Electricity production using wind turbines harness wind energy at a particular location. Advanced computer modelling techniques are used to calculate wind force and the amount of electricity which can be generated from it. The wind turbines are primarily utilized to convert kinetic energy of wind into usable electrical energy. The governments actively supports the power generation from renewable sources. The electricity generation feed-in tariffs (combining the auction costs), tax holidays (tax credits) to the players venturing into wind power generation, and a leverage of preferential grant access are some of the major provisional schemes the governments are undertaking to support power generation using renewable energies. Apart from providing financial support for setting up wind farms, the governments also float schemes to attract domestic and foreign players to venture into wind power.
The additional cost for management of grid, which may result in wind variability, are usually not recognized by the generators of electricity through wind turbines. The cost of wind power is below the cost of fossil and nuclear power generation.
Global wind turbine market is segmented by region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In 2020, Asia Pacific led the global wind turbine market and was followed by Europe and North America. Together, the regions accounted a little more than 90% share of the market. Major wind farms globally utilize up to 7.5 MW wind turbines, for offshore operations. However, some countries from the Asia Pacific (China, Australia) and European (Germany and France) regions have projects which are expected to utilize high capacity turbines with capacity up to 15 MW, for offshore operations. The onshore wind turbines capacity ranges from 5kW to 15 MW which are under operation.
The key turbine manufacturers, developers, suppliers and service providers are, but not limited to: ACCIONA S. A, DNV-GL, Envision Energy, Iberdrola Renewables LLC, LM Wind Power, SUZLON Ltd., Vestas Wind Systems A/S, Siemens-Gamesa Renewable Energy Renewable Energy Systems Ltd., ReNew Power Ventures Pvt. Ptd., HUNTSMAN International LLC, PNE Wind AG, NEXANS S.A, MAN Engines, Ventus Wind Turbines, Inc., and Pentagonia Renovables.
Purpose of the Report
The purpose of this strategic research study titled “Wind Turbine Market – Growth, Future Prospects & Competitive Analysis 2021 – 2029” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the wind turbine market.
Target Audience
USP and Key Offerings
The report titled “Wind Turbine Market – Growth, Future Prospects & Competitive Analysis 2021 – 2029 offers strategic insights into the overall wind turbine market along with the market size and estimates for the duration 2021 to 2029. The said research study covers in-depth analysis of multiple market segments based on application turbine capacity type and cross-sectional study across different regional markets.
In order to help strategic decision makers, the report also includes competitive profiling of the leading players in wind turbine market and key business strategies adopted by them. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the wind turbine market, offering market size and estimates for the period from 2019 to 2029, keeping in mind the above mentioned factors.
A group of wind turbines is collectively termed as a wind farm. A wind farm may consists of a few wind turbines to several hundred wind turbines distributed over designated area both on onshore and offshore. The onshore wind turbines, there is high land utilization since the spacing between the individual turbines is high. The spacing between two turbines (wind mills) is majorly used for agricultural purposes. The other usage of the spacing include, utility grid connection and solar power (solar cell) combined with power generated with the wind turbines.
The approximate size of the onshore wind turbines which are manufactured today is 3 MW (2.5 – 3 MW). An approximate size of the offshore wind turbines which are manufactured today is 3.6 – 4 MW. Major wind farms globally utilize up to 7.5 MW wind turbines, for offshore operations. However, some countries from the Asia Pacific (China, Australia) and European (Germany and France) regions have projects which are expected to utilize high capacity turbines with capacity up to 15 MW, for offshore operations. The onshore wind turbines capacity ranges from 5kW to 15 MW which are under operation.
The wind’s kinetic energy is utilized to run the propellers around the rotor. This rotor is connected to the wind turbine’s main shaft which spins the generator to generate electricity. Wind power is considered as a proven alternative to conventional fossil fuels. It is abundant, renewable, extensively distributed (onshore-offshore), uncontaminated, no greenhouse gas emissions during operation.
A group of wind turbines is collectively termed as a wind farm. A wind farm may consists of a few wind turbines to several hundred wind turbines distributed over designated area both on onshore and offshore. The onshore wind turbines, there is high land utilization since the spacing between the individual turbines is high. The spacing between two turbines (wind mills) is majorly used for agricultural purposes. The other usage of the spacing include, utility grid connection and solar power (solar cell) combined with power generated with the wind turbines.
The construction of large wind farms in water bodies (lakes, seas, and oceans) to generate electric power are typically termed as offshore wind turbines. Some of the major advantage of offshore installations are: the availability of most powerful wind forces, the fuel (wind) is uninterrupted and continuous, and the net power generation is continuous than land based wind power projects.
Global wind turbine market is segmented, by Region, into North America, Europe, Asia Pacific, Latin America and Middle East & Africa regions. In 2020, the global wind turbine market was led by Denmark, the U.K., China, the U.S., Germany, and India, France, Turkey and the Netherlands. The Asia Pacific region had the highest number of new installations specifically in China, India, Japan, and India. The region is expected to have wide outreach for the forecast period.
Wind power has great benefits from government supported schemes. The type of support varies country to country and region to region. Feed in tariffs, feed in renewable portfolio standards (combining the auctions), and energy operation & creation tax credits are the provision schemes that are set up. Besides financial support, wind power has the leverage of preferential grant access globally. The additional cost for management of grid are usually not recognized by the generators of electricity through wind turbines. The cost of wind power is below the cost of fossil and nuclear power generation.
By 2029, the Asia Pacific, North America and Europe would be the high growth regions. Asia Pacific, with countries like China and India, is expected to have the highest market outreach than any other region. The recently concluded Paris Climate Change Conference has mandated energy generators to look into renewable sector for power needs. This has already made an impact on the electricity generation cost. Over all electricity generation cost reduction is expected to happen with Asia Pacific and other regions to meet the carbon emissions standards. Thus the wind turbine market is expected to witness high growth, globally, for the forecast period.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Wind Turbine market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Turbine Capacity
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
