Wind Turbine Market: Current Analysis and Forecast (2021-2027)
Emphasis on Deployment (Onshore and Offshore {Fixed and Floating}); Turbine Capacity (Up to 3 MW, 3 MW to 5 MW, and > 5 MW); and Region/Country
With surging demand of electricity from renewable power, sources led to an exponential growth in the global wind industry. Additionally, the 93 GW of new installations in FY 2020-21 brought global cumulative wind power capacity up to 743 GW. In addition, through technology innovations and economies of scale, the wind power sector has nearly quadrupled in size over the past decade and established itself as one of the most cost-competitive and resilient power sources across the world. In 2020, record growth was driven by a surge of installations in China and the US – the world’s two largest wind power markets, accounting for over half of the world’s total wind power capacity. Thus, wind turbine market is expected to witness a CAGR of more than 10% during the forecast period.
As per the Global Wind Energy Council (GWEC) Market Intelligence expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years – that is nearly 94 GW of new installations annually until 2025, based on present policies and pipelines.
Global Wind turbine market is expected to register a CAGR of more than 10% over the period of 2021-2027. 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.
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. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Deployment, offshore category is expected to witness a higher CAGR during the forecast period”
Based on deployment, the market is bifurcated into onshore and offshore. Among these, the offshore category is expected to witness a higher CAGR during the forecast period. There has been a noticeable shift in the energy sector toward renewable and green energy due to factors such as the need to reduce carbon emissions, depletion of fossil fuels, climatic change, etc. Various government policies are in place to support the initiative toward greener energy. Many multinational companies are taking initiatives to cut down their carbon footprint to contribute to a greener planet and sustainability. For instance, Equinor (Norway) aims to cut its carbon emissions by half by 2050. A part of the plan is to develop its renewable energy businesses, particularly offshore wind, which may reach 6,000 megawatts in six years and 16,000 megawatts in 15 years.
Moreover, Surging investments toward the development of sustainable energy platforms including fixed and floating offshore wind projects will fuel the technology adoption. Low maintenance, reduced manpower requirement, and minimal land footprint is some of the prominent factors impelling the market share
“Amongst Turbine Capacity, The >5 MW category is to experience the fastest growth during the forecast period”
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 2021, Vestas has decided to install the V236-15 MW prototype offshore wind turbine at the Østerild National test center for large wind turbines in Western Jutland, Denmark. Also, rising partnership opportunities from the foreign market player in Australia to develop offshore wind power are expected to grow the market size of wind energy. For e.g. Spain-based BlueFloat Energy and Australia’s Energy Estate partnered to developed three offshore farms together in Australia.
“APAC to witness significant growth during the forecast period”
The Asia-Pacific wind turbine market is expected to witness exponential CAGR during the forecast period. Major factors attributing to the growth include favorable government policies, the increasing investment in wind power projects, and the reduced cost of wind energy, which led to increased adoption of wind energy, thereby positively contributing to the demand for wind energy. Moreover, the technological advancements in efficiency and decrease in the production cost of offshore wind turbines are expected to create ample opportunity for the market players in Asia-Pacific.
China dominates the APAC market and remains the largest market for new capacity additions. The government policy and incentives made China a favorable hotspot for investment, and therefore, the market is expected to flourish in the coming years as well.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the Global Wind Turbine Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global wind turbine market were the three major steps undertaken to create and analyze the adoption of wind turbines in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global wind turbine market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of wind turbine market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the wind turbine market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as deployment and turbine capacity. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of wind turbine market. Further, we conducted factor analysis using dependent and independent variables such as various deployment and turbine capacity of wind turbine. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Wind turbine market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global wind turbine market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of wind turbine market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global wind turbine market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global wind turbine market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of deployment and turbine capacity in the global wind turbine market.
The main objective of the Global Wind turbine Market Study
The current & future market trends of global wind turbine market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of wind turbine market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of deployment and turbine capacity.
- Define and analysis of the regulatory framework for the wind turbine market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the wind turbine market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the Wind turbine market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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February 11, 2025
