Wind Turbine Forging Market Size, Share & Industry Analysis, By Component (Main Shaft, Flanges, Bearing Rings, Gear Blanks, Generator Shafts, and Others), By Turbine Type (Onshore Wind Turbines and Offshore Wind Turbines), By Application (Wind Turbine OEMs and Wind Farm Maintenance and Replacement), and Regional Forecast, 2026-2034

The global wind turbine forging market is witnessing moderate growth, with a value of USD 10.3 billion in 2025. The market is projected to grow to USD 19.28 billion by 2034, exhibiting a CAGR of 7.3% during the forecast period (2026-2034). As nations focus on boosting renewable energy capacity and reducing carbon emissions, the wind turbine forging market is expanding amid rising global deployment of wind energy projects. To withstand severe loads and harsh environmental conditions, wind turbines require robust forged components such as shafts, flanges, and bearing rings. Furthermore, the growing trend toward larger, more powerful wind turbines, notably in offshore wind farms, is increasing the need for robust forged components. The wind turbine forging industry is expanding due to rising investments in onshore and offshore wind power facilities and government funding for clean energy development.

In July 2025, the large forged flanges for a next-generation 25 MW offshore wind turbine project were made by the Chinese producer Iraeta Forgings. The need for large forged components in modern wind turbines is underscored by their use in the offshore turbine platform H305, which features components measuring about 12 meters in diameter and weighing over 13 tons.

Impact of AI on the Wind Turbine Forging Market

The impact of Artificial Intelligence (AI) on the wind turbine forging market is becoming increasingly significant as manufacturers adopt advanced technologies to improve production efficiency and product quality. AI is used in predictive maintenance, quality inspection, and process optimization in forging operations, helping manufacturers reduce defects, minimize downtime, and improve operational efficiency.

• The World Wind Energy Association (WWEA) states that 72.2 GW of new wind power capacity was installed globally in the first half of 2025, representing a 64% increase compared to the same period in 2024. This rapid expansion of wind energy installations is increasing the demand for high-strength forged components such as turbine shafts, flanges, and bearing rings. In addition, the integration of Artificial Intelligence (AI) in wind turbine design, manufacturing, and predictive maintenance is helping manufacturers optimize forging processes, improve component durability, and enhance production efficiency, supporting the growing demand for forged parts in the wind turbine industry.

Wind Turbine Forging Market Driver

Technological Advancements in Wind Turbine Design to Drive Market Growth

Technological advancements in wind turbine design are driving the growth of the wind turbine forging market, as modern turbines are becoming larger, more powerful, and more efficient, requiring stronger, more durable forged components. Advanced turbine designs, including high-capacity offshore turbines and longer blades, place greater mechanical stress on key parts such as main shafts, flanges, and bearing rings.

• In February 2026, to enhance energy production, Adani New Industries said it intends to produce 91.2-meter wind turbine blades at its Mundra plant for next-generation turbines. The increasing demand for cutting-edge wind turbine forging technologies is driven by the need for larger, more robustly forged components, such as shafts, rings, and flanges.

Wind Turbine Forging Market Restraint

Fluctuations in Raw Material Prices to Restrain the Market

Due to changes in global supply chains, mining costs, and geopolitical issues, the prices of high-grade alloy steel and carbon steel, the main materials used in the manufacture of wind turbine forgings, are subject to frequent fluctuations. The cost of production for forging companies is greatly impacted by changes in steel prices, which also lowers profit margins. The volatility of raw materials used in alloy steel, such as nickel, chromium, and molybdenum, also contributes to higher manufacturing costs. Due to these unknowns, it is challenging for producers to maintain consistent pricing and long-term supply agreements, which limits the expansion of the wind turbine forging market.

Wind Turbine Forging Market Opportunity

Increasing Wind Power Installations to Drive Market Growth

The expansion of the wind turbine forging industry is largely due to the increasing deployment of wind power projects worldwide. The number of onshore and offshore wind farms is increasing rapidly as nations invest more in renewable energy to lower carbon emissions and meet their energy transition targets. Each wind turbine requires several robust forged parts, such as main shafts, bearing rings, flanges, gears, and rotor hubs, to maintain structural integrity and longevity under severe mechanical stresses. The demand for high-strength forged parts is rising as wind power capacity grows and larger turbines with higher megawatt ratings are installed.

• In June 2025, recent worldwide trends in wind energy facilities are driving demand for wind turbine components, including forged components such as gears, flanges, shafts, and bearing rings. For instance, China has significantly increased its renewable energy production, adding around 26 GW of new wind power capacity in just one month in 2025, which is equivalent to about 5,300 wind turbines. The demand for heavy-duty forged parts used in turbine structures and drivetrain systems is growing as wind turbines are widely deployed.

Segmentation

Key Insights

The report covers the following key insights:

• Micro Macro Economic Indicators
• Drivers, Restraints, Trends, and Opportunities
• Business Strategies Adopted by Key Players
• Impact of AI on the Global Wind Turbine Forging Market
• Consolidated SWOT Analysis of Key Players

Analysis By Component

The market is segmented by component into main shaft, flanges, bearing rings, gear blanks, generator shafts, and others.

The main shaft segment dominates the market. Due to its crucial function in transferring rotational energy from the rotor blades to the gearbox or generator, the main shaft segment is the leader in the wind turbine forging industry. The main shaft is one of the largest and most heavily loaded components of a wind turbine, requiring high-strength, forged steel to withstand severe mechanical strain, fatigue, and variable wind conditions.

• The main shaft of a massive offshore turbine, such as a 15 MW wind turbine, can weigh over 70 tonnes and is typically made of a high-strength steel alloy, such as 42CrMo4. Fatigue loading is essential, as the spinning shaft not only supports the rotor's mass but also withstands aerodynamic torque and thrust. Stress concentrations must be kept to a minimum. The mass of the main shaft scales with rotor diameter and turbine capacity, highlighting its increasing size as turbine power ratings increase, according to U.S. Department of Energy/NREL drivetrain component modeling.

Flanges are the second-largest segment in the wind turbine forging market due to their critical role in connecting the major structural components of wind turbines, including the tower sections, nacelle, and rotor assembly.

Analysis By Turbine Type

Based on turbine type, the market is divided into onshore wind turbines and offshore wind turbines.

The onshore wind turbines segment dominates the market. The onshore wind turbine segment is driving the wind turbine forging market, as more wind farms are being installed on land across various regions. Onshore wind projects require several forged components, such as main shafts, flanges, gears, and bearing rings, to ensure the structural integrity and efficient operation of turbines.

• According to the International Energy Agency, onshore wind dominates the global wind industry, accounting for about 93% of total installed wind power capacity worldwide in 2023, while offshore wind accounts for only about 7%.

The offshore wind turbine segment is driving the wind turbine forging market due to the large size and high structural requirements of offshore turbines. Offshore wind turbines are significantly larger than onshore turbines, often exceeding 10–15 MW capacity, which requires heavy-duty forged components such as main shafts, flanges, bearing rings, gears, and rotor hubs to withstand high mechanical loads and harsh marine environments.

Analysis By Application

By application, the market is segmented into wind turbine OEMs and wind farm maintenance and replacement.

Wind turbine OEMs are the dominant application segment in the market. The wind turbine OEM (Original Equipment Manufacturer) segment dominates the wind turbine forging market as OEMs are responsible for large-scale manufacturing and assembly of wind turbines. These companies require a significant volume of forged components, including main shafts, flanges, gears, rotor hubs, and bearing rings, to build turbine drivetrains and structural systems.

• In May 2025, the Global Wind Energy Council (GWEC) reported that the top five wind turbine OEMs accounted for more than 60% of all wind turbine installations worldwide in 2023, demonstrating the significant purchasing power of major turbine manufacturers for components such as forged shafts, gears, and flanges.

The wind farm maintenance and replacement segment is growing in the wind turbine forging market, driven by the increasing number of aging wind turbines that require regular servicing and component replacement.

Regional Analysis

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By region, the market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.

The wind turbine forging market in Europe is set to register the highest CAGR in the coming years. Due to the fast growth of wind energy projects, especially offshore wind farms. European countries such as Germany, the U.K., Denmark, the Netherlands, and Spain are heavily investing in renewable energy to achieve their goals of carbon neutrality and energy transition.

The North America wind turbine forging market is growing primarily due to increasing investments in wind energy projects, strong government support for renewable energy, and rising demand for high-performance turbine components. Governments in the U.S. and Canada are promoting wind power through incentives, tax credits, and clean energy targets, thereby accelerating the installation of new wind farms.

The Asia Pacific wind turbine forging market is growing due to the rapid expansion of wind energy capacity, strong government support for renewable energy, and the presence of major wind turbine manufacturing hubs in the region. Countries such as China, India, Japan, and South Korea are investing heavily in wind power projects to meet rising electricity demand and reduce carbon emissions.

• In December 2025, to meet its 6.2 GW order book and anticipated future demand growth, Suzlon, a provider of wind energy solutions, intends to construct three new blade manufacturing facilities and upgrade the floors of its current plants. The third site is still up for grabs, but the new facilities will be built in Gujarat and Karnataka.

Key Players Covered

The global wind turbine forging market is fragmented, with a large number of providers. Various market initiatives, R&D activities, and other factors are anticipated to drive market growth. In November 2024, TechnipFMC and Prysmian, two of the top offshore contractors and technology suppliers, reached an agreement to collaborate on the subsea issues facing developers of floating offshore wind energy, promising to "pioneer a complete water column solution, from seabed to ocean surface." In the U.S., the top 5 players account for around 60% of the market.

The report includes the profiles of the following key players:

• Bharat Forge Ltd. (India)
• Scot Forge Company (U.)
• Iraeta Energy Equipment Co., Ltd (China)
• Ellwood Group Inc. (U.S.)
• FRISA (Mexico)
• Forgital Group (Italy)
• Euskal Forging S.A. (Spain)
• Thyssenkrupp AG (Germany)
• Larsen and Toubro Ltd. (India)
• Sif Holding N.V. (Netherlands)

Key Industry Developments

• May 2025: Based in Mexico, the forging company FRISA announced a USD 350 million investment to establish a new hot-rolling mill in García, Nuevo León (Mexico). The business now has greater capacity to produce goods for industries such as wind energy, power generation, aerospace, and semiconductors. The new facility is anticipated to generate over 450 jobs and boost the output of premium steel forgings used in sectors such as wind turbine manufacturing.
• December 2024: With an investment of roughly USD 350 million, Sif Holding formally launched a larger manufacturing facility at Maasvlakte 2 in Rotterdam, Netherlands, to boost the output of large offshore wind turbine foundations, such as monopiles and transition pieces. With a production capacity of about 200 monopiles per year, the modernized factory can produce monopiles up to 11 meters in diameter and 120 meters in length. The facility will support significant offshore wind projects, such as Ecowende in the Netherlands and Empire Wind in the S.