North America Wind Turbine Components Market

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2028

Analysis – by Component (Rotor Blade, Nacelle, Gearbox, Generator, Tower, and Pitch System)


No. of Pages: 138    |    Report Code: BMIRE00028044    |    Category: Energy and Power

North America Wind Turbine Components Market
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The North America wind turbine components market is expected to grow from US$ 19,633.17 million in 2022 to US$ 22,574.96 million by 2028. It is estimated to grow at a CAGR of 2.4% from 2022 to 2028.

 

Rising Number of Wind Farms is fueling the growth of North America wind turbine components market

 

There is an increase in demand for a clean energy source as it eliminates greenhouse gases, reduces dependence on imported fuels, and diversifies the energy supply. This is fueling government investments in the construction of wind farms across the region. In 2021, ~10 largest 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). To achieve the target of Net Zero Emissions by 2050, significant investments are made 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, catalyzing the growth of North America wind turbine components market.

 

North America Wind Turbine Components Market Overview

 

The North America wind turbine components market is sub segmented into the US, Canada, and Mexico. Owing to stringent government regulations, increase in investment in wind power projects, favorable policies, and reduced cost of wind energy, the wind industry across the region is expected to register remarkable growth. With the growing consumer awareness of climate change and the role of renewable energy, the demand for wind turbines is expected to increase in North America. In 2020, US wind energy grew at a record pace, representing the largest source of new additions to the US electric-generating capacity. Wind provides ~10% of electricity in 16 states of the US and over 30% in Kansas, Oklahoma, Iowa, South Dakota, and North Dakota. In addition, the improvements in the cost and performance of wind energy technologies, coupled with the Production Tax Credit, have accelerated the addition of wind energy capacity.

Moreover, in 2021, a surge in pipeline projects for installing wind energy projects was witnessed in the US owing to declining offshore wind prices, state-level commitments, and federal action. Furthermore, 15 offshore wind turbine projects in the US have reached the permitting phase, and 8 states have set offshore wind energy procurement goals of 39,298 MW by 2040. The Departments of Energy, Interior and Commerce, US have also planned to expand offshore wind capacity to 30 GW by 2030 through significant government investments.

North America Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)

North America Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
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North America Wind Turbine Components Strategic Insights

Strategic insights for the North America Wind Turbine Components provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

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North America Wind Turbine Components Report Scope

Report Attribute Details
Market size in 2022 US$ 19,633.17 Million
Market Size by 2028 US$ 22,574.96 Million
Global CAGR (2022 - 2028) 2.4%
Historical Data 2020-2021
Forecast period 2023-2028
Segments Covered By Component
  • Rotor Blade
  • Nacelle
  • Gearbox
  • Generator
  • Tower
  • Pitch System
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Market leaders and key company profiles
  • Flender International GmbH
  • GRI Renewable Industries SL
  • LM Wind Power AS
  • Marmen Inc
  • Siemens Gamesa Renewable Energy SA
  • The Timken Company
  • TPI Composites Inc
  • Valmont Industries Inc
  • Vestas Wind Systems AS
  • ZF Friedrichshafen AG
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    North America Wind Turbine Components Regional Insights

    The geographic scope of the North America Wind Turbine Components refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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    North America Wind Turbine Components Market Segmentation

     

    The North America wind turbine components market is segmented into component and country. Based on component, the North America wind turbine components market is segmented into rotor blade, nacelle, gearbox, generator, tower, and pitch system. The tower segment registered the largest market share in 2022.

     

    Based on country, the North America wind turbine components market is segmented into US, Canada, and Mexico. US dominated the market share in 2022.

     

    Flender International GmbH, GRI Renewable Industries SL, LM Wind Power AS, Marmen Inc, Siemens Gamesa Renewable Energy SA, The Timken Company, TPI Composites Inc, Valmont Industries Inc, Vestas Wind Systems AS, and ZF Friedrichshafen AG are the leading companies operating in the North America wind turbine components market.

    The List of Companies - North America Wind Turbine Components Market

    1. Flender International GmbH
    2. GRI Renewable Industries SL
    3. LM Wind Power AS
    4. Marmen Inc
    5. Siemens Gamesa Renewable Energy SA
    6. The Timken Company
    7. TPI Composites Inc
    8. Valmont Industries Inc
    9. Vestas Wind Systems AS
    10. ZF Friedrichshafen AG
    Frequently Asked Questions
    How big is the North America Wind Turbine Components Market?

    The North America Wind Turbine Components Market is valued at US$ 19,633.17 Million in 2022, it is projected to reach US$ 22,574.96 Million by 2028.

    What is the CAGR for North America Wind Turbine Components Market by (2022 - 2028)?

    As per our report North America Wind Turbine Components Market, the market size is valued at US$ 19,633.17 Million in 2022, projecting it to reach US$ 22,574.96 Million by 2028. This translates to a CAGR of approximately 2.4% during the forecast period.

    What segments are covered in this report?

    The North America Wind Turbine Components Market report typically cover these key segments-

    • Component (Rotor Blade, Nacelle, Gearbox, Generator, Tower, Pitch System)

    What is the historic period, base year, and forecast period taken for North America Wind Turbine Components Market?

    The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Wind Turbine Components Market report:

  • Historic Period : 2020-2021
  • Base Year : 2022
  • Forecast Period : 2023-2028
  • Who are the major players in North America Wind Turbine Components Market?

    The North America Wind Turbine Components Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:

  • Flender International GmbH
  • GRI Renewable Industries SL
  • LM Wind Power AS
  • Marmen Inc
  • Siemens Gamesa Renewable Energy SA
  • The Timken Company
  • TPI Composites Inc
  • Valmont Industries Inc
  • Vestas Wind Systems AS
  • ZF Friedrichshafen AG
  • Who should buy this report?

    The North America Wind Turbine Components Market report is valuable for diverse stakeholders, including:

    • Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
    • Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
    • Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
    • Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
    • Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.

    Essentially, anyone involved in or considering involvement in the North America Wind Turbine Components Market value chain can benefit from the information contained in a comprehensive market report.

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