Report : North America 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 4.3% CAGR, the North America Wind Turbine Forging Market is speculated to be worth US$ 1,757.62 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America wind turbine forging market was valued at US$ 1,363.20 million in 2022 and is expected to reach US$ 1,757.62 million by 2028, registering a CAGR of 4.3% 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 North America wind turbine forging market expansion.
Governments of various countries are concerned about the adverse impacts of a surge in CO2 emissions and carbon footprints across the globe. As a result, they are leveraging the benefits of wind energy to reduce global warming and air pollution. The wind power has the potential to enable a sustainable future, and with the rising demand for energy, the availability of greener energy is likely to become a critical prerequisite. The utilization of wind energy helps reduce air pollution. The rising risks of climate change have led to the expansion of wind turbine deployment to reduce carbon footprints. According to the US Department of Energy's Wind Vision report, wind energy is likely to save 12.3 gigatons of greenhouse emissions by 2050. Wind energy capacity is witnessing a significant surge across the, owing to the use of highly engineered parts that provide the highest levels of efficiency during the manufacturing processes. As a result, the growing demand for wind energy to support sustainable development by decreasing CO2 emissions is propelling the wind turbine forging market growth. Further, the US Department of Energy states that supplying 20% of US electricity from wind is expected to reduce the electric sector’s annual CO2 emissions by 825 million metric tons by 2030. Such factors are driving the growth of the North America wind turbine forging market.
On the contrary, high initial costs of metal forging hurdles the growth of North America wind turbine forging market.
Based on type, the North America wind turbine forging market is bifurcated into seamless rolled ring and open die forging. The open die forging segment held 65.5% share of North America wind turbine forging market in 2022, amassing US$ 893.03 million. It is projected to garner US$ 1,181.16 million by 2028 to expand at 4.8% CAGR during 2022–2028.
Based on component, the North America wind turbine forging market is segmented into flanges, blades, bearings, gears, shafts, and others. The flanges segment held 35.4% share of North America wind turbine forging market in 2022, amassing US$ 482.10 million. It is projected to garner US$ 609.18 million by 2028 to expand at 4.0% CAGR during 2022–2028.
Based on country, the North America wind turbine forging market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 91.8% share of North America wind turbine forging market in 2022. It was assessed at US$ 1,251.08 million in 2022 and is likely to hit US$ 1,618.22 million by 2028, exhibiting a CAGR of 44.% during the forecast period.
Key players dominating the North America wind turbine forging market are Bharat Forge Ltd, Bruck GmbH, Frisa Industrias SA de CV, Gerdau Summit Aços Fundidos e Forjados SA, Scot Forge Co, Specialty Ring Products Inc, 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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