Wind Turbine Components Market Trends And Opportunities, Global Size By Forecast 2028

According to Premium Market Insights new research study on "Wind Turbine Components Market Forecast to 2028 - COVID-19 Impact and Global Analysis," the market is expected to grow at a CAGR of 4.2% from 2022 to 2028 to reach US$ 152,019.92 million by 2028.

Get a Sample Copy of This Report@ https://www.premiummarketinsights.com/sample/TIP00073740/?utm_source=OpenPR&utm_medium=10655

Some Of the Major Players Influencing are Siemens Gamesa Renewable Energy SA, Vestas Wind Systems AS, TPI Composites Inc, GRI Renewable Industries SL, Marmen Inc, Valmont Industries Inc, LM Wind Power AS, The Timken Co, ZF Friedrichshafen AG, Flender International GmbH

There is an increase in demand for a clean energy source to eliminate greenhouse gases, reduce dependence on imported fuels, and diversify the energy supply. This is fueling government investments in the construction of wind farms globally. In 2021, ~10 large wind farm projects were completed in the US, including Texas Gulf Wind Repower (Texas), Las Majadas Wind Project (Texas), Milligan I Wind Project (Nebraska), Deuel Harvest Wind Farm (South Dakota), Frontier Windpower II Project (Oklahoma), Isabella Wind Project (Michigan), Jordan Creek Wind Farm (Indiana), and Maverick Creek Wind Project (Texas). This has driven the growth of wind turbine components market across North America in 2021.

Similarly, 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. According to the National Grid, Britain recorded high levels of wind energy generation in 2020, 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 provide power to more than 1.4 million the UK homes. This is expected to generate new growth opportunities for wind turbine components market during the forecast period.

In addition, Global Wind Energy Council is working on a net zero by 2050 target. It is seen that the international offshore wind market has grown from 2.2 GW in 2016 to 6.1 GW in 2020 due to the new installations and developments in China and the US. The Global Wind Energy Council has also provided data regarding wind power capacity in 2020 by region:

Source: Global Wind Energy Council

Thus, to achieve the target of Net Zero Emissions by 2050, significant investments are being made globally for the new construction and expansion of wind farms. 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, thereby catalyzing the wind turbine component market growth.

Inquiry Before Buying At: https://www.premiummarketinsights.com/inquiry/TIP00073740/?utm_source=OpenPR&utm_medium=10655

COVID-19 Pandemic Impact on Wind Turbine Components Market

Despite several challenges in the procurement of raw materials and transportation issues during the FY 2020 in the wake of COVID-19 pandemic, the demand for wind turbine component installation witnessed a strong growth as majority of the commercial sectors had their operations closed for an ambiguous period in 2020. The government of different countries had not halted the installation projects across the world. The vendors and governments of different countries have collaboratively worked to continue the installation of wind turbines across different wind farms that has driven the wind turbine components market growth during the FY 2020. However, as the COVID-19 restrictions started to ease down, the growth of wind turbine installation witnessed a decline in 2021 compared to that of 2020. This is mainly due to the hampered production and negative impact from the suppliers side that has also impacted negatively in the wind turbine components market growth in 2020.

In Europe wind turbine components market, Germany continues to have the largest installed wind capacity, followed by Spain, the UK, France, and Sweden. Moreover, other European countries such as Italy, Poland, Denmark, the Netherlands, Portugal, and Belgium have more than 5 GW of installed wind capacity each. According to the WindEurope report, Europe is expected to install 116 GW of new wind farms from 2022 to 2026; of which, three-quarters of these new capacity additions will be onshore wind. Similarly, according to National Wind Energy Association (ANEV), Europe will install 116 GW of new wind power capacity by 2026, an average of 23.1 GW a year. Thus, such massive wind energy potential in European countries is expected to drive the European wind turbine components market share during the forecast period.

In addition, the UK government has planned for a Green Energy Revolution, wherein the development of offshore wind power plays an important role. To comply with this, 6 new offshore wind projects in England and Wales are expected to be constructed for the next generation of the country's offshore wind projects. In early 2021, the UK's Crown Estate approved 6 fixed offshore wind projects with a combined capacity of around 8 GW. Moreover, in July 2022, the German Parliament adopted a new Onshore Wind Law to expand onshore wind by a massive 10 GW a year from 2025. Such projects have been catalyzing the wind turbine components market share across Europe. Thus, favorable policy framework, faster approval of projects, and increased investment from the European Commission are the key factors driving the wind turbine components market growth through the construction of new wind farms.

Order a copy of this research study at- https://www.premiummarketinsights.com/buy/TIP00073740/?utm_source=OpenPR&utm_medium=10655

The overall wind turbine components market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the wind turbine components market size. The process also serves the purpose of obtaining an overview and forecast of the wind turbine components market size with respect to all wind turbine components market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. The participants typically involved in this process include VPs, business development managers, wind turbine components market intelligence managers, national sales managers, and external consultants-such as valuation experts, research analysts, and key opinion leaders-specializing in the wind turbine components market.

Table Of Contents
1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Wind Turbine Components Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia Pacific
4.2.4 Middle East & Africa
4.2.5 South America
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Wind Turbine Components Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Number of Product Launches
5.1.2 Rising Number of Wind Farms
5.2 Market Restraints
5.2.1 Overdependence on Chinese Wind Turbine Component Manufacturers
5.3 Market Opportunities
5.3.1 Growing Government Initiatives to Promote Wind Energy
5.4 Future Trends
5.4.1 Rising Demand for Floating Wind Technology
5.5 Impact Analysis of Drivers and Restraints
Continued…...!

Get More Related Link - https://www.marketwatch.com/press-release/smart-door-lock-market-global-analysis-opportunities-and-growth-forecast-to-2028-2023-05-24?mod=search_headline

https://www.marketwatch.com/press-release/hydrolyzed-collagen-market-overview-and-regional-outlook-study-forecasts-2028-2023-05-24?mod=search_headline

Contact Us:
If you have any queries pertaining to the report or would like further information, feel free to reach out to us at-
Contact Person: Sameer Joshi
E-mail: sales@premiummarketinsights.com
Phone: +1-646-491-9876

About Us:
Premium Market Insights is a one stop shop of market research reports and solutions to various companies across the globe. We help our clients in their decision support system by helping them choose most relevant and cost-effective research reports and solutions from various publishers.
The market research industry has changed in last decade. As corporate focus has shifted to niche markets and emerging countries, a number of publishers have stepped in to fulfil these information needs. We have experienced and trained staff that helps you navigate different options and lets you choose best research solution at most effective cost.
Premium Market Insights has an extensive coverage of industry reports, company reports and country reports across all industries. In case your research needs are not met by syndicated reports offered by leading publishers, we can help you by offering a customized research solution by liaising with different research agencies saving your valuable time and money.
We provide best in class customer service and our customer support team is always available to help you on your research queries. Our commitment to customer service is best exemplified by free analyst support that we offer to our clients which sets us apart from any other provider. We also offer enterprise subscriptions which provide significant cost savings to our clients.

This release was published on openPR.