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Asia-Pacific Wind Turbine Components Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Rotor Blade, Nacelle, Gearbox, Generator, Tower, and Pitch System)
Market Report I 2023-02-10 I 147 Pages I The Insight Partners
The Asia-Pacific wind turbine components market is expected to grow from US$ 61,255.11 million in 2022 to US$ 79,217.58 million by 2028. It is estimated to grow at a CAGR of 4.4% from 2022 to 2028.
Growing Government Initiatives to Promote Wind Energy is fueling the growth of Asia-Pacific wind turbine components market
The rise in demand for renewable energy and its advantages in protecting the environment are expected to promote wind energy projects across the region. Hence, governments of various countries are supporting the construction of wind energy projects in terms of policies and investments. For instance, the government of India is providing various financial incentives such as concessional custom duty exemption and accelerated depreciation benefits on the components of electric wind generators, which is further promoting wind power projects in the country. In addition, in January 2022, the People's Bank of China (PBOC) announced providing low-cost loans to fund decarbonization activities. Also, the current policy initiatives of Beijing are focusing on tax advantage and low-interest loans to companies developing low-carbon projects, power market reforms, and grid enhancement. This will further push the component manufacturers to produce more efficient components to cater to the growing market demand, thus, creating a lucrative opportunity for the Asia-Pacific wind turbine components market players.
Asia-Pacific Wind Turbine Components Market Overview
The Asia Pacific wind turbine market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Asia Pacific is one of the leading regions in the wind turbine components market owing to favorable government policies, a rise in investment in wind energy projects, and reduced cost of wind energy. Countries such as India, China, and Japan are the dominating countries holding a large portion of the market share, which is further expected to increase during the forecast period. In Asia Pacific, China dominates the wind energy market and is the largest onshore market, with 21.2 GW of new capacity additions. In addition, the supportive government policies and incentives made China a favorable hotspot for investment. Also, according to the Global Wind Energy Council (GWEC) report, Asia Pacific is set to become a leader in offshore wind, with a growth in its share from 24% in 2019 to 42% by 2025. According to the Wood Makenzie projections, Asia-Pacific will add 122 GW of new wind capacity by 2030, surpassing Europe and the US's estimated new capacity. As per the report, Taiwan, South Korea, Japan, Vietnam, and India will rank among the world's top 20 largest offshore wind markets, with a combined new capacity of 29 GW from 2021 to 2030. Wind power currently accounts for 10% of Asia-Pacific's power capacity mix, coal accounts for 45%, and petrol contributes 12%. This is expected to change in 2050, as the shares of wind and solar will account for 50% of the region's power capacity.
Asia-Pacific Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Asia-Pacific Wind Turbine Components Market Segmentation
The Asia-Pacific wind turbine components market is segmented into component and country. Based on component, the Asia-Pacific 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 Asia-Pacific wind turbine components market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia-Pacific. China dominated the market share in 2022.
Flender International GmbH, GRI Renewable Industries SL, LM Wind Power AS, 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 Asia-Pacific wind turbine components market.
