Report : Asia Pacific Wind Turbine Forging Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Seamless Rolled Ring and Open Die Forging) and Component (Flanges, Blades, Bearings, Gears, Shafts, and Others)
At 8.5% CAGR, the Asia Pacific Wind Turbine Forging Market is speculated to be worth US$ 6,204.06 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific wind turbine forging market was valued at US$ 3,795.16 million in 2022 and is expected to reach US$ 6,204.06 million by 2028, registering a CAGR of 8.5% from 2022 to 2028. Rising demand for high-performance wind turbine parts and rising government initiatives to reduce CO2 emission and carbon footprint are the critical factors attributed to the Asia Pacific wind turbine forging market expansion.
Asia Pacific is anticipated to witness significant growth in the wind turbine forging market. In October 2022, China announced its plan to install world’s largest wind farm, a 43.3 GW facility in the Taiwan Strait. The 10km long farm would feature thousands of powerful turbines, and the project work is expected to start before 2025. Thus, the surge in wind power projects and wind turbine installations across the globe will provide a significant growth opportunity for the players operating in the Asia Pacific wind turbine forging market during the forecast period.
On the contrary, high initial costs of metal forging hurdles the growth of Asia Pacific wind turbine forging market.
Based on type, the Asia Pacific wind turbine forging market is bifurcated into seamless rolled ring and open die forging. The open die forging segment held 64.6% share of Asia Pacific wind turbine forging market in 2022, amassing US$ 2,453.17 million. It is projected to garner US$ 4,141.74 million by 2028 to expand at 9.1% CAGR during 2022–2028.
Based on component, the Asia Pacific wind turbine forging market is segmented into flanges, blades, bearings, gears, shafts, and others. The flanges segment held 37.1% share of Asia Pacific wind turbine forging market in 2022, amassing US$ 1,409.61 million. It is projected to garner US$ 2,250.99 million by 2028 to expand at 8.1% CAGR during 2022–2028.
Based on country, the Asia Pacific wind turbine forging 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% share of Asia Pacific wind turbine forging market in 2022. It was assessed at US$ 2,898.74 million in 2022 and is likely to hit US$ 4,258.64 million by 2028, exhibiting a CAGR of 6.6% during the forecast period.
Key players dominating the Asia Pacific wind turbine forging market are Bharat Forge Ltd, Bruck GmbH, Celsa Armeringsstal AS, Frisa Industrias SA de CV, Gerdau Summit Aços Fundidos e Forjados SA, Iraeta Energy Equipment Co Ltd, Scot Forge Co, Specialty Ring Products Inc, Tongyu Heavy Industry Co Ltd, and ULMA Forja S Coop, among others.
- In 2022, FRISA, a Mexico based manufacturer and a leading forging supplier for the wind energy industry has introduced its portfolio of seamless rolled rings and open die forgings that offer increased value and reliability to its customers in the remote locations and harsh environments.
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