The technological development to produce more efficient and reliable wind turbines is making wind power more cost-effective. Further, government initiative to discover alternative sources of energy and depleting natural resources of energy drives the global wind turbine market.
The demand for generating and supply energy through renewable energy sources has been increased to lower down greenhouse emissions across the globe. Wind turbine plays a crucial part in generation of energy through one of the major and abundant renewable source, i.e., wind and reduces carbon emissions. In addition, the cost to produce energy from wind is lesser than the cost to produce energy from fossil fuels. Owing to many benefits and the need to ensure sustainable future for the mankind, market players operating in the wind turbine manufacturing, installation, and maintenance sectors have adopted various strategies. Among those strategies, expansion, mergers, and grants have become the recent strategies to increase installation of turbines, provide innovative solutions, and widen their customer base in different geographies. The demand for wind turbine is expected to increase in the next few years as the world explores alternative ways to produce energy. According to the report published by Allied Market Research, the global wind turbine market is expected to generate $134.60 billion by 2023. Following are some of the activities taking place across the world.
Expansion is one of the crucial strategies adopted by market players to widen its reach and enhance its market share. They have been inking new deals across various geographies to meet the demand. Statkraft, one of the leading renewable energy generation players from the Europe, will develop a wind turbine farms in Chile. The expansion in the South American territory is expected to fulfill increase in demand for renewable energy across the nation. The Torsa wind power project will generate a total of 102 MW of energy. There will be three farms, consisting of total 19 wind turbines.
Jürgen Tzschoppe, the Executive Vice President for International Power at Statkraft, highlighted that these three wind farms will not only expand the company's capacity in Chile but also broaden its portfolio through inclusion of wind power. Commenting on the selection of Chile, he added that the nation presents an attractive marketplace for the company and it will capitalize on its expertise in generation of energy with market operations by serving large industrial clients in the country.
Along with expansion, merger is another strategy adopted by market players to offer improved services to its customers and operators. GEV Wind Power, one of the leading blade repair and maintenance providers for wind turbine, merged with a leading smart technology-based blade solutions provider Wind Power Lab. Through this merger, both companies will launch the only independent service provider for offering services to an entire rotor blade value chain and implement new technologies including blade inspections through drone to a wider client base.
Commenting on the merger, David Fletcher, the CEO of GEV, highlighted that this merger would play a significant part in its growth phase and offer technology based solutions to its clients. With WPL team on board, the company would help its clients to become smarter than before regarding the blade maintenance strategies. Outlining the importance of smart blade maintenance solutions, Anders Røpke, the CEO of WPL, said that the merger with GEV will enable them to provide complete blade maintenance solutions and save unnecessary down time and money for clients.
Realizing the importance of utilizing renewable energy sources, governments have been offering grants to local market players. Through these grants, the installation of innovative wind turbine solutions is possible. Nekkar had been awarded a grant of NOK 21 million from Innovation Norway for the development of SkyWalker. This is a zero-emission wind turbine of the company and plays a crucial role in reduction of environmental impact of turbines. In addition, Nekkar outlined that the company's aim is to install turbines at locations that are not viable physically or financially. Mette Harv, the Head of the Renewables at Nekkar, outlined that the development of SkyWalker is a disruptive solution and in line with requirements of value chain of the wind power industry.