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners 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. APAC Wind Turbine Components Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. APAC 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 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
6. Wind Turbine Components Market - APAC Market Analysis
6.1 APAC Wind Turbine Components Market Overview
6.2 APAC Wind Turbine Components Market Forecast and Analysis
7. APAC Wind Turbine Components Market Revenue and Forecast to 2028 - Component
7.1 Overview
7.2 APAC Wind Turbine Components Market, By Component (2021 & 2028)
7.3 Rotor Blade
7.3.1 Overview
7.3.2 Rotor Blade: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.3.3 Below 40m
7.3.3.1 Overview
7.3.3.2 Below 40m: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.3.4m to 60m
7.3.4.1 Overview
7.3.4.2m to 60m: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.3.5m to 70m
7.3.5.1 Overview
7.3.5.2m to 70m: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.3.6 Above 70m
7.3.6.1 Overview
7.3.6.2 Above 70m: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.4 Nacelle
7.4.1 Overview
7.4.2 Nacelle: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.5 Gearbox
7.5.1 Overview
7.5.2 Gearbox: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.5.3 Planetary Gearbox
7.5.3.1 Overview
7.5.3.2 Planetary Gearbox: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.5.4 Spur Gearbox
7.5.4.1 Overview
7.5.4.2 Spur Gearbox: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.5.5 Others
7.5.5.1 Overview
7.5.5.2 Others: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.6 Generator
7.6.1 Overview
7.6.2 Generator: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.6.3 Direct Current
7.6.3.1 Overview
7.6.3.2 Direct Current: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.6.4 AC Synchronous
7.6.4.1 Overview
7.6.4.2 AC Synchronous: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.7 Tower
7.7.1 Overview
7.7.2 Tower: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.7.3 Tubular Steel Towers
7.7.3.1 Overview
7.7.3.2 Tubular Steel Towers: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.7.4 Lattice Towers
7.7.4.1 Overview
7.7.4.2 Lattice Towers: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.7.5 Hybrid Towers
7.7.5.1 Overview
7.7.5.2 Hybrid Towers: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
7.8 Pitch System
7.8.1 Overview
7.8.2 Pitch System: Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
8. APAC Wind Turbine Components Market - Country Analysis
8.1 Overview
8.1.1 Asia Pacific: Wind Turbine Components Market, by Key Country
8.1.1.1 Australia: Wind Turbine Components Market - Revenue and Forecast to 2028 (US$ Million)
8.1.1.1.1 Australia: Wind Turbine Components Market, by Component
8.1.1.1.1.1 Australia: Wind Turbine Components Market, by Rotor Blades
8.1.1.1.1.2 Australia: Wind Turbine Components Market, by Gearbox
8.1.1.1.1.3 Australia: Wind Turbine Components Market, by Generator
8.1.1.1.1.4 Australia: Wind Turbine Components Market, by Tower
8.1.1.2 China: Wind Turbine Components Market - Revenue and Forecast to 2028 (US$ Million)
8.1.1.2.1 China: Wind Turbine Components Market, by Component
8.1.1.2.1.1 China: Wind Turbine Components Market, by Rotor Blades
8.1.1.2.1.2 China: Wind Turbine Components Market, by Gearbox
8.1.1.2.1.3 China: Wind Turbine Components Market, by Generator
8.1.1.2.1.4 China: Wind Turbine Components Market, by Tower
8.1.1.3 India: Wind Turbine Components Market - Revenue and Forecast to 2028 (US$ Million)
8.1.1.3.1 India: Wind Turbine Components Market, by Component
8.1.1.3.1.1 India: Wind Turbine Components Market, by Rotor Blades
8.1.1.3.1.2 India: Wind Turbine Components Market, by Gearbox
8.1.1.3.1.3 India: Wind Turbine Components Market, by Generator
8.1.1.3.1.4 India: Wind Turbine Components Market, by Tower
8.1.1.4 Japan: Wind Turbine Components Market - Revenue and Forecast to 2028 (US$ Million)
8.1.1.4.1 Japan: Wind Turbine Components Market, by Component
8.1.1.4.1.1 Japan: Wind Turbine Components Market, by Rotor Blades
8.1.1.4.1.2 Japan: Wind Turbine Components Market, by Gearbox
8.1.1.4.1.3 Japan: Wind Turbine Components Market, by Generator
8.1.1.4.1.4 Japan: Wind Turbine Components Market, by Tower
8.1.1.5 South Korea: Wind Turbine Components Market - Revenue and Forecast to 2028 (US$ Million)
