The Europe wind turbine forging market is expected to grow from US$ 1,420.93 million in 2022 to US$ 2,216.05 million by 2028. It is estimated to grow at a CAGR of 7.7% from 2022 to 2028.
Rising Government Initiatives to Reduce CO2 Emission and Carbon Footprint is Driving Europe Wind Turbine
Forging Market
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. 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. Such factors are driving the growth of the Europe wind turbine forging market.
Europe Wind Turbine Forging Market Overview
The growing demand for wind energy has led to increased installations of wind turbines across Europe. Recently, there has been a growing demand for several sets of wind power flanges for onshore and offshore wind turbines in Europe. Spanish manufacturer IRAETA is one of the leading suppliers of wind power flanges and related products for the distributed offshore wind power project in Europe. IRAETA flanges are increasingly being used in more than ten 8 MW European offshore wind turbines. The company is a leading supplier of wind power flanges for wind farms located in southwestern Norway. The UK, Sweden, Germany, Turkey, and the Netherlands have the most newly installed capacities in Europe. In 2021, Sweden installed the highest number of new onshore wind turbine (2.1 GW), and the UK installed the highest number of new offshore wind turbine (2.3 GW). Therefore, the rising high-capacity wind turbine installation to meet the European Union’s new 40% renewable energy target is propelling the Europe wind turbine forging market.
Europe Wind Turbine Forging Market Segmentation
The Europe wind turbine forging market is segmented into type, component, and country.
Based on type, the Europe wind turbine forging market is bifurcated into seamless rolled ring and open die forging. The open die forging segment registered the largest market share in 2022.
Based on component, the Europe wind turbine forging market is segmented into flanges, blades, bearings, gears, shafts, and others. The flanges segment held the largest market share in 2022.
Based on country, the Europe wind turbine forging market is segmented into France, Germany, Italy, UK, Russia, and the Rest of Europe. Germany dominated the market share in 2022.
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 are the leading companies operating in the Europe wind turbine forging market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1,420.93 Million |
| Market Size by 2028 | US$ 2,216.05 Million |
| CAGR (2022 - 2028) | 7.7% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Wind Turbine Forging Market is valued at US$ 1,420.93 Million in 2022, it is projected to reach US$ 2,216.05 Million by 2028.
As per our report Europe Wind Turbine Forging Market, the market size is valued at US$ 1,420.93 Million in 2022, projecting it to reach US$ 2,216.05 Million by 2028. This translates to a CAGR of approximately 7.7% during the forecast period.
The Europe Wind Turbine Forging 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 Forging Market report:
The Europe Wind Turbine Forging Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Wind Turbine Forging Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Wind Turbine Forging Market value chain can benefit from the information contained in a comprehensive market report.
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