The global wind turbine market size is expected to expand at a CAGR of 10% during the forecast period, 2021-2028. The growth of the market is attributed to rising energy demand along with the increasing share of renewables in the power generation mix.
Ongoing technological advancements that have increased the capacity of wind turbines and improved floating wind turbines. These have reduced the overall cost of wind power, and have opened up new offshore locations, such as deep water, which was previously inaccessible due to lack of investment and technology.
Market Drivers, Restraints, Trends, and Opportunities
- Rapid shift from non-renewable fossil fuels toward clean and renewable energy sources is accelerating the market growth.
- Growing adoption of clean energy source alternative such as solar and biogas may hinder the growth of the market.
- The integration of artificial intelligence (AI), Internet of things (IoT), robotics, and data analytics in wind turbines to enable advance condition monitoring and predictive maintenance to improve efficiency and reduce operational and maintenance costs is expected to provide lucrative opportunity for the industry players during the forecast period.
Scope of the Report
The report on the global wind turbine 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 Turbine Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Location of Deployment (Onshore and Offshore), and Capacity (Small, Medium, and Large)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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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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Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, Senvion SA
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Wind Turbine Market Segment Insights
Offshore wind turbine to account a significant market share
Based on location of deployment, the market is bifurcated into onshore and offshore. The offshore segment is projected to account a significant market share during the forecast period. Declining costs and improved technology in the wind turbine industry are fueling the segment growth.
Rising energy demand in emerging countries is encouraging the shift toward the adoption of renewable energy, driving the segment growth. The adoption of offshore wind energy with advance technology is attracted the companies to heavily investment in the offshore segment.
Many companies are able to install tall wind turbines due to improvements in the wind turbine materials used, which permits the turbines to exploit higher altitude winds. Moreover, these turbines have larger blades and are able to sweep more area than the smaller turbines. Growing size of the wind turbines has lowered the cost of wind energy, indicating that it is economically competitive with fossil fuel alternatives, in some locations, such as the US, Germany, and France.
Large capacity segment to account a major market share
In terms of capacity, the market is segregated into small, medium and large. The large capacity segment is projected to account for a major market share during the forecast period. Rising use of large capacity wind turbines to meet the increasing energy demand is driving the growth of the market segment.
The market in Asia Pacific to exhibit a high CAGR
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is expected to exhibit a high CAGR during the forecast period.
According to IRENA, Asia Pacific is poised to become the world’s dominant wind market, accounting for more than 50% of onshore and 60% of offshore wind installations by 2050. Asia’s onshore wind capacity is expected to grow from 256 GW to over 2,600 GW by 2050. The large investments from countries, such as China, India, and Taiwan is propelling the regional market growth. China-based manufacturers comprise nearly 95% of the overall wind power market. The presence of government policy and incentives by the Government of China has made it a favorable hotspot for investment.
Segments
Segments Covered in the Report
The global wind turbine market has been segmented on the basis of
Location of Deployment
Capacity
Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Key players
- Vestas Wind Systems A/S
- Siemens Gamesa Renewable Energy SA
- General Electric Company
- Nordex SE
- Senvion SA
Competitive Landscape
The wind turbine market is moderately fragmented. Some of the key players in this market include Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, Senvion SA.
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