Report Code : A00104
The wind turbine market is anticipated to witness considerable growth during the forecast period. This is attributed to factors such as rise in demand for sustainable energy and surge in power infrastructure near seashore areas. In addition, decline in the cost of wind turbine is another driving factor for the market. Furthermore, rise in product modernization and technological advancement is anticipated to create new opportunities for wind turbine market in the coming years
Eswara Prasad
Manager, Energy & Power at Allied Market Research
According to a new report published by Allied Market Research titled, “Wind Turbine Market by Axis Type, Installation, Component, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the wind turbine market size was valued at $53.4 billion in 2020, and is projected to reach $98.4 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
Wind turbines work on a simple principle, which is “instead of using electricity to make wind—use wind to make electricity”. Wind turns the propeller-like blades of a turbine around a rotor, which spins a generator, generating electricity. Wind is a form of solar energy produced by a combination of three concurrent events that are the sun unevenly heating the atmosphere, irregularities of the earth's surface, and the rotation of the earth.
In addition, wind turbine converts wind energy into electricity using the aerodynamic force from the rotor blades, which work like an airplane wing or helicopter rotor blade. When wind flows across the blade, the air pressure on one side of the blade decreases. The difference in air pressure across the two sides of the blade creates both lift and drag. The force of the lift is stronger than the drag, causing the rotor to spin. The rotor connects to the generator, either directly (if it is a direct drive turbine) or through a shaft and a series of gears (a gearbox) that speeds up the rotation.. This translation of aerodynamic force to rotation of a generator produces electricity.
The factors that drive the wind turbine market growth are increase in awareness toward boosting green energy, rise in energy consumption across the globe, growth in installation flexibility, and cost & performance efficiency of wind turbine. However, rise in power infrastructure near sea shore areas led to increase in demand for wind turbines, acting as the major driving factor for the market. Furthermore, rise in environmental concerns and increase in research activities in the field of wind turbines are expected to provide a substantial growth opportunities in the future.
The global wind turbine industry is segmented on the basis of axis type, installation, component, application, and region. Depending on axis type, the market is categorized into horizontal and vertical. According to installation, it is divided into onshore and offshore. As per component, it is classified into rotator blade, gearbox, generator, nacelle ,and others. On the basis of application, it is fragmented into industrial, commercial, residential, and utility. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global wind turbine market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Enercon GmbH, Gamesa, General Electric, Goldwind, Guodian United Power Technology Company Ltd., Ming Yang, Siemens, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd., and Vestas Wind Systems A/S.
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Wind Turbine Market by Axis Type (Horizontal and Vertical), by Installation (Onshore and Offshore), by Component (Rotator Blade, Gearbox, Generator, Nacelle, and Others), and by Application (Industrial, Commercial, Residential, and Utility): Global Opportunity Analysis and Industry Forecast 2021–2030
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