Wind Turbine Forging Market size was valued at USD 6.12 Billion in 2024 and is projected to reach USD 10.43 Billion by 2033, exhibiting a CAGR of 6.1% from 2026 to 2033.
In 2022, the global wind turbine forging market was valued at approximately USD 7.7 billion and is projected to grow at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2032. This growth is driven by the increasing demand for high performance wind turbine components and the global shift towards renewable energy sources. The expansion of offshore wind energy projects and the implementation of net zero emission targets by 2050 further contribute to the markets upward trajectory. Notably, the Asia Pacific region plays a significant role, with Chinas wind turbine forging market alone valued at USD 2,898.74 million in 2022, expected to reach USD 4,258.64 million by 2028, growing at a CAGR of 6.6% during the forecast period. Similarly, Indias market is experiencing robust growth due to supportive government policies and increased wind energy installations. Europe also presents substantial opportunities, with the market projected to grow from USD 1,420.93 million in 2022 to USD 2,216.05 million by 2028, at a CAGR of 7.7%. This growth is fueled by significant investments in offshore wind projects in countries like Germany and the UK, driven by stringent environmental regulations and commitments to renewable energy adoption. In North America, the U.S. wind turbine forging market reached a valuation of USD 700 million in 2022, with expectations of continued expansion due to favorable policies and the development of both onshore and offshore wind projects. The increasing adoption of advanced materials and forging techniques, along with the expansion of offshore wind capacity, presents further opportunities for market growth across these regions.
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Scot Forge
FRISA
Iraeta Energy Equipment
ULMA
CELSA
Bharat Forge
Specialty Ring Products
BRÃœCK
Gerdau Summit
Jinlei Technology
Tongyu Heavy Industry
Jianing Forge
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Wind Turbine Forging Market
Rotors
Dozens
Nacelles
Yaw Systems
Other Components
Steel Alloys
Aluminium Alloys
Composite Materials
Other Materials
Onshore Wind Turbines
Offshore Wind Turbines
Open Die Forging
Closed Die Forging
Roll Forging
Energy Providers
Construction Firms
Maintenance and Repair Services
Original Equipment Manufacturers (OEMs)
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Wind Turbine Forging Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Wind Turbine Forging Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Wind Turbine Forging Market, By Type
6. Global Wind Turbine Forging Market, By Application
7. Global Wind Turbine Forging Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Wind Turbine Forging Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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