The Asia Pacific wind turbine forging market is expected to grow from US$ 3,795.16 million in 2022 to US$ 6,204.06 million by 2028. It is estimated to grow at a CAGR of 8.5% from 2022 to 2028.
Rising Government Initiatives to Reduce CO2 Emission and Carbon Footprint is Driving Asia Pacific Wind Turbine Forging Market
Governments of various countries are concerned about the adverse impacts of a surge in CO2 emissions and carbon footprints across the globe. As a result, they are leveraging the benefits of wind energy to reduce global warming and air pollution. The wind power has the potential to enable a sustainable future, and with the rising demand for energy, 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 also 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 harnessing the potential of offshore wind energy along India’s coastlines. The Ministry of New and Renewable Energy is focused on the installation of 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 for achieving better grid stability and reduction of carbon emissions. Offshore wind turbine addresses climate change by generating near limitless clean energy burning fossil fuels. The utilization of wind energy helps reduce air pollution. The rising risks of climate change have led to the expansion of wind turbine deployment to reduce carbon footprints. Wind energy capacity is witnessing a significant surge across the, owing to the use of highly engineered parts that provide the highest levels of efficiency during the manufacturing processes. As a result, the growing demand for wind energy to support sustainable development by decreasing CO2 emissions is propelling the wind turbine forging market growth. Such factors are driving the growth of the Asia Pacific wind turbine forging market .Asia Pacific Wind Turbine Forging Market Overview
Asia Pacific is expected to lead the global wind turbine market in the coming years. According to industry experts, the region will account for an increased annual wind turbine installation capacity of by 2023. Increased onshore deployment, growing needs to address electricity demand, supportive government policies, feed-in tariffs (FiTs), and financial incentives are bolstering the Asia Pacific wind turbine market growth. In addition to high-capacity wind turbine installations, Asia Pacific is witnessing rapid industrialization, manufacturing automation, and advanced metal forging techniques, including complex metal forging and shaping components. The Ministry of Heavy Industries & Public Enterprises in India is supporting the use of metal forging as a key contributor to the overall manufacturing sector, thereby creating a demand for the forged product in the region. Such factors are promoting the growth of the Asia Pacific wind turbine forging market.Asia Pacific Wind Turbine Forging Market Segmentation
The Asia Pacific wind turbine forging market is segmented into type, component, and country.- Based on type, the Asia Pacific wind turbine forging market is bifurcated into seamless rolled ring and open die forging. The open die forging segment registered the largest market share in 2022.
- Based on component, the Asia Pacific wind turbine forging market is segmented into flanges, blades, bearings, gears, shafts, and others. The flanges segment held the largest market share in 2022.
- Based on country, the Asia Pacific wind turbine forging market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market share in 2022.
Table of Contents
1. Introduction1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 APAC Wind Turbine Forging Market - By Type
1.3.2 APAC Wind Turbine Forging Market - By Component
1.3.3 APAC Wind Turbine Forging Market - By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Wind Turbine Forging Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. APAC Wind Turbine Forging Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Demand for High-Performance Wind Turbine Parts
5.1.2 Rising Government Initiatives to Reduce CO2 Emission and Carbon Footprint
5.2 Market Restraints
5.2.1 High Initial Costs of Metal Forging
5.3 Market Opportunities
5.3.1 Rising Installations of High-capacity Wind Turbines
5.4 Future Trends
5.4.1 Advent of Computer-Aided Engineering in Wind Turbine Forging
5.5 Impact Analysis of Drivers and Restraints
6. Wind Turbine Forging Market - APAC Market Analysis
6.1 APAC Wind Turbine Forging Market Overview
6.2 APAC Wind Turbine Forging Market Forecast and Analysis
7. APAC Wind Turbine Forging Market - by Type
7.1 Overview
7.2 APAC Wind Turbine Forging Market, By Type (2021 and 2028)
7.3 Seamless Rolled Ring
7.3.1 Overview
7.3.2 Seamless Rolled Ring: APAC Wind Turbine Forging Market Revenue and Forecast To 2028 (US$ Million)
7.4 Open Die Forging
7.4.1 Overview
7.4.2 Open Die Forging: APAC Wind Turbine Forging Market Revenue and Forecast To 2028 (US$ Million)
8. APAC Wind Turbine Forging Market - by Component
8.1 Overview
8.2 APAC Wind Turbine Forging Market, By Component (2021 and 2028)
8.3 Flanges
8.3.1 Overview
8.3.2 Flanges: APAC Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Blades
8.4.1 Overview
8.4.2 Blades: APAC Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Bearings
8.5.1 Overview
8.5.2 Bearings: APAC Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
8.6 Gears
8.6.1 Overview
8.6.2 Gears: APAC Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
8.7 Shafts
8.7.1 Shafts: APAC Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
8.8 Others
8.8.1 Others: APAC Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
9. APAC Wind Turbine Forging Market - Country Analysis
9.1 Overview
9.1.1 APAC: Wind Turbine Forging Market, by Key Country
9.1.1.1 China: Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 China: Wind Turbine Forging Market, By Type
