The demand for generating and supply energy through renewable energy sources has been increased to lower down greenhouse emissions across the globe. Wind turbine plays a crucial part in generation of energy through one of the major and abundant renewable source, i.e., wind and reduces carbon emissions. In addition, the cost to produce energy from wind is lesser than the cost to produce energy from fossil fuels. Owing to many benefits and the need to ensure sustainable future for the mankind, market players operating in the wind turbine manufacturing, installation, and maintenance sectors have adopted various strategies. Among those strategies, expansion, mergers, and grants have become the recent strategies to increase installation of turbines, provide innovative solutions, and widen their customer base in different geographies. The demand for wind turbine is expected to increase in the next few years as the world explores alternative ways to produce energy. According to the report published by Allied Market Research, the global wind turbine market is expected to generate $98.4 billion by 2030. Following are some of the activities taking place across the world.
Expansion is one of the crucial strategies adopted by market players to widen its reach and enhance its market share. They have been inking new deals across various geographies to meet the demand. Statkraft, one of the leading renewable energy generation players from the Europe, will develop a wind turbine farms in Chile. The expansion in the South American territory is expected to fulfill increase in demand for renewable energy across the nation. The Torsa wind power project will generate a total of 102 MW of energy. There will be three farms, consisting of total 19 wind turbines.
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The factors that drive the wind turbine market growth are increase in awareness toward boosting green energy, rise in energy consumption across the globe, growth in installation flexibility, and cost & performance efficiency of wind turbine. However, rise in power infrastructure near sea shore areas led to increase in demand for wind turbines, acting as the major driving factor for the market. Furthermore, rise in environmental concerns and increase in research activities in the field of wind turbines are expected to provide a substantial growth opportunities in the future.
The demand for a wind turbine is increasing rapidly as the world shifts away from climate-damaging, non-renewable fossil fuels and toward clean, renewable energy sources. Offshore wind farms are known to offer various benefits including a domestic energy supply, zero water consumption, employment generation, efficient renewable energy delivery, and no emissions of greenhouse gases or other environmental pollutants, which in turn are adding traction to the overall market size.
The global wind turbine industry is segmented on the basis of axis type, installation, component, application, and region. According to installation, it is divided into onshore and offshore. Among these, the offshore wind turbine market is estimated to record considerable growth in the upcoming years, ascribed to affordable costs and efficient power generating capabilities associated with the technology. Offshore installation is anticipated to witness gain of over 15% by 2024. No land utilization, limited human interventions, minimized visual proximity, large turbine capacity and reducing component price are some of the significant parameters positively contributing toward adoption of offshore wind turbines.
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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%.
The global wind turbine market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Enercon GmbH, Gamesa, General Electric, Goldwind, Guodian United Power Technology Company Ltd., Ming Yang, Siemens, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd., and Vestas Wind Systems A/S.
Key Findings Of The Study
- According to axis type, vertical segment holds the largest wind turbine market share in 2020.
- Depending on installation, the on-shore segment accounted for the largest market share in 2020.
- As per component, the rotator blade segment accounted for the largest market share in 2020.
- By application, the industrial segment accounted for the largest market share in 2020
- Region wise, the Asia-Pacific accounted for the largest market share in 2020.