U.S. Wind Power Fastener Market Size, Share & COVID-19 Impact Analysis, By Material (Stainless Steel, Carbon Steel, and Others), By Application (Turbine Bases, Tower Constructions, Turbine Blades, Nacelle, Others), and Country Forecast, 2023-2030

The U.S. wind power fastener market size was valued at USD 122.80 million in 2022 and is projected to grow at a CAGR of 6.24% during the forecast period.

A wind power fastener is a type of specialized hardware used in the construction and maintenance of wind turbines. These fasteners are designed to securely join various components of a wind turbine, such as the tower sections, rotor blades, and nacelle. They are typically engineered to withstand the harsh environmental conditions and mechanical stresses that wind turbines are subjected to. Wind power fasteners are crucial for ensuring the structural integrity and reliability of wind energy systems.

The COVID-19 pandemic had a mixed impact on the market. The pandemic disrupted global supply chains, affecting the availability of materials and components, including wind power fasteners. This led to delays in project timelines and increased costs. In addition, many wind power projects were delayed or postponed due to COVID-19-related restrictions and uncertainties. This reduced the immediate demand for wind power fasteners. Despite the challenges posed by the pandemic, there was an acceleration of offshore wind projects in various regions. Offshore wind projects often require specialized fasteners, and the increased focus on this sector positively influenced the fastener market.

U.S. Wind Power Fastener Market Trends

Increase in Wind Energy Capacity to Propel Market Growth

The U.S. has been experiencing a significant increase in the installation of wind farms, both onshore and offshore. Several factors, including government incentives, declining costs of wind energy, and the recognition of wind power as a clean and renewable energy source, drive the U.S. wind power fastener market growth. With the expansion of wind farms, there has been a corresponding rise in the demand for wind turbines. These turbines, which include various components such as towers, blades, and nacelles, require a substantial number of fasteners to assemble and maintain. The increased demand has placed pressure on this market to produce and supply the necessary components.

For instance, according to the U.S. Department of Energy’s Office of Energy Efficiency & Renewable Energy, the U.S. wind industry installed 13,413 megawatts of new wind capacity in 2021, bringing the cumulative total to 135,886 megawatts.

U.S. Wind Power Fastener Market Growth Factors

Government Incentives and Support Drive Market Expansion at Significant Rate

Governments at various levels often offer tax credits, subsidies, and financial incentives to promote the development and use of wind energy. In the U.S., the federal government, as well as some state governments, have provided the Production Tax Credit (PTC) and the Investment Tax Credit (ITC) for wind energy projects. These incentives make wind power more economically viable, attracting investments in wind farms and the associated supply chain, including wind power fasteners.  Many states have also established RPS, which requires utilities to generate a certain percentage of their energy from renewable sources, including wind power. To meet these standards, utilities invest in wind energy projects, stimulating the demand for the product.

Moreover, governments often allocate funding for research and development in the renewable energy sector. For instance, in November 2023, the U.S. Federal Government would provide around USD 8 million for the development of an offshore wind terminal in Humboldt Bay, California. The planning project would fund site design, studies, and sanctioning activities for a heavy-lift facility at the Redwood Marine Terminal. The USD 8.6 million grant would also fund the formation of a bay-wide master plan for project management, offshore wind development and grant administration expenditures.

RESTRAINING FACTORS

High Initial Cost of Wind Energy May Restrain Market Growth

Wind energy projects, including the construction of wind farms and the installation of wind turbines, require substantial upfront investment. The costs associated with land acquisition, permitting, turbine procurement, and infrastructure development can be considerable. These costs can limit the number of projects that get initiated, which, in turn, affects the demand for the product. Moreover, securing financing for large wind energy projects can be challenging, especially for smaller developers or in regions with limited access to capital. High initial costs can deter potential investors or make financing more expensive, impacting project viability and the need for fasteners.

U.S. Wind Power Fastener Market Segmentation Analysis

By Material Analysis

Based on material, the market is segmented into stainless steel, carbon steel and others.

Carbon steel is the dominating segment owing to its excellent strength and durability. Wind power fasteners need to withstand significant stresses, especially in the harsh operating conditions of wind turbines. Carbon steel provides the necessary strength and reliability.

Stainless steel material is expected to gain significant growth in the forecast period. It is highly resistant to corrosion, making it a preferred material for fasteners used in wind power applications. Wind turbines are often located in harsh environments, including coastal areas where exposure to salt and moisture is a concern. Stainless steel's corrosion resistance ensures the durability and longevity of fasteners, reducing maintenance costs.

By Application Analysis

By application, the market is categorized into turbine bases, tower constructions, turbine blades, nacelle and others.

The turbine blades segment dominates the U.S. wind power fastener market share due to the critical role of turbine blades in wind turbine systems. These blades are used for fastening and securing the massive turbine blades to the hub. In addition, they are large and subjected to significant wind forces. As a result, the fasteners used to secure these turbines should be robust and capable of withstanding high loads.

The fasteners demand in nacelle applications is substantial. The nacelle houses numerous critical wind turbine components, comprising the gearbox, generator, and others. Moreover, fasteners are utilized in the building and servicing of nacelles.

List of Key Companies in U.S. Wind Power Fastener Market

In terms of the competitive landscape, the U.S. market represents the presence of established and emerging wind power fastener companies. Dokka fastener comes under the umbrella of the Wurth group. Dokka Fasteners is a superior manufacturer of fasteners applied for more demanding tasks. In addition, it has set extremely high demands on the quality of the material and manufacturing for multiple sectors, such as wind turbines, drilling rigs, cranes, and steel construction fasteners.

Some of the other companies with a considerable presence in the market include Beck Industries, Dokka Fastener, AFT Fasteners, All Pro Fastener, Lightning Bolt & Supply, Bolt Products, and Bumax Fasteners.

LIST OF KEY COMPANIES PROFILED:

• Dokka Fastener (U.S.)


• All Pro Fasteners (U.S.)


• AFT Fasteners (U.S.)


• Lightning Bolt & Supply (U.S.)


• Bolt Products (U.S.)


• Mudge Fasteners, Inc. (U.S.)


• Precision Castparts Corp. (U.S.)


• Bumax Fasteners (U.S.)


• Atlas Copco (U.S.)


• Beck Industries (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• November 2023: Vestas-American Wind Technology, based in Portland, Oregon, revealed a 158-megawatt (MW) order to upgrade three undisclosed projects in the U.S. The order includes 72 V120-2.2 MW wind turbines across these projects, supplementing the five previously announced orders in the U.S. during the past summer.   


• July 2023: Vestas announced that it is investing USD 40 million into its Colorado factories, capitalizing on the anticipated resurgence of the U.S. onshore wind market in 2024.


• February 2023: The U.S. Department of Energy (DOE) announced a USD 30 million funding initiative to progress composite materials and additive manufacturing (AM) in the development of large wind turbines, encompassing applications for offshore wind energy systems.

REPORT COVERAGE

The report provides a detailed market analysis. It is focused on providing essential information for key products, leading segments, critical developments in the market, and prominent applications of the product. Besides all this information, the report provides insights into the market trends and highlights key industry developments. The above factors are expected to reflect the market growth in the coming year.

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