Report : Asia-Pacific Wind Turbine Components Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Rotor Blade, Nacelle, Gearbox, Generator, Tower, and Pitch System)
At 4.4% CAGR, the Asia-Pacific Wind Turbine Components Market is speculated to be worth US$ 79,217.58 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia-Pacific wind turbine components market was valued at US$ 61,255.11 million in 2022 and is expected to reach US$ 79,217.58 million by 2028, registering a CAGR of 4.4% from 2022 to 2028. Rising demand for floating wind technology and growing government initiatives to promote wind energy are the critical factors attributed to the Asia-Pacific wind turbine components market expansion.
In deep water, the offshore wind turbine is mounted on a floating structure which allows the turbine to generate electricity in the water depths. The floating wind technology is highly efficient in harsh conditions and, thus, capable of producing high power. This technology is being adopted across various countries in the Asia-Pacific wind turbine components market. The growing awareness regarding clean energy in various countries is propelling the demand for floating offshore wind power, which will boost the growth of the wind turbine components market. Moreover, various investments are made in floating wind turbine projects by the governments of different countries. Thus, as the demand for floating offshore wind farms is increasing, the requirement for wind turbine components will also increase, fueling the Asia-Pacific wind turbine components market growth over the projected timeframe.
On the contrary, overdependence on wind turbine component manufacturers hurdles the growth of Asia-Pacific wind turbine components market.
Based on component, the Asia-Pacific wind turbine components market is segmented into rotor blade, nacelle, gearbox, generator, tower, and pitch system. The tower segment held 27.5% market share in 2022, amassing US$ 16,854.68 million. It is projected to garner US$ 21,080.85 million by 2028 to expand at 3.8% CAGR during 2022–2028.
Based on country, the Asia-Pacific wind turbine components market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia-Pacific. Our regional analysis states that China captured 76.4% market share in 2022. It was assessed at US$ 46,786.66 million in 2022 and is likely to hit US$ 54,377.11 million by 2028, exhibiting a CAGR of 2.5% during the forecast period.
Key players dominating the Asia-Pacific wind turbine components market are Flender International GmbH, GRI Renewable Industries SL, LM Wind Power AS, Siemens Gamesa Renewable Energy SA, The Timken Company, TPI Composites Inc, Valmont Industries Inc, Vestas Wind Systems AS, and ZF Friedrichshafen AG among others.
- In 2021, Suzlon Group redesigned a composite nacelle cover with in-situ molded stiffeners to reduce manufacturing and material costs while maximizing part performance.
- In 2022, Hempel, the leading coatings supplier to the wind energy industry, today announced the launch of Hempablade Edge 171, a new coating for leading edge protection (LEP) on wind turbine rotor blades.
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