A wind turbine, known as wind energy converter, which converts the kinetic energy of wind into electrical energy. A simple wind turbine consists of three major parts including the shaft, rotator blades and the generator. These turbines are manufactured in vertical and horizontal axis. The turbine blades capture energy from the wind and then converts it into electricity by the generator in the nacelle. The tower has electrical wiring that supports the nacelle and provides access to it for maintenance and repairs. The concrete and steel base are the entire support structure of the turbine.

The major factors fuelling the growth of the global wind turbine components market include the rising demand of renewable energy, growing usage in the electricity applications across the globe, and increasing acceptance for offshore applications. In addition to this, the rapid industrialization and growing urbanization in emerging countries are expected to drive the growth of wind turbine components market during forecast period. Some of the advantages related to wind turbines including high working efficiency, long life span, low development cost, minimum cost of maintenance, and easy installation as compared to other energy generation methods. These advantages of wind turbine are anticipated to boost the growth of global wind turbine components market. Moreover, the fluctuation in the prices of natural gas and crude oil is expected to propel the demand of renewable fuel sources, which in turn fuelling the growth of wind turbine components market. Moreover, increasing adoption of wind energy by industries, as it is a cheap source of power and low pollution emission, thereby driving the growth of global wind turbine components market. On the other hand, the turbine installation requires large land for installation, which is hampering the growth of global wind turbine components market.

Based on region, Asia-Pacific is expected to grow at a higher CAGR during forecast period due to the increasing energy demand across the region. Also, growing technological advancements in emerging countries such as China, Brazil, and India is expected to drive the growth of wind turbine components market in Asia-Pacific.

The global wind turbine components market has been segmented on the basis of components, application, and key regions. Based on components, the market is segmented into rotator blade, gearbox, generator, nacelle, base and tower. Based on application, the market is segmented into onshore and offshore.

Some of the major players of global wind turbine components market are General Electric, Siemens Gamesa Renewable Energy, S.A., Goldwind, Vestas, Nordex SE, Enercon GmbH, Suzlon Energy Limited, Mingyang Smart Energy Group Co., Ltd., Sinovel Wind Group Co., Ltd. and Guodian United Power Technology Company Ltd. among others.

Market Segmentation:

Global Wind Turbine Components Market by Components

• • Rotator Blade
  • Gearbox
  • Generator
  • Nacelle
  • Base
  • Tower

Global Wind Turbine Components Market by Application

• • Onshore
  • Offshore

Global Wind Turbine Components Market by Region

• • North America Wind Turbine Components Market
  • Europe Wind Turbine Components Market
  • Asia-Pacific Wind Turbine Components Market
  • ROW Wind Turbine Components Market

Leading Market Players

• • General Electric
  • Siemens Gamesa Renewable Energy, S.A.
  • Goldwind
  • Vestas
  • Nordex SE
  • Enercon GmbH
  • Suzlon Energy Limited
  • Mingyang Smart Energy Group Co., Ltd.
  • Sinovel Wind Group Co., Ltd.
  • Guodian United Power Technology Company Ltd.