Press release
Wind Turbine Market Expected to Exceed $98.4 billion by 2030, at 6.3% CAGR
Rise in demand for sustainable energy, favorable government policies, and advantages of wind turbines such as space-efficiency drive the growth of the global wind turbine market. However, area dependency on wind power plants hinders the market growth. On the other hand, increasing investments in renewable sources of energy create new opportunities in the coming years.The wind turbine market size was valued at $53.4 billion in 2020, and is projected to reach 98.4 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
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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 report offers detailed segmentation of the global wind turbine market based on axis type, installation, Component, application, and region.
By axis type, the vertical segment contributed to the highest share in 2020, accounting for nearly two-thirds of the total market share, and is expected to maintain its lead during the forecast period. However, the horizontal segment is projected to witness the fastest CAGR of 6.3% from 2021 to 2030.
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By installation, the onshore segment accounted for the largest market share, contributing to nearly three-fourths of the global wind turbine market in 2020, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is expected to portray the largest CAGR of 6.5% from 2021 to 2030. The report also includes an analysis of the offshore segment.
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.
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Covid-19 Scenario:
• Due to the prolonged lockdown and travel ban, there was a reduction in wind farm site visits which delayed several procedures, thus impacting the global wind turbine market.
• During the initial phase of the pandemic, manufacturing of wind turbines was halted due to the high peak of Covid-19 cases. Additionally, the wind power projects were negatively affected due to the imposed lockdown, thus reducing the demand for wind turbines in the market.
• Furthermore, import and export activities were severely harmed due to the pandemic, thereby impacting industries that use wind turbines and, as a result, affecting the global wind turbine market.
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