Wind Turbine Forging Market Research Report and Outlook by 2028

The wind turbine forging sector is projected to expand from US$ 7,286.13 million in 2022 to US$ 11,154.14 million by 2028, reflecting a compound annual growth rate (CAGR) of 7.4% during this period.

The adoption of computer-aided engineering (CAE) in the forging process is accelerating. This manufacturing technique shapes components by applying impact loads to metal. The integration of CAE technology in forging has notably decreased lead times and minimized errors in production. Small and medium enterprises are increasingly utilizing CAE to assist in the forging of turbine blades. This technology offers a cost-effective solution that leads to fewer production failures, enhancing overall efficiency. CAE is particularly beneficial in the design and manufacturing of forged components for wind turbines. Various software applications are available to forecast load requirements, optimize die designs, and determine the best preform positions prior to forging. Additionally, specialized programs facilitate the numerical control machining of forged parts.

CAE is crucial for the advancement of the global wind energy industry, particularly in addressing challenging environmental conditions during the design phase. Advanced CAE software empowers engineers to tackle numerous obstacles related to securing turbine platforms before construction, thereby streamlining project timelines and ensuring the durability of these structures. This technology fosters innovative designs that enhance turbine efficiency and allows wind towers to adaptively capture wind at optimal angles for maximum energy generation. The incorporation of CAE technology in the manufacturing of forged wind turbine components boosts productivity and reduces costs, which is anticipated to drive the wind turbine forging market growth in the upcoming years.

The global wind turbine forging market is categorized by type and component. In terms of type, the market is divided into seamless rolled ring forging and open die forging. Regarding components, it includes flanges, blades, bearings, gears, shafts, and other parts.

Key players in the wind turbine forging market include 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 A?os Fundidos e Forjados SA. A comprehensive analysis of additional market participants was conducted to provide a well-rounded perspective of the wind turbine forging market and its ecosystem. The market size report offers in-depth insights that assist key players in formulating their growth strategies.

Impact of COVID-19 Pandemic on Wind Turbine Forging Market
The COVID-19 pandemic caused delays in numerous wind energy initiatives and projects, despite the significant advancements made in the sector prior to 2020. However, by the latter half of 2020, companies involved in the production of wind turbine forged materials and components resumed their normal manufacturing and sales operations. According to the Global Wind Energy Council, the global wind industry experienced a successful year in 2021, adding nearly 94 GW of capacity worldwide. Regions such as Europe, South America, and the Middle East & Africa set records for new onshore installations in 2021. Countries like the US, UK, Spain, China, and India led in capacity installations, with China contributing 80% of the global offshore wind energy capacity added that year. The global commitment to achieving net-zero emissions and the renewed focus on energy security are expected to increase the number of wind turbine installations, thereby driving demand for wind turbine forging.

In 2022, the European renewable energy sector is anticipated to grow significantly, with nations like Germany, Ireland, and Denmark generating 50% of their energy from wind sources. The rising energy demand in the region is rapidly escalating the need for wind turbines, presenting growth opportunities for players in the wind turbine forging market across Europe. The International Energy Agency (IEA) forecasts substantial growth in installed offshore wind capacity, driven by decreasing costs, supportive government policies, and technological advancements. In September 2021, General Electric partnered with Fraunhofer Institutes and Voxeljet AG to create the world?s largest sand binder jet 3D printer for wind turbine components, known as the Advance Casting Cell (ACC). This collaboration aims to develop a machine capable of printing molds for key turbine components measuring up to 9.5 meters in diameter and 4 meters in height. General Electric will provide the digital designs for the turbine parts, while Fraunhofer will focus on research and development, and Voxeljet will manage the design and mechanical development of the prototype printers. The integration of innovative technology for producing forged metal parts is expected to reduce costs and enhance the sustainability of the forging industry by minimizing its environmental footprint.

The overall size of the wind turbine forging market has been determined through both primary and secondary research methods. The analysis process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the wind turbine forging market. This approach also aims to provide an overview and forecast of market growth across all segments. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the data and gain further analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the market.