Rising Number of Wind Farms is fueling the growth of Europe wind turbine components market
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. In the UK, wind power is one of the largest sources of renewable electricity, which is expected to grow more in the coming years. According to the Office for National Statistics, the electricity generation from wind power has increased by 715% from 2009 to 2020 in the UK. Also, according to the National Grid, in 2020, Britain recorded high levels of wind energy generation, making it the greenest year on record. Furthermore, various new wind farm construction activities are going on in the UK to increase electricity generation through wind energy. For instance, in September 2022, Danish energy firm Orsted announced that Hornsea 2 offshore wind farm, the world’s biggest offshore wind farm, started its operation. The wind farm consists of 165 turbine sets, which can help to provide power to more than 1.4 million the UK homes. 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 Europe wind turbine components market.
Europe Wind Turbine Components Market Overview
Germany, France, Italy, Russia, and the UK are among the major countries in Europe. The growing effects of global warming and climate change have made companies develop more sustainable products. The need for a newer and cleaner energy source is fueling the demand for wind energy, which drives the market growth over the forecasted period. Decline in the cost of wind power generation, rise in awareness of environmental issues, and supportive government strategies for increasing wind capacity through financial incentives are expected to drive the market. Moreover, the UK held the highest number of new wind farms in the region, as most of the new offshore installations occur in the UK. Thus, due to the growing wind turbine installation, Europe is expected to register 236 GW of wind power capacity by 2022.
Europe Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Europe Wind Turbine Components Market Segmentation
The Europe wind turbine components market is segmented into component and country. Based on component, the Europe wind turbine components market is segmented into rotor blade, nacelle, gearbox, generator, tower, and pitch system. The tower segment registered the largest market share in 2022.
Based on country, the Europe wind turbine components market is segmented into France, Germany, Italy, UK, Russia, and the Rest of Europe. Germany dominated the market share in 2022.
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 are the leading companies operating in the Europe wind turbine components market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 25,342.69 Million |
| Market Size by 2028 | US$ 35,648.67 Million |
| CAGR (2022 - 2028) | 5.9% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered | By Rotor Blade, Nacelle, Gearbox, Generator, Tower, Pitch System) |
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Wind Turbine Components Market is valued at US$ 25,342.69 Million in 2022, it is projected to reach US$ 35,648.67 Million by 2028.
As per our report Europe Wind Turbine Components Market, the market size is valued at US$ 25,342.69 Million in 2022, projecting it to reach US$ 35,648.67 Million by 2028. This translates to a CAGR of approximately 5.9% during the forecast period.
The Europe Wind Turbine Components Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Wind Turbine Components Market report:
The Europe Wind Turbine Components Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Wind Turbine Components Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Wind Turbine Components Market value chain can benefit from the information contained in a comprehensive market report.
Please tell us your area of interest
(Market Segments/ Regions and Countries/ Companies)
E 1803, Panchshil Towers,
Wagholi, Haveli,
Pune - 412207,
Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For Europe Wind Turbine Components Market
