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)
The North America wind turbine forging market is expected to grow from US$ 1,363.20 million in 2022 to US$ 1,757.62 million by 2028. It is estimated to grow at a CAGR of 4.3% from 2022 to 2028.
Rising Demand for High-Performance Wind Turbine Parts is Driving North America Wind Turbine Forging
Market
Wind turbines need high-performance turbine components to operate in remote locations, extreme operating conditions, and harsh environments. The technical requirements of the wind power generation industry are encouraging turbine component manufacturers to provide forged parts for performance optimization. A few of the most commonly demanded forged parts for wind power turbines include main turbine shafts pitch, yaw drives, hub bearings, tower flanges, gear boxes, gear blanks, ring gears, bull gears, and output gears. The rising demand for such products has forced companies to partner and collaborate with metallurgists and forging experts to discover new methods for designing metal forged parts that reduce long-term costs and improve lead times. Metal forged part manufacturers maintain an extensive inventory of ferrous and non-ferrous materials that comply with wind power-specific grades and meet OEM specifications. This ready inventory helps the forged part suppliers to eliminate the delays associated with order processing, allowing for shorter lead times. Wind turbine parts such as the rotor hub, gearbox, frame, and tower are made of steel; however, many smaller turbines have started using aluminum alloys for these components to make turbines lighter and more efficient. High toughness values are a key requirement for offshore applications, as they are easier to fabricate. Forging helps in high precision metal manufacturing, and the obtained final material consists of correct dimensions and a good surface finish. This leads to increased cost-effectiveness. Further, forging also ensures the superior strength of forged metal parts. Components that are strong, highly ductile, and reliable are being widely used in wind turbines to maintain their performance in a wider temperature range. Thus, the growing need for high-performance forged wind turbine parts and components is driving the growth of the North America wind turbine forging market.
North America Wind Turbine Forging Market Overview
The growing demand for wind energy has led to increased installations of wind turbines across North America, especially in the US. In February 2022, Apex Clean Energy Holdings planned a 75.6 MW onshore wind power project in Virginia (US), which is currently in permitting stage. The country is witnessing a surge in wind energy projects, which is anticipated to supply enough clean energy to power households and offset the annual carbon dioxide (CO2) emissions. The project cost is estimated at US$ 130.7 million, and the wind power project consists of 14 turbines. Such factors are anticipated to provide significant growth opportunities to the players operating in the North America wind turbine forging market. US-based Forged Products, Inc. offers hydraulic presses and manipulators to handle heavy-weight forgings and delivers open die forgings from 500 lbs. to 60,000 lbs. with the highest quality. The company forges materials such as carbon and alloy steel and most stainless steel grades. The rising demand for metal forged bearings, pitch, yaw, and main hub forged rings that ensure optimal core performance for a wide range of gear applications, coupling high-torque and high-speed transmission, is further propelling the growth of the North American wind turbine forging market.
North America Wind Turbine Forging Market Revenue and Forecast to 2028 (US$ Million)
North America Wind Turbine Forging Market Segmentation
The North America wind turbine forging market is segmented into type, component, and country.
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 registered the largest market share in 2022.
Based on component, the North America 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 North America wind turbine forging market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022.
