Press release
Wind Turbine Market 2021-2030: Innovation and Product Optimization to Boost Growth
According to the report published by Allied Market Research, the global wind turbine market generated $53.4 billion in 2020, and is estimated to generate $98.4 billion by 2030, witnessing a CAGR of 6.3% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.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.
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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.
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.
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By region, Asia-Pacific, followed by Europe and North America held the highest share in 2020, contributing to nearly two-fifths of the total market, and is expected to continue its dominance by 2030. Moreover, Asia-Pacific is projected to witness the fastest CAGR of 6.5% during the forecast period. However, the market across North America is expected to grow with a CAGR of 6.2%.
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.
Get detailed COVID-19 impact analysis on the Wind Turbine Market @ https://www.alliedmarketresearch.com/request-for-customization/192?reqfor=covid
COVID-19 Impact on the Market
• Wind power projects can be roughly divided into three phases that include planning, construction, and operations/maintenance. Sites suitable for wind farms are generally in sparsely populated areas and rare in cities with dense population. Project developers therefore need to make frequent visits to the project site from the initial planning and development phase to explain the project in advance to the local government, landowners, and other stakeholders, gain their assent, and move ahead with various procedures, including environmental assessments, grid access, and FiT program certification. However, when developers are unable to visit project sites due to restrictions on movement (travel) as is the case now, many procedures are delayed, negatively impacting the wind turbine market.
• The manufacturing of wind turbine was halted for a specific period due to COVID-19 situation, highly impacting the sales of wind turbine.
• Sales of wind turbine are directly proportional to the demand for wind power projects. Wind projects have been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in wind turbine.
• COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global wind turbine market due to impact of COVID-19.
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using wind turbine, thereby affecting the global wind turbine market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research 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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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