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Wind Turbine Forging Market Size

Report ID: GMI5706
Published Date: May 2023
Report Format: PDF

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Wind Turbine Forging Market Size

Wind Turbine Forging Market size surpassed USD 7.7 billion in 2022 and is anticipated to register 7.1% CAGR from 2023 to 2032. The demand for offshore wind energy cost reductions, targets for net zero emissions by 2050, and the exceptional increase in wind capacity are the factors driving industry growth. The sector will grow in the next few years due to the increasing wind turbine installations in North America and Asia Pacific.

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The International Energy Agency (IEA) reported that the global wind electricity generation experienced the fastest growth rate of any renewable energy technology in 2022 compared to 2021 with a 55% increase. The increasing awareness regarding electricity generation from wind turbines will create a demand for wind turbine. The growing wind turbine production will positively impact the wind turbine forging market.

Wind Turbine Forging Market Report Attributes
Report Attribute	Details
Base Year:	2022
Wind Turbine Forging Market Size in 2022:	USD 7.7 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	7.1%
2032 Value Projection:	USD 15.4 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	122
Segments covered:	Type, Component and Region
Growth Drivers:	High demand for high performance wind turbine parts Growing use of wind turbine for clean energy production
Pitfalls & Challenges:	High installation cost of wind turbine

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Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of wind turbine forging exceeded USD 7.7 billion in 2022 and is expected to witness 7.1% CAGR during 2023 to 2032 due to the surging need for offshore wind energy cost reductions.

The flanges component type in wind turbine forging industry will gain significnat traction between 2023 and 2032 owing to rising usage for connecting specialty products, valves, and fittings.

Demand for wind turbine forging in the U.S. reached USD 700 million in 2022 and will expand through 2023 driven by the increasing number of product launches, partnerships, mergers, and collaborations in the country.

Some of the leading wind turbine forging industry players include A. Finkl & Sons Steel, Bharat Forge Limited, CIE Automotive, S.A., Farinia Group, GKN Aerospace (Melrose Industries), Iraeta Energy Equipment Co., Ltd., Nippon Steel Corporation.