Report : North America 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 2.4% CAGR, the North America Wind Turbine Components Market is speculated to be worth US$ 22,574.96 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America wind turbine components market was valued at US$ 19,633.17 million in 2022 and is expected to reach US$ 22,574.96 million by 2028, registering a CAGR of 2.4% from 2022 to 2028. Increasing number of product launches and rising number of wind farms are the critical factors attributed to the North America wind turbine components market expansion.
The wind energy markets will grow 4 fold in the coming 20 years which will further rise the demand for advance wind turbine components, thus encouraging the manufacturers to produce the same. The growing demand for wind energy will require advanced turbine components such as rotor blades, nacelle, gearbox, generator, tower, and pitch systems. This has compelled the market players to boost their investment in developing new and innovative product offerings. Various wind turbine component manufacturers are working on providing advanced products to cater to the growing customer needs. Some of the major product developments have taken place in recent years. For instance, in September 2021, Siemens Gamesa launched a recyclable wind turbine blade, which can be recycled at the end of its lifecycle for commercial use offshore. With this launch, the company is taking a step toward its ambitious goal of making turbines fully recyclable by 2040. Such advancement in wind turbine components, supported by high investments from manufacturers and government policies for climate control to enhance their product portfolio, are further fueling the growth of the North America wind turbine components market. Also, the rising demand for recyclable components to protect the environment is pushing manufacturers to develop more recyclable components. Thus, the growing product innovation as per the changing customer requirements is driving the growth of the North America wind turbine components market.
On the contrary, overdependence on wind turbine component manufacturers hurdles the growth of North America wind turbine components market.
Based on component, the North America 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$ 5,415.24 million. It is projected to garner US$ 5,917.71 million by 2028 to expand at 1.5% CAGR during 2022–2028.
Based on country, the North America wind turbine components market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 91.5% market share in 2022. It was assessed at US$ 17,973.89 million in 2022 and is likely to hit US$ 20,409.04 million by 2028, exhibiting a CAGR of 2.1% during the forecast period.
Key players dominating the North America wind turbine components market are Flender International GmbH, GRI Renewable Industries SL, LM Wind Power AS, Marmen Inc, 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 2022, GE Renewable Energy signed an agreement with Veolia to recycle its onshore wind turbine blades in the United States. This recycling contract, the first of its kind in the U.S. wind turbine industry, will turn the blades into a raw material for use in cement manufacturing.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: email@example.com