Press release
What are the latest trends and forecasts in the Wind Turbine market?
Wind Turbine market
Global demand for energy derived from alternative and renewable sources has been rising at a significant pace for the last few years. Wind turbine produces energy from the incoming wind by converting kinetic energy into electrical energy.
Wind turbines totally depend on wind speed. Wind is sustainable and a clean source of fuel and does not produce any harmful emission. Wind is never likely to run out, as it is constantly replenished by energy from the sun. Wind turbine has the capability to generate electricity in unstable weather conditions and offers various benefits such as low maintenance costs and easy operation.
Key Drivers and Restraints of Wind Turbine
Production of sustainable sources of energy, such as wind energy, has been increasing significantly across the globe in order to reduce the adverse impact of global warming. According to the Global Wind Energy Council (GWEC), the wind industry is anticipated to bring the total global wind power capacity nearly to 1000 GW by the end of 2024 with new installation of 348 GW capacity between 2020 and 2024.
Technological innovation in terms of design of wind turbine materials, such as glass composites to reduce the maintenance and installation cost, is expected to drive the global wind turbine market during the forecast period. Smaller components made of modern glass composites are inexpensive and easy to transport and assemble. Furthermore, these components are easy to install and repair. This reduces the installation and maintenance costs.
Requirement of high technical skill for installation of wind turbines is expected to hamper the global wind turbine market during the forecast period
COVID-19 Impact Analysis on Power Demand
Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. This has adversely affected the demand for electricity for commercial purposes. This, in turn, has hampered the global wind turbine market.
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Wind Turbine Market Segmentation
The global wind turbine market can be segmented based on type, installation, connectivity, capacity, and application
In terms of type, the global wind turbine market can be bifurcated into horizontal axis wind turbine (HAWT) and vertical axis wind turbine (VAWT). The horizontal axis wind turbine (HAWT) will have more demand in future as horizontal axis wind turbine (HAWT) is more efficient than vertical axis wind turbine (VAWT).
In terms of installation, the global wind turbine market can be bifurcated into on-shore and off-shore. The off-shore segment is anticipated to expand at a rapid pace, as off-shore installation helps curb effects such as noise pollution and environmental damage.
In terms of connectivity, the global wind turbine market can be classified into grid connected wind turbine and standalone wind turbine
In terms of capacity, the global wind turbine market can be classified into 0-250 KW, 250-500 KW, 500 KW -1 MW, 1 MW – 2 MW and above 2 MW. According to statistics provided by the International Renewable Energy Agency, commercial available wind turbines have reached 8 MW rated capacity, while the average rated capacity of wind turbines increased from 1.6 MW in 2009 to 2 MW in 2014.
In terms of application, the global wind turbine market can be segregated into industrial, commercial, residential, and others (including utility)
Wind Turbine Market: Regional Segmentation
In terms of region, the global wind turbine market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
China is expected to dominate the market in Asia Pacific during the forecast period. According to the International Renewable Energy Agency, total renewable electricity generation in Asia Pacific stood at 26, 43,589 GWH in 2018; of this, 13.86% of electricity is generated by wind energy source in China.
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The U.S. dominated the market in North America by installing nearly 17 GW new capacity in 2020. According to the Global Wind Energy Council (GWEC), total wind power capacity of North America was 136 GW in 2020, while total wind power capacity of Latin America was 34 GW in 2020. Brazil dominated the market in Latin America with installation of nearly 2.3 GW capacity in 2020. North America and Latin America have increased wind power installation capacity by 62% in 2020. This helped curb around 250 million tons of carbon dioxide emission annually.
Germany is expected to dominate the market in Europe during the forecast period. According to the International Renewable Energy Agency, total renewable electricity generation in Europe stood at 12, 97,883 GWH in 2018; of this, 08.47% of electricity is generated by wind energy source in Germany.
Key Players Operating in Global Market
ACCIONA
Aeolos Wind Energy Ltd
Aeronautica Windpower, LLC
Bergey Windpower Co.
Clipper Windpower, LLC
ENERCON GmbH
NORDEX SE
GE RENEWABLE ENERGY
Siemens Gamesa Renewable Energy, S.A.,
Suzlon Energy Limited
VERGNET
Vestas
MITSUBISHI HEAVY INDUSTRIES, LTD.
Global Wind Turbine Market: Research Scope
Global Wind Turbine Market, by Type
Horizontal Axis Wind Turbine (HAWT)
Vertical Axis Wind Turbine (VAWT)
Global Wind Turbine Market, by Installation
On-shore
Off-shore
Global Wind Turbine Market, by Connectivity
Grid Connected
Standalone
Global Wind Turbine Market, by Capacity
0 – 250 KW
250 – 500 KW
500 KW – 1 MW
1 – 2 MW
Above 2 MW
Global Wind Turbine Market, by Application
Industrial
Commercial
Residential
Others (including Utility)
Global Wind Turbine Market, by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Russia & CIS
Rest of Europe
Asia Pacific
China
Japan
India
ASEAN
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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