9.1.1.1.2 China: Wind Turbine Forging Market, By Component
9.1.1.1.3 Japan: Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.4 Japan: Wind Turbine Forging Market, By Type
9.1.1.1.5 Japan: Wind Turbine Forging Market, By Component
9.1.1.2 India: Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 India: Wind Turbine Forging Market, By Type
9.1.1.2.2 India: Wind Turbine Forging Market, By Component
9.1.1.3 South Korea: Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 South Korea: Wind Turbine Forging Market, By Type
9.1.1.3.2 South Korea: Wind Turbine Forging Market, By Component
9.1.1.4 Australia: Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Australia: Wind Turbine Forging Market, By Type
9.1.1.4.2 Australia: Wind Turbine Forging Market, By Component
9.1.1.5 Rest of APAC: Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 Rest of APAC: Wind Turbine Forging Market, By Type
9.1.1.5.2 Rest of APAC: Wind Turbine Forging Market, By Component
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
11. Company Profiles
11.1 Scot Forge Co
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Frisa Industrias SA de CV
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Iraeta Energy Equipment Co Ltd
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 ULMA Forja S Coop
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Celsa Armeringsstal AS
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Bharat Forge Ltd
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Specialty Ring Products Inc
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Tongyu Heavy Industry Co Ltd
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Bruck GmbH
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Gerdau Summit Aços Fundidos e Forjados SA
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About the Publisher
12.2 Glossary
Table 1. APAC Wind Turbine Forging Market, Revenue and Forecast, 2019-2028 (US$ Mn)
Table 2. China: Wind Turbine Forging Market, By Type -Revenue and Forecast to 2028 (US$ Million)
Table 3. China: Wind Turbine Forging Market, By Component -Revenue and Forecast to 2028 (US$ Million)
Table 4. Japan: Wind Turbine Forging Market, By Type -Revenue and Forecast to 2028 (US$ Million)
Table 5. Japan: Wind Turbine Forging Market, By Component -Revenue and Forecast to 2028 (US$ Million)
Table 6. India: Wind Turbine Forging Market, By Type -Revenue and Forecast to 2028 (US$ Million)
Table 7. India: Wind Turbine Forging Market, By Component -Revenue and Forecast to 2028 (US$ Million)
Table 8. South Korea: Wind Turbine Forging Market, By Type -Revenue and Forecast to 2028 (US$ Million)
Table 9. South Korea: Wind Turbine Forging Market, By Component -Revenue and Forecast to 2028 (US$ Million)
Table 10. Australia: Wind Turbine Forging Market, By Type -Revenue and Forecast to 2028 (US$ Million)
Table 11. Australia: Wind Turbine Forging Market, By Component -Revenue and Forecast to 2028 (US$ Million)
Table 12. Rest of APAC: Wind Turbine Forging Market, By Type -Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of APAC: Wind Turbine Forging Market, By Component -Revenue and Forecast to 2028 (US$ Million)
Table 14. Glossary of Terms, APAC Wind Turbine Forging Market
Figure 1. APAC Wind Turbine Forging Market Segmentation
Figure 2. APAC Wind Turbine Forging Market Segmentation - Country
Figure 3. APAC Wind Turbine Forging Market Overview
Figure 4. APAC Wind Turbine Forging Market, By Component
Figure 5. APAC Wind Turbine Forging Market, By Country
Figure 6. APAC: PEST Analysis
Figure 7. APAC Wind Turbine Forging Market Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. APAC Wind Turbine Forging Market Impact Analysis of Drivers and Restraints
Figure 10. APAC Wind Turbine Forging Market, Forecast and Analysis (US$ Mn)
Figure 11. APAC Wind Turbine Forging Market, By Type (2021 and 2028)
Figure 12. Seamless Rolled Ring: APAC Wind Turbine Forging Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. Open Die Forging: APAC Wind Turbine Forging Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Wind Turbine Forging Market, By Component (2021 and 2028)
Figure 15. Flanges: APAC Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. Blades: APAC Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
Figure 17. Bearings: APAC Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
Figure 18. Gears: APAC Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
Figure 19. Shafts: APAC Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. Others: APAC Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. APAC: Wind Turbine Forging Market - Revenue (2021) (US$ Million)
Figure 22. APAC: Wind Turbine Forging Market Revenue Share, by Key Country (2021 and 2028)
Figure 23. China: Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
Figure 24. Japan: Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
Figure 25. India: Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
Figure 26. South Korea: Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
Figure 27. Australia: Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
Figure 28. Rest of APAC: Wind Turbine Forging Market - Revenue and Forecast to 2028 (US$ Million)
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Bharat Forge Ltd
- Bruck GmbH
- Celsa Armeringsstal AS
- Frisa Industrias SA de CV
- Gerdau Summit Aços Fundidos e Forjados SA
- Iraeta Energy Equipment Co Ltd
- Scot Forge Co
- Specialty Ring Products Inc
- Tongyu Heavy Industry Co Ltd
- ULMA Forja S Coop
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 106 |
| Published | January 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 3795.16 Million |
| Forecasted Market Value ( USD | $ 6204.06 Million |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Asia Pacific |
