Growing Necessity of Renewable Energy Sources Has Propelled the Growth of the Wind Power Market in the APAC Region!

The Asia Pacific region is witnessing a surge in the wind power market due to several factors. Firstly, governments in the region have set ambitious renewable energy targets, leading to the introduction of policies such as feed-in tariffs, tax credits, and subsidies that make it more financially viable for companies to invest in wind power. This has made wind power a more competitive alternative to traditional energy sources, resulting in an increase in demand.

The cost of wind power has also been steadily decreasing due to technological advancements such as larger turbines, better blade design, and more efficient gearboxes. These improvements have led to a more reliable and efficient generation of wind power, making it an attractive option for countries looking to reduce their dependence on fossil fuels.

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Further, the APAC Wind Power Market is expected to grow at a strong CAGR of 6.5 % during the forecast period (2022-2030). The growing awareness of the need to reduce greenhouse gas emissions and combat climate change is driving the demand for renewable energy sources such as wind power. In the Asia Pacific region there are many countries that are home to some of the world’s most populous cities where there is need to reduce air pollution and improve energy security. Wind power is an effective way to achieve both goals.

In conclusion, the growing necessity of renewable energy sources is driving the wind power market in the Asia Pacific region. The introduction of government policies, technological advancements, and environmental concerns have all contributed to the surge in demand for wind power, and this trend is expected to continue in the coming years.

FIG. 1 APAC Wind Power Market Revenue (2020-2030)- USD Mn

Based on the installation outlook, the market is bifurcated into onshore and offshore. The onshore segment held a dominant share of the global market in 2022. Onshore wind energy is the power which is generated by wind turbines located on land-based locations, driven by the natural movement of the air. Currently, there are more than 1,500 operational onshore wind farms across the UK, generating over 12-gigawatt hours (GWh) of electricity for the national electric system. In 2020 onshore wind contributed 11% of the UK’s electricity needs, with a total of 34.7 terawatt hours (TWh) generated – more than enough to power 18.5 million UK homes for an entire year. Thus, the increased usage of onshore owing to its low cost over offshore wind power coupled with the easy installation process and reduction in Greenhouse Gases (GHG) are the key factors driving the growth of the market.

By turbine capacity, the market is segmented into up to 1MW, 1 MW to 3MW, 3MW to 5MW, and above 5MW. The 1MW to 3MW category is expected to grow with a significant CAGR during the forecast period. This is mainly owing to the factor that 2 MW capacity has better wind turbine technology and efficiency, reducing the cost of energy for sites with low and medium wind speeds. Many players are launching projects with high MW to help in generating more power used for household purposes. For instance, in January 2023, Mingyang launched an 8.5 MW onshore wind turbine to generate 200,000 kWh daily.

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Global Wind Power Market Segmentation

Market Insight, by Installation

· Onshore

· Offshore

Market Insights, by Turbine Capacity

· Up to 1 MW

· 1 MW to 3 MW

· 3 MW to 5 MW

· Above 5MW

Market Insights, by Application

· Utility

· Non-UtilityS

Market Insights, by Component

· Turbine

· Support Structure

· Electrical Infrastructure

· Others

Market Insight, by Region

· North America

o U.S.

o Canada

o Rest of North America

· Europe

o Germany

o UK

o Italy

o France

o Rest of Europe

· APAC

o China

o Japan

o India

o Rest of APAC

· Rest of the World

Top Company Profiles

· Siemens Gamesa Renewable Energy, S.A.

· Suzlon Energy Limited

· Vestas

· NORDEX SE

· Mingyang Smart Energy

· GENERAL ELECTRIC

· Goldwind

· ENVISION GROUP

· Zhejiang Windey Co., Ltd.

· SANY Group