China Wind Energy Market Outlook
The China Wind Energy Market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031 expanding at a CAGR of 11.8% during 2023 – 2031. The growth of the market is attributed to rise in environmental consciousness.
Wind energy, also known as wind power, refers to types of producing electricity by converting the wind resource into mechanical power. In general, the development of wind energy is primarily proceeded using the wind mills, which are usually placed or installed in high mountains or in sea.
The wind energy sector has ability to produce wide range of renewable power and several projects for generating electricity from wind mills are currently going on. Moreover, the Yangjiang Shapa Phase 2 offshore wind farm was commissioned by China Three Gorges Corporation (CTG) in November 2021. The project is located in Guangdong Province and has a 400 MW installed capacity. It will supply power to the Greater Bay Area of Guangdong, Hong Kong, and Macao, and is estimated to generate roughly 1.088 TWh per year.
Despite the fact that the COVID-19 originated in China, the pandemic had a mild effect on the wind energy market. Despite the worldwide pandemic, China set a new record by adding half of the new global offshore wind capacity, i.e., 6.012 GW, in 2020.
China Wind Energy Market Trends, Drivers, Restraints, and Opportunities
- Government restrictions and the lowering cost per kilowatt of power provided by renewable energy providers in China is a key factor driving the market.
- Increase in the number of wind energy projects in the country is likely to propel the market expansion during the forecast period.
- Favorable geographical landscape connecting sea and mountain terrains present key aspects for the market growth.
- High initial cost of establishing wind energy facilities can hamper the market expansion in the coming years.
- Upcoming projects in the offshore wind energy industry are likely to create lucrative opportunities for the market growth during the forecast period.
Scope of China Wind Energy Market Report
The report on the China wind energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Wind Energy Market - China Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Locations (Offshore and Onshore), Components (Support Structure, Electrical Infrastructure, Turbine, and Others), and Applications (Commercial, Residential, Utility, and Industrial)
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Country
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China
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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ENVISION GROUP; Shanghai Electric; Dongfang Electric Corporation; Mingyang Smart Energy Group Limited; and Xinjiang Goldwind Science & Technology Co. Ltd
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China Wind Energy Market Segment Insights
Offshore segment to expand at a considerable CAGR
On the basis of locations, the china wind energy market is bifurcated into offshore and onshore. The offshore segment is projected to expand at a considerable CAGR during the forecast period owing to country features a large number of coastal areas. On the other hand, the onshore segment is anticipated to account for a major market share during the forecast period due to the substantial capital expenditure necessary for wind farms and the large investment required in the industry.
Turbine segment to grow at a high rate during the forecast period
In terms of components, the market is divided into support structure, electrical infrastructure, turbine, and others. The turbine segment is expected to grow at a high rate during the projected period owing to the availability of raw materials, upgrading turbine technology, and decreasing operational costs. Furthermore, turbine manufacturers are increasing their R&D investments in order to improve turbine efficiency and minimize noise pollution, which further pushes the segment growth.
Utility segment to hold a significant share of the market
Based on applications, the China wind energy market is segregated into commercial, residential, utility, and industrial. The utility segment is expected to hold a significant share of the market in the coming years. Utility-scale wind generating projects need a plethora of land, building, and other permissions such as the careful management of relationships with many stakeholders.
Such scale wind turbines are often founded in huge and multi-turbine wind farms that are linked to the country's transmission infrastructure. However, the commercial segment is projected to account for significant market share in the coming years due to the existing challenges in using a wind turbine leading to a shortage of land and high cost associated with them.
Segments
The China wind energy market has been segmented on the basis of
Locations
Components
- Support Structure
- Electrical Infrastructure
- Turbine
- Others
Applications
- Commercial
- Residential
- Utility
- Industrial
Country
Key Players
Competitive Landscape
Key players competing in the China wind energy market are ENVISION GROUP; Shanghai Electric; Dongfang Electric Corporation; Mingyang Smart Energy Group Limited; and Xinjiang Goldwind Science & Technology Co. Ltd. Leading wind energy producers and turbine manufacturers have planned for China to attain 3,000 GW of installed capacity by 2060 as part of its goal to become carbon-neutral. At the China Wind Power 2020 conference in Beijing, more than 400 firms signed the statement, which laid out a plan for steadily increasing wind power capacity.
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