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 are the leading companies operating in the North America wind turbine forging market.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Wind Turbine Forging Market – By Type
1.3.2 North America Wind Turbine Forging Market – By Component
1.3.3 North America Wind Turbine Forging Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Wind Turbine Forging Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Wind Turbine Forging Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Demand for High-Performance Wind Turbine Parts
5.1.2 Rising Government Initiatives to Reduce CO2 Emission and Carbon Footprint
5.2 Market Restraints
5.2.1 High Initial Costs of Metal Forging
5.3 Market Opportunities
5.3.1 Rising Installations of High-capacity Wind Turbines
5.4 Future Trends
5.4.1 Advent of Computer-Aided Engineering in Wind Turbine Forging
5.5 Impact Analysis of Drivers and Restraints
6. Wind Turbine Forging Market – North America Market Analysis
6.1 North America Wind Turbine Forging Market Overview
6.2 North America Wind Turbine Forging Market Forecast and Analysis
7. North America Wind Turbine Forging Market – by Type
7.1 Overview
7.2 North America Wind Turbine Forging Market, By Type (2021 and 2028)
7.3 Seamless Rolled Ring
7.3.1 Overview
7.3.2 Seamless Rolled Ring: North America Wind Turbine Forging Market Revenue and Forecast To 2028 (US$ Million)
7.4 Open Die Forging
7.4.1 Overview
7.4.2 Open Die Forging: North America Wind Turbine Forging Market Revenue and Forecast to 2028 (US$ Million)
8. North America Wind Turbine Forging Market - by Component
8.1 Overview
8.2 North America Wind Turbine Forging Market, By Component (2021 and 2028)
8.3 Flanges
8.3.1 Overview
8.3.2 Flanges: North America Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Blades
8.4.1 Overview
8.4.2 Blades: North America Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Bearings
8.5.1 Overview
8.5.2 Bearings: North America Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Gears
8.6.1 Overview
8.6.2 Gears: North America Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Shafts
8.7.1 Shafts: North America Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
8.8 Others
8.8.1 Others: North America Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Wind Turbine Forging Market – Country Analysis
9.1 Overview
9.1.1 North America: Wind Turbine Forging Market, by Key Country
9.1.1.1 US: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 US: Wind Turbine Forging Market, By Type
9.1.1.1.2 US: Wind Turbine Forging Market, By Component
9.1.1.2 Canada: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Canada: Wind Turbine Forging Market, By Type
9.1.1.2.2 Canada: Wind Turbine Forging Market, By Component
9.1.1.3 Mexico: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Mexico: Wind Turbine Forging Market, By Type
9.1.1.3.2 Mexico: Wind Turbine Forging Market, By Component
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
11. Company Profiles
11.1 Scot Forge Co
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Frisa Industrias SA de CV
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 ULMA Forja S Coop
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Bharat Forge Ltd
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Specialty Ring Products Inc
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Bruck GmbH
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Gerdau Summit Aços Fundidos e Forjados SA
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary
LIST OF TABLES
Table 1. North America Wind Turbine Forging Market, Revenue and Forecast, 2019–2028 (US$ Mn)
Table 2. US: Wind Turbine Forging Market, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 4. Canada: Wind Turbine Forging Market, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 5. Canada: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 6. Mexico: Wind Turbine Forging Market, By Type –Revenue and Forecast to 2028 (US$ Million)
Table 7. Mexico: Wind Turbine Forging Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 8. Glossary of Terms, North America Wind Turbine Forging Market
LIST OF FIGURES
Figure 1. North America Wind Turbine Forging Market Segmentation
Figure 2. North America Wind Turbine Forging Market Segmentation – Country
Figure 3. North America Wind Turbine Forging Market Overview
Figure 4. North America Wind Turbine Forging Market, By Component
Figure 5. North America Wind Turbine Forging Market, By Country
Figure 6. North America: PEST Analysis
Figure 7. North America Wind Turbine Forging Market Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. North America Wind Turbine Forging Market Impact Analysis of Drivers and Restraints
Figure 10. North America Wind Turbine Forging Market, Forecast and Analysis (US$ Mn)
Figure 11. North America Wind Turbine Forging Market, By Type (2021 and 2028)
Figure 12. Seamless Rolled Ring: North America Wind Turbine Forging Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. Open Die Forging: North America Wind Turbine Forging Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Wind Turbine Forging Market, By Component (2021 and 2028)
Figure 15. Flanges: North America Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Blades: North America Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Bearings: North America Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Gears: North America Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Shafts: North America Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Others: North America Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. North America: Wind Turbine Forging Market, by Key Country – Revenue (2021) (US$ Million)
Figure 22. North America: Wind Turbine Forging Market Revenue Share, by Key Country (2021 and 2028)
Figure 23. US: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Canada: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Mexico: Wind Turbine Forging Market – Revenue and Forecast to 2028 (US$ Million)
- Bharat Forge Ltd
- Bruck GmbH
- Frisa Industrias SA de CV
- Gerdau Summit Aços Fundidos e Forjados SA
- Scot Forge Co
- Specialty Ring Products Inc
- ULMA Forja S Coop
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America wind turbine forging market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America wind turbine forging market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the wind turbine forging market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution