Report : Europe 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 7.7% CAGR, the Europe Wind Turbine Forging Market is speculated to be worth US$ 2,216.05 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe wind turbine forging market was valued at US$ 1,420.93 million in 2022 and is expected to reach US$ 2,216.05 million by 2028, registering a CAGR of 7.7% 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 Europe wind turbine forging market expansion.
Wind turbines need high-performance turbine components to operate in remote locations, extreme operating conditions, and harsh environments. The technical requirements of the wind power generation industry are encouraging turbine component manufacturers to provide forged parts for performance optimization. A few of the most commonly demanded forged parts for wind power turbines include main turbine shafts pitch, yaw drives, hub bearings, tower flanges, gear boxes, gear blanks, ring gears, bull gears, and output gears. The rising demand for such products has forced companies to partner and collaborate with metallurgists and forging experts to discover new methods for designing metal forged parts that reduce long-term costs and improve lead times. Metal forged part manufacturers maintain an extensive inventory of ferrous and non-ferrous materials that comply with wind power-specific grades and meet OEM specifications. This ready inventory helps the forged part suppliers to eliminate the delays associated with order processing, allowing for shorter lead times. Wind turbine parts such as the rotor hub, gearbox, frame, and tower are made of steel; however, many smaller turbines have started using aluminum alloys for these components to make turbines lighter and more efficient. High toughness values are a key requirement for offshore applications, as they are easier to fabricate. Forging helps in high precision metal manufacturing, and the obtained final material consists of correct dimensions and a good surface finish. This leads to increased cost-effectiveness. Further, forging also ensures the superior strength of forged metal parts. Components that are strong, highly ductile, and reliable are being widely used in wind turbines to maintain their performance in a wider temperature range.
Thus, the growing need for high-performance forged wind turbine parts and components is driving the growth of the Europe wind turbine forging market.
On the contrary, high initial costs of metal forging hurdles the growth of Europe wind turbine forging market.
Based on type, the Europe wind turbine forging market is bifurcated into seamless rolled ring and open die forging. The open die forging segment held 67.0% share of the Europe wind turbine forging market in 2022, amassing US$ 952.66 million. It is projected to garner US$ 1,516.57 million by 2028 to expand at 8.1% CAGR during 2022–2028.
Based on component, the Europe wind turbine forging market is segmented into flanges, blades, bearings, gears, shafts, and others. The flanges segment held 35.8% share of the Europe wind turbine forging market in 2022, amassing US$ 509.17 million. It is projected to garner US$ 771.56 million by 2028 to expand at 7.2% CAGR during 2022–2028.
Based on country, the Europe wind turbine forging market is segmented into France, Germany, Italy, UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 28.4% share of the Europe wind turbine forging market in 2022. It was assessed at US$ 403.10 million in 2022 and is likely to hit US$ 643.91 million by 2028, exhibiting a CAGR of 8.1% during the forecast period.
Key players dominating the Europe 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, 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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