The wind turbine forging market size is projected to reach US$ 14,672.81 million by 2031 from US$ 7,762.64 million in 2023. The market is expected to register a CAGR of 8.3% during 2023–2031. The advent of technology development in the wind sector is likely to remain a key trend in the market.
The Wind Turbine Forging market ecosystem comprises Frisa; Iraeta; Ulma Forged Solutions; Celsa Nordic; Bharat Forge. These stakeholders include raw material providers, component manufacturers, and end users. Wind turbine forging is an important part of the wind turbine system. Raw material providers provide the forged product manufacturers with materials such as steel for wind turbine shafts or even concrete for wind turbine towers. The manufacturers then develop the main shaft of a wind turbine, forged from steel, which becomes hardened and tempered in the forging process. Tubular steel towers are manufactured in 20-30 meters with flanges at each end. FRISA offers high-performance wind turbine forgings for wind turbine platforms. Component manufacturers then provide the forged pieces to the OEMs in the wind power industry. Growing demands for the ring rolling processes with up to 3-meter diameters and cross sections and forged blades are propelling the wind turbine forging market.
Wind Turbine Forging providers include companies such as Scot Forge Company; Specialtyring; Irizar Forge; Tongyu Heavy Industry Co., Ltd; and Bortome, which provides forged products to the end users in the wind energy industry. These companies supply critical components for the renewable energy sector and are constantly expanding their product portfolio and customer base. The growing construction of onshore and offshore wind power farms and turbines is anticipated to boost the demand for the global wind turbine forging market in the forthcoming years.
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Wind Turbine Forging Market: Strategic Insights
Encouraging government mandates and initiatives are supporting the expansion of the clean energy sector, which is anticipated to reduce the carbon footprint globally. The rising government focus on establishing targets to mitigate the carbon emissions from industrial, residential and commercial sectors by 2030 is projected to drive the growth of wind turbine forging market worldwide. The energy crisis has severed due to the Russia and Ukraine war. However, the energy crisis is positive for the renewable sector as countries such as Italy, the UK, and the Netherlands are shifting their investment and efforts toward renewable energies such as installing wind power. Russia's invasion of Ukraine has accelerated the investment in the renewable industry globally to reduce the dependency on fossil fuels. The countries have updated the green energy target to fulfil the energy demands. Furthermore, the Russia-Ukraine war has accelerated the renewable sector's growth in Asian countries. South Korea and Japan had already invested in hydrogen technology, and the Russia- Ukraine war has further accelerated their renewable industry investment. Hence, due to this, demand for wind turbine forging solutions has increased as the number of wind turbine installations has increased globally.
Computer-aided engineering is obtaining rapid implementation in forging, a manufacturing process that yields the required shape of a element by employing impact load on the metallic element. The utilization of CAE technology in the forging industry has substantially lowered the lead time and errors during product manufacturing, thereby making the process more efficient, which is projected to offer high growth opportunities for the market.
Key segments that contributed to the derivation of the wind turbine forging market analysis are type and component.
The geographic scope of the Wind Turbine Forging market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is leading the market. Asia Pacific is a highly populated region across the world, having a higher demand for energy. The Asia Pacific region is extremely dependent on fossil fuels for energy generation, and to decrease the dependency, countries such as China, India, Japan, and Australia are strongly investing in renewable energy projects. In addition to this, the skyrocketed prices of crude oil in the regions due to the Russia and Ukraine war have further escalated the energy crisis in the region. Thus, the overall energy crisis in the Asian region has significantly driven the investment towards wind and solar energy projects. In fact, China is the largest manufacturer as well as holds the largest installation of wind energy projects across the world. Similarly, India and Japan are also contributing significantly to the development of the renewable energy sector. Thus, the energy crisis has a significant positive impact on the wind turbine forging industry, as with rising wind turbine installation, the demand for the forged component will also rise.
The regional trends and factors influencing the Wind Turbine Forging Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wind Turbine Forging Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 7,762.64 Million |
| Market Size by 2031 | US$ 14,672.81 Million |
| Global CAGR (2023 - 2031) | 8.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Wind Turbine Forging Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Wind Turbine Forging Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The wind turbine forging market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the wind turbine forging market are listed below:
The “Wind Turbine Forging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
Asia Pacific dominated the wind turbine forging market in 2023.
The rising installations of high-capacity wind turbines is the future trend of the wind turbine forging market.
Scot Forge Co, ULMA Forja S Coop, Celsa Armeringsstal AS, Iraeta Energy Equipment Co Ltd, Frisa Industrias SA de CV, Bharat Forge Ltd, Tongyu Heavy Industry Co Ltd, Specialty Ring Products Inc, Gerdau Summit, Bruck GMBH are some of the leading players in the market.
US$ 14,672.81 million estimated value of the wind turbine forging market by 2031.
8.3% is the expected CAGR of the wind turbine forging market.