Press release
Wind Turbine Market Comprehensive Study: Forecasted Market Size And Growth Rate
Wind Turbine
The Business Research Company offers in-depth market insights through Wind Turbine Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The wind turbine market size has grown rapidly in recent years. It will grow from $151.22 billion in 2023 to $167.64 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to renewable energy policies, energy transition and sustainability goals, cost competitiveness, global energy demand, environmental awareness.
The wind turbine market size is expected to see rapid growth in the next few years. It will grow to $245.72 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to growing accelerated energy transition, government incentives and subsidies, technological advancements in turbines, energy storage integration, global climate agreements. Major trends in the forecast period include focus on sustainable materials and recycling, development of hybrid renewable energy systems, community and local participation in wind projects, cost reduction and competitive auctions for wind projects, global expansion of wind energy markets.
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Market Segmentation:
The wind turbine market covered in this report is segmented -
1) By Component: Rotator Blade, Gearbox, Generator, Nacelle, Other Components
2) By Axis Type: Horizontal, Vertical
3) By Location of Deployment: Onshore, Offshore
4) By Connectivity Type: Grid Connected, Stand Alone
5) By Application: Industrial, Commercial, Residential, Utility
Major Driver - Exploring The Surge In Demand For Renewable Energy With Wind Turbines
Increasing demand for renewable energy sources is contributing to the growth of the wind turbine market. A renewable energy source refers to an energy source that is repeatedly replenished without running out. Most of this energy will come from fossil fuels like coal, oil, and natural gas. The wind is a renewable energy source. Overall, using wind to produce energy has fewer effects on the environment than other energy sources. Wind turbines will not release emissions that will pollute the air or water and they do not require water for cooling. Wind turbines will also reduce the amount of electricity generation from fossil fuels, which results in lower total air pollution and carbon dioxide emissions. For instance, according to IEA data 2021, Paris-based autonomous intergovernmental organization, renewable energy use increased by 3% in 2020 as demand for all other fuels declined. Moreover, the amount of electricity generated from renewables is set to increase too by 8% in 2021 and more than 6% in 2022. Increasing demand for renewable energy sources drives the growth of the wind turbine market.
Competitive Landscape:
Major companies operating in the wind turbine market report are Clipper Windpower A/S, Hitachi Ltd., Siemens AG, General Electric Company, Suzlon Energy Limited, CRRC Group Corporation, Eaton Corporation plc, Shangai Electric Group Co. ltd., Vestas Wind Systems A/S, Sany Heavy Industry Co. Ltd., Gamesa Electric, Dongfang Electric Corporation, Nordex SE, Goldwind Science and Technology Co. Ltd., Ming Yang Smart Energy Group Co. Ltd., Guodian United Power Technology Co. Ltd., Bilfinger Offshore Wind Energy GmbH, Zhejiang Windey Co. Ltd., Envision Energy, LM Windpower A/S, Impsa S.A., Sinovel Wind Group Co. Ltd., Leitwind GmbH, Vergnet S.A., Northern Power Systems Ltd., Enercon Gmbh Windenergieanlagen, Senvion SE, Bergey Windpower Inc., ZF Wind Power Antwerpen NV, United Power Inc.
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Top Trend - Technological Advancements Transforming The Wind Turbine Landscape
Technological enhancements are a key trend gaining popularity in the wind turbine market. The technology on the offshore direct drive platform allows for the re-use of most components from previous generations. For instance, in September 2022, Vestas, a Danish manufacturer of wind turbines, launched an onshore wind turbine tower with a hub height measuring 199 meters, the world's tallest onshore tower. It is designed to be used by Vestas' V172-7.2MW turbine.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Wind Turbine Market Characteristics
3. Wind Turbine Market Trends And Strategies
4. Wind Turbine Market - Macro Economic Scenario
5. Wind Turbine Market Size And Growth
…..
27. Wind Turbine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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