Wind turbine Market

Wind turbine Market is expected to grow at a USD 108 Billion by 2028 and witnessing a 7.5% CAGR during 2021-2028

Wind turbine Market Overview

A wind turbine is a machine that converts wind kinetic energy into electricity. The blades of a wind turbine swing between 13 and 20 revolutions per minute, depending on the technology, at a constant or variable velocity, where the velocity of the rotor varies with the velocity of the wind to reach greater efficiency. Smaller wind turbines are used for applications such as charging battery for auxiliary power for recreational vehicles or sailboats, while bigger turbines contribute to a domestic power supply while sending unused power back to the utility supplier by electrical grid.

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Major Wind turbine Market Drivers

The factors driving the global Wind turbine include soaring investments to replace the conventional power generation technologies with advanced clean energy systems to control the harmful carbon. Various government policies are in place to support the initiative toward green energy. For instance, European Commission has tabled a series of legislative proposals to deliver the EU’s increased climate target from 40% to 55% emission reduction by 2030, which will likely to surge the demand of wind turbines for cleaner energy over the forecasted period.

Furthermore, many multinational companies are taking initiatives to cut down their carbon footprint to contribute to a greener planet and sustainability. For instance, in 2019, Google made biggest corporate purchase of renewable energy by bringing additional large-scale solar and wind farms representing more than USD 2 billion in new energy infrastructure. The US-based internet giant increased its wind and solar energy portfolio by more than 40 percent with a deal for 1600 megawatts of electricity.

Restraint in the Wind turbine Market

However, Noise is a problem for some individuals that live close to the wind turbines. The generator in the turbine makes a mechanical hum, while the blades create a “whooshing” sound as they move through the air, which may hamper the growth of the global wind turbine market.

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Installation – Segment Analysis

Based on the installation, offshore installation is expected to grow at the fastest rate in the global wind turbine over the forecast period owing to the significant positive parameter like no land utilization, limited human intervention, and minimizing visual proximity contributing toward adoption of offshore wind turbines. For instance, Vineyard Wind 1 project with an investment of over USD 3 Bn is the first utility scale offshore wind energy project in the United States. It is located in water off the coast of Massachusetts and will generate about 2GW of electricity from wind power.

Application – Segment Analysis

Based on the application, residential is projected to grow at a high CAGR over the forecast period in the global Wind turbine market due to the growing electricity demand with rapid urbanization in line with growing electricity consumption. For instance, Egmond Aan Zee, the first large-scale offshore wind farm built off the Dutch coast. The wind farm project cost over €200m and has been operating since 2006. Having a total capacity of 108 MW, its 36 turbines generate enough electricity to power 100,000 households.

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Regional – Segment Analysis:

Based on the region, the Asia Pacific region is expected to capture a significant market share in the global Wind turbine market in 2020 due to emerging countries like China dominating the global wind power industry. For instance, China connected 10.8 GW of new wind power capacity to the grid in the first half of 2021, an increase of 72 % year on year. Moreover, according to a report released by the Global Wind Energy Council(GWEC), China broke the world record for most wind power installed in a single year 2020, with 52 GW of new capacity doubling the country’s previous year installation.

Top Market Players

Various notable players operating in the market, include, Vestas, 10.2. Sinovel Wind Group Co., Ltd, goldwind.com, Siemens Gamesa Renewable Energy, GENERAL ELECTRIC, Suzlon Energy Limited., ENERCON GmbH, Ming Yang Wind Power Group Limited, NORDEX SE, Guodian United Power Technology Company., among others.

Key Developments:

• • In 2021, Chinese wind turbine manufacturer Ming Yang Wind Power Group Limited is planning to set up a major manufacturing facility in Germany in a bid to capture a chunk of Europe’s fast-growing renewable power market.
  • In October 2021, Ming Yang Wind Power Group Limited has secured a supply contract with PowerChina International Group for the 375 MW Ca Mau offshore wind project in Vietnam, currently the country’s largest intertidal wind power project.

Segments covered in the Report:

The wind turbine market has been segmented on the basis of installation, application, rating, and regions. Based on installation, the market is segmented into onshore and offshore. Based on application, the market is segmented into utility, industrial, commercial, residential, and others residential. Based on component, the market is segmented into rotor module, nacelle module, Hubs, and tower module.

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Market Segmentation

Global Wind turbine Market by Installation

• • Onshore
  • Offshore

Global Wind turbine Market by Application

• • Utility
  • Industrial
  • Commercial
  • Residential
  • Others

Global Wind turbine Market by Component

• • Rotor Module
  • Nacelle Module
  • Hubs
  • Generator
  • Tower Module

Global Wind turbine Market by Region

• • North America Wind Turbine Market (Option 1: As a part of the free 25% customization)

    • North America Wind Turbine Market by Installation
    • North America Wind Turbine Market by Application
    • North America Wind Turbine Market by Component
    • US Wind turbine Market All-Up
    • Canada Wind turbine Market All-Up

  • Europe Wind turbine Market (Option 2: As a part of the free 25% customization)

    • Europe Wind turbine Market by Installation
    • Europe Wind turbine Market by Application
    • Europe Wind turbine Market by Component
    • UK Wind turbine Market All-Up
    • Germany Wind turbine Market All-Up
    • France Wind turbine Market All-Up
    • Spain Wind turbine Market All-Up
    • Rest of Europe Wind turbine Market All-Up

  • Asia-Pacific Wind turbine Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Wind turbine Market by Installation
    • Asia-Pacific Wind turbine Market by Application
    • Asia-Pacific Wind turbine Market by Component
    • China Wind turbine Market All-Up
    • India Wind turbine Market All-Up
    • Japan Wind turbine Market All-Up
    • Rest of APAC Wind turbine Market All-Up

  • RoW Wind turbine Market (Option 4: As a part of the free 25% customization)

    • RoW Wind turbine Market by Installation
    • RoW Wind turbine Market by Application
    • RoW Wind turbine Market by Component
    • Brazil Wind turbine Market All-Up
    • South Africa Wind turbine Market All-Up
    • Saudi Arabia Wind turbine Market All-Up
    • UAE Wind turbine Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Wind turbine Market All-Up

Major Players Operating in the Wind turbine (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Vestas
  • Sinovel Wind Group Co., Ltd
  • com
  • Siemens Gamesa Renewable Energy
  • GENERAL ELECTRIC
  • Suzlon Energy Limited.
  • ENERCON GmbH
  • Ming Yang Wind Power Group Limited
  • NORDEX SE
  • Guodian United Power Technology Company.