8.1.1.5.1 South Korea: Wind Turbine Components Market, by Component
8.1.1.5.1.1 South Korea: Wind Turbine Components Market, by Rotor Blades
8.1.1.5.1.2 South Korea: Wind Turbine Components Market, by Gearbox
8.1.1.5.1.3 South Korea: Wind Turbine Components Market, by Generator
8.1.1.5.1.4 South Korea: Wind Turbine Components Market, by Tower
8.1.1.6 Rest of APAC: Wind Turbine Components Market - Revenue and Forecast to 2028 (US$ Million)
8.1.1.6.1 Rest of APAC: Wind Turbine Components Market, by Component
8.1.1.6.1.1 Rest of APAC: Wind Turbine Components Market, by Rotor Blades
8.1.1.6.1.2 Rest of APAC: Wind Turbine Components Market, by Gearbox
8.1.1.6.1.3 Rest of APAC: Wind Turbine Components Market, by Generator
8.1.1.6.1.4 Rest of APAC: Wind Turbine Components Market, by Tower
9. Industry Landscape
9.1 Overview
9.2 Market Initiative
9.3 New Product Development
9.4 Merger and Acquisition
10. Company Profiles
10.1 Siemens Gamesa Renewable Energy SA
10.1.1 Key Facts
10.1.2 Business Description
10.1.3 Products and Services
10.1.4 Financial Overview
10.1.5 SWOT Analysis
10.1.6 Key Developments
10.2 Vestas Wind Systems AS
10.2.1 Key Facts
10.2.2 Business Description
10.2.3 Products and Services
10.2.4 Financial Overview
10.2.5 SWOT Analysis
10.2.6 Key Developments
10.3 TPI Composites Inc
10.3.1 Key Facts
10.3.2 Business Description
10.3.3 Products and Services
10.3.4 Financial Overview
10.3.5 SWOT Analysis
10.3.6 Key Developments
10.4 GRI Renewable Industries SL
10.4.1 Key Facts
10.4.2 Business Description
10.4.3 Products and Services
10.4.4 Financial Overview
10.4.5 SWOT Analysis
10.4.6 Key Developments
10.5 Valmont Industries Inc
10.5.1 Key Facts
10.5.2 Business Description
10.5.3 Products and Services
10.5.4 Financial Overview
10.5.5 SWOT Analysis
10.5.6 Key Developments
10.6 LM Wind Power AS
10.6.1 Key Facts
10.6.2 Business Description
10.6.3 Products and Services
10.6.4 Financial Overview
10.6.5 SWOT Analysis
10.6.6 Key Developments
10.7 The Timken Company
10.7.1 Key Facts
10.7.2 Business Description
10.7.3 Products and Services
10.7.4 Financial Overview
10.7.5 SWOT Analysis
10.7.6 Key Developments
10.8 ZF Friedrichshafen AG
10.8.1 Key Facts
10.8.2 Business Description
10.8.3 Products and Services
10.8.4 Financial Overview
10.8.5 SWOT Analysis
10.8.6 Key Developments
10.9 Flender International GmbH
10.9.1 Key Facts
10.9.2 Business Description
10.9.3 Products and Services
10.9.4 Financial Overview
10.9.5 SWOT Analysis
10.9.6 Key Developments
11. Appendix
11.1 About The Insight Partners
11.2 Glossary
LIST OF TABLES
Table 1. APAC Wind Turbine Components Market, Revenue and Forecast, 2019-2028 (US$ Mn)
Table 2. Australia: Wind Turbine Components Market, by Component - Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Wind Turbine Components Market, by Rotor Blades- Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Wind Turbine Components Market, by Gearbox- Revenue and Forecast to 2028 (US$ Million)
Table 5. Australia: Wind Turbine Components Market, by Generator- Revenue and Forecast to 2028 (US$ Million)
Table 6. Australia: Wind Turbine Components Market, by Tower- Revenue and Forecast to 2028 (US$ Million)
Table 7. China: Wind Turbine Components Market, by Component - Revenue and Forecast to 2028 (US$ Million)
Table 8. China: Wind Turbine Components Market, by Rotor Blades- Revenue and Forecast to 2028 (US$ Million)
Table 9. China: Wind Turbine Components Market, by Gearbox- Revenue and Forecast to 2028 (US$ Million)
Table 10. China: Wind Turbine Components Market, by Generator- Revenue and Forecast to 2028 (US$ Million)
Table 11. China: Wind Turbine Components Market, by Tower- Revenue and Forecast to 2028 (US$ Million)
Table 12. India: Wind Turbine Components Market, by Component - Revenue and Forecast to 2028 (US$ Million)
Table 13. India: Wind Turbine Components Market, by Rotor Blades- Revenue and Forecast to 2028 (US$ Million)
Table 14. India: Wind Turbine Components Market, by Gearbox- Revenue and Forecast to 2028 (US$ Million)
Table 15. India: Wind Turbine Components Market, by Generator- Revenue and Forecast to 2028 (US$ Million)
Table 16. India: Wind Turbine Components Market, by Tower- Revenue and Forecast to 2028 (US$ Million)
Table 17. Japan: Wind Turbine Components Market, by Component - Revenue and Forecast to 2028 (US$ Million)
