Global Wind Turbine Components Market
Wind energy is gaining priority over fossil fuels in the power mix of both developed and developing nations as it is capable of addressing power requirements of nations in an environmentally sustainable way. The global wind turbine components market is anticipated to witness a positive growth with the ever increasing demand for electricity and power.
Some of the key wind turbine components are rotor blade, tower, generator, gear box, and others. Rotor blade is the most expensive component in a wind turbine as it directly affects the efficiency of the turbine. The tower of a wind turbine is crucial in determining additional power production. The turbine tower designs have witnessed various technological advancements on the basis of size and type such as concrete, tubular, lattice, and guyed pole.
Global Wind Turbine Components Market: Overview
The growing concern for the environment is one of the primary factors driving the growth of the global wind turbine components market. Combustion of fossil fuels for power generation leads to emission of carbon dioxide, which in turn contributes to global warming. Presently, the energy sector accounts for about 40% of overall carbon dioxide emissions. Hence, a number of countries are encouraging the usage of renewable energy sources for power generation.
Wind power generation offers a number of benefits such as low air pollution and no water consumption. Wind energy is also the cheapest source of power generation. Furthermore, a wind turbine can operate efficiently for around 20 years without releasing any harmful emissions. These factors make wind energy an ideal and environmentally sustainable alternative for fossil fuel. The shifting focus on wind energy has propelled the growth of the global wind turbine components market.
Extensive research and development activities are expected to support the growth of the global wind turbine components market in the near future. The growing urgency to adopt eco-friendly technologies has led governments as well as private players to invest heavily in research and development of wind turbine components.
Innovative technologies such as 3D printing are anticipated to transform the manufacturing of wind turbine components. The 3D printing process is being applied to create wind turbine blade molds. Blades are one of the most expensive components of a wind turbine. The current processes implemented to manufacture these blades are time-consuming and energy-intensive. Applying 3D printing to the mold process will significantly lower down the cost and amount of time required for manufacturing rotor blades.
Global Wind Turbine Components Market: Region-wise Outlook
The global wind turbine components market has been segmented into four key regions: North America, Asia Pacific, Europe, and Rest of the World. Developed nations in Europe and North America have contributed significantly towards the growth of the global wind turbine components market. In Europe, countries such as Austria, Germany, Norway, Sweden, Denmark, and Portugal are making efforts to rely largely on renewable sources of energy. In 2015, Denmark was able to produce around 140% of its domestic electric needs from wind turbines. In Asia Pacific, countries such as India hold immense potential for the growth of the wind turbine components market. The coastal regions of India can harness a large amount of wind energy to meet power requirements.
Global Wind Turbine Components Market: Vendor Landscape
Some of the key players operating in the global wind turbine components market are Siemens, Vestas, Suzlon Energy, Goldwind, and GE Renewable Energy. The market players are focusing on introducing innovative wind turbine components. Reducing the weight of rotor blades and increasing the height of wind turbine tower increase the efficiency of wind turbines. The key vendors are investing largely on such aspects of wind turbine. For example, Siemens has manufactured a rotor blade made up of balsa wood and glass fiber-reinforced epoxy resin. As these blades do not have adhesives or glued joins, the overall weight of these blades is reduced significantly.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.