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)

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)

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.

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