Wind Turbine Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

 

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.

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.

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The COVID-19 pandemic has adversely impacted the global energy industry. The government took various measures to stop the spread of the virus by implementing a lockdown that had halted all the industrial, commercial, and other ongoing activities across the world. The economies of the countries worldwide had been negatively affected and slowed down the growth as well. However, In 2020, some major regions worldwide had seen growth of wind power turbines. For instance: according to Global Wind Energy Council, 2020 was the best year in history for the global wind industry with 93 GW of new capacity installed – a 53% year-on-year increase. Therefore, COVID-19 had a very lucrative impact on the overall wind market and the market has seen a considerable growth rate in the last two quarters of 2020. It is mainly owing due to the adoption of favorable government policy and surging investment and escalating installation of wind turbines in various regions. 

 According to UnivDatos Market Insights (UMI)’ research report “global wind turbine market”, the market is expected to witness robust growth of more than 10% during the forecast period 2021-2027F. the market growth is attributed to the 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.

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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. 

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.

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APAC to witness extensive growth

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. 

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global wind turbine market are 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&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

“Global Wind Turbine Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.      

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Market Segmentations:

1.     By Offering (Onshore and Offshore {Fixed and Floating})

2.     By Turbine Capacity (Up to 3 MW, 3 MW to 5 MW, and > 5 MW)

3.     By Region (North America, Europe, Asia-Pacific, Rest of the World)

4.     By Company (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)

Key questions answered in the study:

1.     What are the current and future trends of the global wind turbine industry?

2.     How the industry has been evolving in terms of technology and application?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the global wind turbine industry?

5.     What is the customer orientation, purchase behavior, and expectations from the global wind turbine suppliers across various region and countries? 

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL WIND TURBINE MARKET COVID-19 IMPACT

6 GLOBAL WIND TURBINE MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY DEPLOYMENT

8 MARKET INSIGHTS BY TURBINES CAPACITY

9 MARKET INSIGHTS BY REGION

10 WIND TURBINE MARKET DYNAMICS

11 WIND TURBINE MARKET OPPORTUNITIES

12 WIND TURBINE MARKET TRENDS

13 POLICY & REGULATORY FRAMEWORK

14 DEMAND AND SUPPLY-SIDE ANALYSIS

15 VALUE CHAIN ANALYSIS

16 COMPETITIVE SCENARIO

17 COMPANY PROFILED

18 DISCLAIMER 

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