Wind Turbine Market Development Leads To High Demand

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. Wind turbines work on a simple principle, which is "instead of using electricity to make wind-use wind to make electricity". Wind turns the propeller-like blades of a turbine around a rotor, which spins a generator, generating electricity. Wind is a form of solar energy produced by a combination of three concurrent events that are the sun unevenly heating the atmosphere, irregularities of the earth's surface, and the rotation of the earth.

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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 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.

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.

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%.

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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.

Key Findings Of The Study
• According to axis type, vertical segment holds the largest wind turbine market share in 2020.
• Depending on installation, the on-shore segment accounted for the largest market share in 2020.
• As per component, the rotator blade segment accounted for the largest market share in 2020.
• By application, the industrial segment accounted for the largest market share in 2020
• Region wise, the Asia-Pacific accounted for the largest market share in 2020.

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