Global Wind Turbine Market is expected to foresee significant growth. APAC to lead the growth!

• Himanshu Patni
• July 8, 2022
• ENERGY & POWER, NEWS
• Wind Turbine Market, Wind Turbine Market Growth, Wind Turbine Market Share, Wind Turbine Market Size
• 0 Comments

Wind turbines generate electricity from wind that passes through the turbine’s blades. The wind’s kinetic energy is then captured by the blades through rotation and is converted into mechanical power. With increasing electricity demand, wind energy is growing at an influential rate owing to its high efficiency and declining cost component. In addition to this as compared to other renewable power sources, it has a low maintenance cost. Further, reaching net-zero will require bold actions by a large number of sectors, wind power is placed to be one of the cornerstones of green recovery to play an important role in accelerating the global green energy transition.

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Green Wind Energy Council (GWEC) expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years that is until 2025. With the explosive growth of wind turbine installations in China, Asia Pacific continues to take the lead in global wind power development with its share of the global market increasing in 2020. Thus, the global wind turbine market is expected to witness a CAGR of more than 10% during the forecast period.

Furthermore, the market growth is attributed to higher potential of power production as compared to onshore wind energy, technological advancements in offshore foundations, and increasing investments & favorable policies for offshore wind power generation globally. However, some of the restraints in the market include high manufacturing & maintenance costs of offshore wind turbines system & logistics and supply chain issues for larger turbine structures.

Based on deployment, the market is bifurcated into onshore and offshore wind energy. The offshore wind turbine category is expected to witness the fastest growth during the forecast period. This is mainly due to the constant technological advancements in the turbine and gearbox technology for augmenting the turbine capacity and generating more energy, with an emphasis on achieving significant cost reductions. Higher-capacity wind turbines have larger swept areas and produce more power for the same resource quality, thereby generating higher wind farm output levels. The market growth is attributed to a higher potential for power production as compared to onshore wind energy, technological advancements in offshore foundations, and increasing investments & favorable policies for offshore wind power generation globally.

For a detailed analysis of the Global Wind Turbine Market browse through – https://univdatos.com/report/wind-turbine-market/

Based on turbine capacity, the market is classified into Up to 3 MW, 3 MW to 5 MW, and > 5 MW. The >5 MW category is to experience the fastest growth during the forecast period. This is mainly due to the growing emphasis on increasing the proportion of renewable energy in the power generation mix across the globe, the countries are investing more in offshore wind plants with a higher capacity for more energy generation. For instance, in 2019, Siemens Gamesa launched the SG 10.0-193 DD, the company’s first 10+ MW offshore wind turbine.

For a better understanding of the market adoption of Wind Turbine, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Currently, Asia Pacific holds a lucrative market share owing to the growing focus on renewable energy. APAC region is expected to see high growth in wind energy owing to a rise in research and development activities for wind turbines and their components coupled with growing energy demand in developing countries like China and India. Moreover, favorable government policies and a growing focus on increasing the share of renewable energy in the power generation mix are some of the prominent factors driving the region’s market. For instance, In 2018, the government of India asked companies to come forward to set up India’s first offshore wind energy project, in the Gulf of Khambhat in Gujarat, the project is yet to take off.

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Some of the major players operating in the market include Siemens Gamesa Renewable Energy SA, Vestas Wind Systems AS, Envision Energy, Ming Yang Wind Power Group Limited, General Electric Company, Xinjiang Goldwind Science & Technology Co. Ltd. Nordex SE, Suzlon Energy Limited, Eaton Corporation PLC, and Enercon GmbH.

Global Wind Turbine Market Segmentation

Market Insight, by Deployment

• Onshore      
• Offshore     
  • Fixed
  • Floating       

Market Insight, by Turbine Capacity

• Up to 3 MW
• 3 MW to 5 MW
• > 5 MW

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • United Kingdom
  • France
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• Siemens Gamesa Renewable Energy SA
  • Vestas Wind Systems AS
  • Envision Energy
  • Ming Yang Wind Power Group Limited
  • General Electric Company
  • Xinjiang Goldwind Science & Technology Co. Ltd
  • Nordex SE
  • Suzlon Energy Limited
  • Eaton Corporation PLC
  • Enercon GmbH