Outlook, By Application (2021-2030) ($MN) ???
113 Middle East & Africa Wind Turbine Forging Market Outlook, By Onshore Installations (2021-2030) ($MN)???
114 Middle East & Africa Wind Turbine Forging Market Outlook, By Offshore Installations (2021-2030) ($MN)??? ?????????????????????
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