Report : Middle East & Africa Wind Turbine Components Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Rotor Blade, Nacelle, Gearbox, Generator, Tower, and Pitch System)
At 1.7% CAGR, the Middle East & Africa Wind Turbine Components Market is speculated to be worth US$ 3,192.42 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa wind turbine components market was valued at US$ 2,889.77 million in 2022 and is expected to reach US$ 3,192.42 million by 2028, registering a CAGR of 1.7% from 2022 to 2028. Rising number of wind farms and growing government initiatives to promote wind energy are the critical factors attributed to the Middle East & Africa wind turbine components market expansion.
There is an increase in demand for a clean energy source as it eliminates greenhouse gases, reduces dependence on imported fuels, and diversifies the energy supply. This is fueling government investments in the construction of wind farms across the region. To achieve the target of Net Zero Emissions by 2050, significant investments are made for the new construction and expansion of wind farms. As the investment in wind farms is rising, the demand for various wind turbine components such as rotor blades, nacelle, gearbox, generator, tower, and pitch system is also increasing, catalyzing the growth of Middle East & Africa wind turbine components market.
On the contrary, overdependence on wind turbine component manufacturers hurdles the growth of Middle East & Africa wind turbine components market.
Based on component, the Middle East & Africa wind turbine components market is segmented into rotor blade, nacelle, gearbox, generator, tower, and pitch system. The tower segment held 27.6% market share in 2022, amassing US$ 796.68 million. It is projected to garner US$ 860.72 million by 2028 to expand at 1.3% CAGR during 2022–2028.
Based on country, the Middle East & Africa wind turbine components market is segmented Saudi Arabia, UAE, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 62.2% market share in 2022. It was assessed at US$ 1,796.71 million in 2022 and is likely to hit US$ 1,965.57 million by 2028, exhibiting a CAGR of 1.5% during the forecast period.
Key players dominating the Middle East & Africa 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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