Table 18. Japan: Wind Turbine Components Market, by Rotor Blades- Revenue and Forecast to 2028 (US$ Million)
Table 19. Japan: Wind Turbine Components Market, by Gearbox- Revenue and Forecast to 2028 (US$ Million)
Table 20. Japan: Wind Turbine Components Market, by Generator- Revenue and Forecast to 2028 (US$ Million)
Table 21. Japan: Wind Turbine Components Market, by Tower- Revenue and Forecast to 2028 (US$ Million)
Table 22. South Korea: Wind Turbine Components Market, by Component - Revenue and Forecast to 2028 (US$ Million)
Table 23. South Korea: Wind Turbine Components Market, by Rotor Blades- Revenue and Forecast to 2028 (US$ Million)
Table 24. South Korea: Wind Turbine Components Market, by Gearbox- Revenue and Forecast to 2028 (US$ Million)
Table 25. South Korea: Wind Turbine Components Market, by Generator- Revenue and Forecast to 2028 (US$ Million)
Table 26. South Korea: Wind Turbine Components Market, by Tower- Revenue and Forecast to 2028 (US$ Million)
Table 27. Rest of APAC: Wind Turbine Components Market, by Component - Revenue and Forecast to 2028 (US$ Million)
Table 28. Rest of APAC: Wind Turbine Components Market, by Rotor Blades- Revenue and Forecast to 2028 (US$ Million)
Table 29. Rest of APAC: Wind Turbine Components Market, by Gearbox- Revenue and Forecast to 2028 (US$ Million)
Table 30. Rest of APAC: Wind Turbine Components Market, by Generator- Revenue and Forecast to 2028 (US$ Million)
Table 31. Rest of APAC: Wind Turbine Components Market, by Tower- Revenue and Forecast to 2028 (US$ Million)
Table 32. Glossary of Terms, APAC Wind Turbine Components Market
LIST OF FIGURES
Figure 1. APAC Wind Turbine Components Market Segmentation
Figure 2. APAC Wind Turbine Components Market Segmentation - by Country
Figure 3. APAC Wind Turbine Components Market Overview
Figure 4. APAC Wind Turbine Components Market, by Component
Figure 5. APAC Wind Turbine Components Market, by Country
Figure 6. Asia Pacific: PEST Analysis
Figure 7. Wind Turbine Components Market- Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. APAC Wind Turbine Components Market: Impact Analysis of Drivers and Restraints
Figure 10. APAC Wind Turbine Components Market, Forecast and Analysis (US$ Mn)
Figure 11. APAC Wind Turbine Components Market, By Component (2021 & 2028)
Figure 12. Rotor Blade: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. Below 40m: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 14.m to 60m: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 15.m to 70m: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. Above 70m: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. Nacelle: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Gearbox: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Planetary Gearbox: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Spur Gearbox: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Others: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. Generator: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. Direct Current: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. AC Synchronous: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 25. Tower: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 26. Tubular Steel Towers: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 27. Lattice Towers: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 28. Hybrid Towers: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 29. Pitch System: APAC Wind Turbine Components Market Revenue and Forecast to 2028 (US$ Million)
Figure 30. APAC: Wind Turbine Components Market, by Key Country - Revenue (2021) (US$ Million)
Figure 31. Asia Pacific: Wind Turbine Components Market Revenue Share, by Key Country (2021 & 2028)
Figure 32. Australia: Wind Turbine Components Market - Revenue and Forecast to 2028 (US$ Million)
Figure 33. China: Wind Turbine Components Market - Revenue and Forecast to 2028 (US$ Million)
Figure 34. India: Wind Turbine Components Market - Revenue and Forecast to 2028 (US$ Million)
Figure 35. Japan: Wind Turbine Components Market - Revenue and Forecast to 2028 (US$ Million)
Figure 36. South Korea: Wind Turbine Components Market - Revenue and Forecast to 2028 (US$ Million)
Figure 37. Rest of APAC: Wind Turbine Components Market - Revenue and Forecast to 2028 (US$ Million)
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