December 12, 2022 09:51 ET | Source: The Insight Partners The Insight Partners
New York, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Wind Turbine Forging Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 – by Type (Seamless Rolled Ring and Open Die Forging), Component (Flanges, Blades, Bearings, Gears, Shafts, and Others), and Geography," the wind turbine forging market size is expected to grow from USD 7.28 Billion in 2022 to USD 11.15 Billion by 2028; it is estimated to grow at a CAGR of 7.4% from 2022 to 2028. Close Die Forging Shaft
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Global Wind Turbine Forging Market Report Scope, Segmentations, Regional & Country Scope:
Global Wind Turbine Forging Market: Competitive Landscape and Key Developments
Scot Forge Co; Frisa Industrias SA de CV; Iraeta Energy Equipment Co Ltd; ULMA Forja S Coop; Celsa Armeringsstal AS; Bharat Forge Ltd; Specialty Ring Products Inc; Bruck GmbH; Tongyu Heavy Industry Co., Ltd; and Gerdau Summit Aços Fundidos e Forjados SA are among the key market players profiled in the wind turbine forging market analysis. Several other essential wind turbine forging market players were analyzed for a holistic view of the market size and its ecosystem. The report provides detailed market insights, which can help major players strategize their market wind turbine forging market growth.
In 2022, FRISA, a Mexico-based manufacturer and a leading forging supplier for the wind energy industry, introduced its portfolio of seamless rolled rings and open die forgings that offer increased value and reliability to its customers in remote locations and harsh environments.
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Based on region, the wind turbine forging market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. According to the wind turbine forging market analysis, Asia Pacific is likely to witness the largest market growth during the forecast period. Based on geography, the APAC wind turbine forging market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. Due to the growing demand for energy across APAC, the regional government bodies have undertaken various policies to make themselves self-sufficient in the energy sector.
In Europe, wind energy is expected to grow as the future energy system during the forecast period, including a combination of renewables, nuclear, and abated fossil fuels. According to Industry Experts, wind energy is estimated to supply 50% of the region's energy demand by 2050. Hence, the demand for installing high-capacity wind turbines and upgrading the existing energy infrastructure has increased. Wind turbines, predominantly made of at least 70% steel, are Europe's high-energy industries, which have been growing rapidly. The majority of steel is currently produced using fossil fuel blast furnaces that rely on coal or fossil gas, which increases cost.
Governments of various countries are concerned about the adverse impacts of a surge in CO2 emissions and global carbon footprints. As a result, they are leveraging the benefits of wind energy to reduce global warming and air pollution. Wind power has the potential to enable a sustainable future. With the rising energy demand, the availability of greener energy is likely to become a critical prerequisite. The Government of India is boosting its green energy production capacity through high-capacity wind turbine installations as part of its commitment to the Green Energy Future. Furthermore, with the target of becoming a Net Zero Carbon Emitter by 2030, India is bolstering its lending capacity and commitment to help local authorities achieve the country's renewable energy targets of 450 GW. In addition, the Indian government's offshore Wind Energy Policy emphasizes on harnessing the potential of offshore wind energy along India's coastlines. The Ministry of New and Renewable Energy is focused on installing offshore wind turbines off the coast of Indian cities. In agreement with its wind-solar hybrid policy 2018, the ministry is also promoting the establishment of large grid-connected wind-solar hybrid projects to achieve better grid stability and reduce carbon emissions.
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Global Wind Turbine Forging Market: Component Overview
Based on type, the wind turbine forging market is segmented into seamless rolled ring and open die forging. Open die forging is a process that molds and forge the material into the desired shape, typically between flat-faced dies. Open die forging offers products in a vast range of shapes and sizes, and weights with optimum structural integrity, which is propelling the segment growth. Seamless rolled ring forging offers high strengthen components with the help of elevated temperature fluctuations. Also the seamless rolled ring forging is cost-effective and reliable process along with a better heat tolerance which is anticipated to propel the growth of this segment in the wind turbine forging market.
Asia Pacific is witnessing rapid growth in the installations of high-capacity wind turbines, which is supporting the growth of the wind turbine forging market. For instance, in October 2022, China rolled off the production of a 13.6 MW offshore wind turbine in Fujian Province, East China. The turbine is the largest single-unit wind capacity in Asia Pacific. The region is also witnessing a few major wind energy construction projects initiated in 2022, including the construction of a 5,230 MW integrated hybrid renewable energy project at Pinnapuram village in Andhra Pradesh, India and the construction of a 400 MW offshore wind farm in Yangjiang, Guangdong, China. The growing number of wind turbine construction projects is anticipated to boost the demand for forged components that are critical to the efficient operation of modern wind turbines, thereby propelling the wind turbine forging market growth in Asia Pacific. Further, the rising investments in wind energy and the production of related components is propelling the wind turbine forging market growth in the MEA region. Brazil is anticipated to lead in the South America wind turbine forging market on account of growing partnerships and acquisitions of small forged part suppliers by giant international players and the establishment of new manufacturing facilities.
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Automotive Forging Market– The automotive forging market is expanding has gained popularity since the inception of the technology, and the same is expanding at a healthy growth rate over the years. The key influential factor for automotive forging market is the increase in automotive production across the globe.
Forging Billets Market – Billets, also known as bar stock are semi-finished and small pieces of metals that are utilized in producing finished products. The billets are also used as feed stock or raw material in forging, rolling, extrusion, and other metal processing operations.
Closed Die Forging Market– Closed dye forging is type of forging method where dies move towards one another and cover the workpiece in parts and in whole. The heat raw material is approximately the size and shape of final forged material.
Forging Presses Market– Forging press machine is used in the process of shaping a metal that is placed between two dies by applying mechanical pressure. The mechanical forging press machine converts the rotation of the motor into linear motion of the ram.
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