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Wind Turbine Market Competitive Market Eminent participants are Siemens Gamesa, Envision Energy and Northern Power Systems

05-03-2019 09:01 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Wind Turbine Market Competitive Market Eminent participants

Wind turbine market size will surpass USD 70 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.

The wind turbine market across the globe, in the existing industrial regime has been influenced on account of increasing energy demand from privately owned wind farm ventures and utility aided renewable establishments. The balance between demand and supply has been a key concern for private utilities and industrial participants which in turn has escalated investments toward the development of sustainable power generation plants.

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Europe market is predicted to surpass an annual installation of 20 GW by 2024. Cost efficiency, low carbon emission when compared to conventional energy sources and competitive generation tariffs are few imperative parameters influencing the technological adoption. In 2017, Europe installed 16.8 GW addition capacity of wind power, with 3,154 MW from offshore and 12,484 MW from onshore installation.

Ability to produce power in turbulent conditions coupled with easy operational activities and low maintenance costs are some of the essential features reforming the horizontal axis wind turbine market share. In addition, effective feasibility across residential applications with low rated capacity observed by positive consumer outlook will nourish the vertical axis unit deployments.

Growing investment toward effective R&D of wind-based power technologies along with rising acceptance of large capacity projects will extensively influence the overall product price. Rising industrial contention has rendered substantial decrease in the prices of rotor modules in line with operational effectiveness & volume manufacturing. Disposition toward improved blade size & tower length to integrate efficient resource operation will positively impact the global market dynamics.

Adoption of technologies pertaining to distributed generation across aging energy applications will fuel the > 2 MW wind turbine market share. Improved efficiency, cost competitiveness, low emissions favored by enhanced technological proximity are few significant parameters driving the adoption of these units. Furthermore, the current technological development including enhanced efficiency and flexibility of recuperated and un-recuperated units will further sway the industry outlook.

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The off-grid wind turbine market is anticipated to grow pertaining to operative & economic feasibility in distant areas in comparison to the grid connected power networks. Governmental schemes pertaining to the rural electrification program coupled with growing adoption of microgrid power networks will further enhance the business growth. Low installation cost along with government schemes & incentives including net metering and FiT will boost the on-grid product demand. Rapid development of utility-based electricity deployments to cater growing energy demand across industrial & residential areas will further stimulate the industry growth.

The offshore wind turbine market is anticipated to value over USD 16 Billion by 2024. Positive regulatory inclination coupled with long term integration targets will drive the global industry dynamics. Higher efficiency and cost effectiveness are some of the essential parameters which will complement the industry dynamics. Improved operating activity statistics when compared to its counterparts will further enhance the technological demand.

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Prominent industry participants operating in the global market consists Vestas, Enercon, General Electric, Siemens Gamesa, Nordex Acciona, Senvion, Goldwind, MHI-Vestas, United Power, Suzlon, Envision Energy, Wobben, Mingyang, WEG SA, Clipper, Impsa, LM Windpower, Bergey, Northern Power Systems, and Enessere.

The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:

• Definition and scope of research
• Market dynamics, growth drivers and industry pitfalls
• Regulatory and political guidelines for the industry
• Demographics and statistical data

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research

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