Investments for wind power generation worldwide will go up to $101bn in 2020, from a $70bn limit in 2013, reveals research and consulting firm Global Data.
Installed capacity of wind energy is also expected to see a rise by 2020 to around 650.8GW from 364.9GW in 2013.
This is likely to increase the demand for wind turbine components across the value chain as well, the report stated.
In 2013, wind turbine manufacturers had turned out around 11% of gearboxes, 48% of rotor blades and 43% of generators in-house.
Nearly 10% of gearboxes, 62% of rotor blades and 37% of generators were manufactured in-house in 2006, the report indicates.
GlobalData senior analyst covering power Prasad Tanikella said: "Depending on wind power component supplies, turbine manufacturers make strategic decisions over whether or not to produce the equipment in-house.
"Some of the major manufacturers, such as Enercon and Vestas, prefer to develop components within their business structure, to avoid issues with quality control and design confidentiality."
Turbine manufacturers worldwide have been seeking multiple component suppliers, in order to keep up with the rising demands of the wind energy market. The parties sign up for long-term agreements to ensure smooth production.
Tanikella added: "Overall, component costs are decreasing as a result of reduced raw material prices. We therefore predict a low growth rate for the wind turbine components market over the forecast period, despite wind power investment seeing a significant increase by the end of 2020."