The worldwide wind turbine market was valued at US$ 55.91 billion in 2021 and is predicted to reach US$ 102.4 billion by 2030, increasing at a CAGR of 6.34% from 2022 to 2030. Some of the important reasons driving the growth of the wind turbine market include rising demand for renewable energy sources, government incentives for wind power adoption, and technical improvements.
IntroductionThe wind turbine market is a growing industry that plays a crucial role in the world's transition toward cleaner energy. Wind turbines are devices that generate electricity by harnessing the power of the wind. They are an excellent source of renewable energy and provide an alternative to traditional fossil fuel sources. In this blog, we will discuss the wind turbine market and its growth prospects.
What is a Wind turbine?The wind turbine is used to produce energy by transforming kinetic energy into mechanical energy that is further used to produce electricity.
Horizontal axis wind turbines (HAWTs) and vertical axis wind turbines are the two main types of wind turbines. (VAWTs). The more popular form of HAWT consists of rotors that resemble propellers that are fixed around a central hub and point into the wind like a windmill. In a VAWT, the turbine's main shaft is encircled by blades. The structure mimics a huge push mower that has been turned on its side and is reaching into the sky.
Both kinds use a generator that generates a voltage using electromagnetic induction and bladed rotors of various designs.
The typical highest output range for small-scale wind turbines used by one person today is 400-1600 watts. The biggest industrial turbines, however, may produce up to 7.5 megawatts of wind energy. a collection of
Overview of the Wind Turbine MarketThe global wind turbine market size was estimated at US$ 55.91 billion in 2021 and it is expected to be worth around US$ 102.4 billion by 2030, growing at a CAGR of 6.34% in the forecast period 2022 to 2030. The increasing demand for renewable energy sources, government incentives for the adoption of wind power, and technological advancements are some of the key factors driving the growth of the wind turbine market. Surging disposable income and increasing demand for energy are driving the growth of the industry. Rising need to reduce carbon emissions and reduce dependence on fossil fuels the market is shifting towards renewable sources. The rapid change in climate coupled with growing environmental concern and global warming is encouraging the adoption of greener energy.
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Key Market InsightsDuring the forecast period, the Wind Turbine Market is expected to register a CAGR of more than 10%. Due to increased developments and investments in offshore wind energy projects around the globe, the offshore sector is anticipated to experience significant growth during the forecast period.
By committing to achieving 380 GW of offshore wind by 2030 and 2,000 GW by 2050 globally, the Global Wind Energy Council is likely to present sizable opportunities for the installation of wind turbines shortly.
Because the Asia-Pacific region generates the most wind energy and has major industrial and technological centers in nations like China, India, Japan, and others, it is anticipated to have the largest and fastest-growing market.
Types of Wind TurbinesThere are two main types of wind turbines: horizontal-axis wind turbines (HAWT) and vertical-axis wind turbines (VAWT). HAWTs are the most common type of wind turbine and are typically found in large wind farms. VAWTs, on the other hand, are smaller and more suitable for residential and small-scale applications.
Application of Wind TurbinesWind turbines are used for both onshore and offshore applications. Onshore wind turbines are installed on land, while offshore wind turbines are installed in bodies of water, such as oceans and lakes. Offshore wind turbines have the potential to generate more electricity due to the higher wind speeds found over water.
High cost is restraining the market growth
High cost associated with maintaining and installation of wind turbines is one of the major factors hindering the growth of the industry. Even after installation, these turbines require heavy maintenance costs to ensure smooth functioning.
Asia Pacific to dominate the market
The wind turbine market is segmented into North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. Europe is the largest market for wind turbines, with countries such as Germany, Spain, and Denmark leading the way. Asia-Pacific is also a significant market for wind turbines, with China and India being the largest markets in the region.
Asia-Pacific's installed wind capacity grew from 283 GW in 2019 to 336 GW in 2020. The growth in wind capacity has mainly been driven by China's installed capacity.
The global offshore wind sector installed 6.1 GW of new capacity in 2020, down slightly from a record 6.24 GW in 2019, according to GWEC. With more than 3 GW of offshore wind connected to the grid in 2020, China continued to lead the globe in new installations.
Moreover, with roughly 38 GW of installed wind power in 2020, India will hold the fourth-largest position globally. The northern, southern, and western regions of the nation are where these initiatives are primarily located. The administration has set a goal to reach 60 GW of onshore wind and 5 GW of offshore wind.
To reach this goal, it is anticipated that there will be a significant rise in the number of projects over the next two years.
By 2025, utility-scale renewable energy initiatives in Asia, according to a 2020 prediction by Green Investment Group, could receive up to USD 250 billion in new investment.
In turn, during the forecast period, market participants engaged in the wind turbine business are anticipated to view Asia-Pacific as an excellent business location.
Key Players in the Wind Turbine MarketThe wind turbine market is highly competitive, with several key players dominating the market. Some of the top players in the wind turbine market include General Electric, Vestas, Siemens Gamesa, Nordex Group, and Goldwind.
Impact of COVID-19 on the pandemicThe outbreak of the deadly virus has declined the growth of almost every market. The COVID-19 outbreak in Q1 of 2020 had a moderate effect on the development of the wind turbine market in terms of delays in the production and supply of new turbines, capacity addition expectations, and financial difficulties for the value chains of key players. Installations of wind energy decreased by 30% from what the industry had anticipated. During the forecast period, the wind turbine market is anticipated to be driven by factors such as rising demand for renewable energy sources, particularly wind power, in the power generation mix, efforts to reduce dependence on fossil fuel-based power generation, and regulations on energy efficiency. However, the market's development will probably be hampered by the use of alternative clean energy sources like solar and other alternatives.
Latest DevelopmentsIn April 2021, GE Renewable Energy stated that it would provide 42 units of 2.7-132 onshore wind turbines for CleanMax's 110 MW worth of onshore wind hybrid projects in India. Three projects with a combined 110 MW will help Gujarat and Karnataka's industrial businesses meet their energy needs.
A strategic partnership agreement between GE Renewable Energy and Toshiba Energy Systems and Solutions Corporation was revealed in May 2021. It aims to localize key steps in the production of GE's Haliade-X offshore wind turbine and support its commercialization in Japan.
For upcoming developments in Tamil Nadu, India's JSW Energy Ltd, a subsidiary of regional conglomerate JSW Group, placed an order for 810 MW of onshore wind turbines in October 2021, according to GE Renewable Energy.
JSW Energy Ltd. in India, a subsidiary of the regional conglomerate JSW Group, placed an order for 810 MW of onshore wind turbines for its upcoming developments in Tamil Nadu, according to GE Renewable Energy's announcement in October 2021. Turbines of the 2.7-132 model, mainly developed and produced in India, will be supplied by General Electric Co.'s renewable energy division.
ConclusionThe wind turbine market is an essential part of the renewable energy industry and is expected to grow in the coming years. With the increasing demand for cleaner energy sources and government incentives for the adoption of wind power, the wind turbine market is set to become even more competitive. As new technologies emerge, we can expect to see further advancements in the wind turbine market, making wind power an even more attractive source of renewable energy.
Segments Covered in the Report
- Rotator blade
- Grid Connected
- Stand Alone
- < 100 kW
- 100 kW to 250 kW
- > 250 kW to 500 kW
- > 500 kW to 1 MW
- 1 MW to 2 MW
- >2 MW
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa