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Wind Turbine Market Strategic Insights with key Business Influencing Factors, Opportunities Analysis 2027

03-04-2021 12:51 PM CET | Energy & Environment

Press release from: Allied Analytics LLP

Wind Turbine

Wind Turbine

Renewable power generation can help nations meet their sustainable development goals and targets through the provision of access to clean, reliable, secure, and affordable energy. Growing focus on environmental sustainability across the globe is the major driver of global wind turbine market. Governments across the region have been very supportive of using renewable sources of energy, such as wind, solar, biomass, and other renewable sources of energy. Global wind turbine market was valued at $81,147 million in 2016, and is estimated to reach $134,600 million by 2023, registering a CAGR of 7.2% from 2017 to 2023. In 2016, the industrial application segment accounted for around two-thirds share of the total market.

Wind turbine allows to harness the power of the wind and turn it into the electrical energy. Wind energy is one of the most affordable, clean, and readily available renewable energy source. It is considered as the cleanest energy sources of energy and is also one of the alternatives for depleting fossil fuel resources. The major benefit of wind energy is cost certainty as it is one of the cheapest forms of electricity generation. The government is taking initiatives to explore alternative sources of energy, which is beneficial to minimize the dependency on other limited sources such as fossil fuel, oil, and gas.

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The technological development to produce more efficient and reliable wind turbines is making wind power more cost-effective. Further, government initiative to discover alternative sources of energy and depleting natural resources of energy drives the global wind turbine market. However, heavy initial investment for the manufacturing and installation of wind turbines hamper the growth of the global wind turbine market.

Onshore wind turbines is the leading type segment, owing to cost benefit over offshore wind turbine, easy installation, and greenhouse gas reduction. Globally, there is a presence of huge onshore wind resources, which could meet global electricity demand. However, despite the higher construction & maintenance cost associated with offshore wind turbine, currently, there is an increase in offshore wind power owing to the availability of space and stable strong wind.

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Industrial segment was the leading application segment in 2016 and it is expected to continue its lead during the forecast period. In industrial segment, it is widely used for power generation, engineering & telecommunication, industrial buildings, and ports including many others.
Horizontal axis wind turbine industry is anticipated to witness considerable growth owing to high efficiency index along with cost effectiveness. Furthermore, improved operational efficiency along with self-start capability when compared to its counterparts will enhance the product adoption.

In 2016, Asia-Pacific dominated the global market, owing to the high wind power installation capacity and government initiatives for the shift towards the use of renewable energy. China dominated the Asia-Pacific wind turbine market in 2016, in terms of both value and volume. Europe is the second leading region, which is expected to register a CAGR of 7.4% in terms of revenue.

The key companies profiled in the report include Vestas Wind Systems A/S, Sinovel, Goldwind, Siemens, General Electric, Suzlon Energy Ltd., Enercon GmbH, Ming yang, Gamesa, and Guodian United Power Technology Company Ltd.

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The Outlook of Report:

• The report concentrates on the vital entities associated with the Wind Turbine Market. Industry characteristics, influencing aspects of the worldwide economy and other factors are featured in the report.
• The report offers crucial and latest information with segmentation, regional analysis, and statistical information to help in understanding the growth opportunities.
• The major players of the market along with their market share, business plans, revenue analysis, demand & supply statistics, latest policies, and growth trends are explained.

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About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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