According to the report published by Allied Market Research, the global wind turbine market generated $53.4 billion in 2020, and is estimated to generate $98.4 billion by 2030, witnessing a CAGR of 6.3% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
Rise in demand for sustainable energy, favorable government policies, and advantages of wind turbines such as space-efficiency drive the growth of the global wind turbine market. However, area dependency on wind power plants hinders the market growth. On the other hand, increasing investments in renewable sources of energy create new opportunities in the coming years.
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The report offers detailed segmentation of the global wind turbine market based on axis type, installation, Component, application, and region.
By axis type, the vertical segment contributed to the highest share in 2020, accounting for nearly two-thirds of the total market share, and is expected to maintain its lead during the forecast period. However, the horizontal segment is projected to witness the fastest CAGR of 6.3% from 2021 to 2030.
By installation, the onshore segment accounted for the largest market share, contributing to nearly three-fourths of the global wind turbine market in 2020, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is expected to portray the largest CAGR of 6.5% from 2021 to 2030. The report also includes an analysis of the offshore segment.
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By region, Asia-Pacific, followed by Europe and North America held the highest share in 2020, contributing to nearly two-fifths of the total market, and is expected to continue its dominance by 2030. Moreover, Asia-Pacific is projected to witness the fastest CAGR of 6.5% during the forecast period. However, the market across North America is expected to grow with a CAGR of 6.2%.
Leading players of the global wind turbine market analyzed in the research include General Electric, Enercon GmbH, Goldwind, Gamesa, Ming Yang, Guodian United Power Technology Company Ltd., Sinovel Wind Group Co. Ltd., Siemens, Vestas Wind Systems A/S, Suzlon Energy Ltd.
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- Due to the prolonged lockdown and travel ban, there was a reduction in wind farm site visits which delayed several procedures, thus impacting the global wind turbine market.
- During the initial phase of the pandemic, manufacturing of wind turbines was halted due to the high peak of Covid-19 cases. Additionally, the wind power projects were negatively affected due to the imposed lockdown, thus reducing the demand for wind turbines in the market.
- Furthermore, import and export activities were severely harmed due to the pandemic, thereby impacting industries that use wind turbines and, as a result, affecting the global wind turbine market.
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