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2022
Wind Turbine Market

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

✷  Report Code: A00104
Pages: 447
Feb 2022 | 43951 Views
Author(s) : Yash Doshi
Tables: 563
Charts: 116
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COVID-19

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Wind Turbine Market Outlook – 2030

The global 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 2020 to 2030. Wind turbine is an equipment used in wind power plant, as wind energy is converted into electricity using the aerodynamic force of 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 conversion of aerodynamic force to rotation of a generator produces electricity.

Renewable energy is experiencing notable growth as a result of global initiatives to combat climate change, such as the Paris Agreement, with wind energy leading the way.  From 2000 to 2015, cumulative wind capacity around the world increased from 17,000 megawatts to more than 430,000 megawatts. However, rise in sustainable energy demand led to increase in demand for wind power, which, in turn, increases the demand for wind turbine, acting as the major driving factor for the market.

The wind turbine market 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 the installation, it is divided into on-shore and off-shore. As per the component, it is classified into rotator blade, gearbox, generator, nacelle, and others. By 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.

Global Wind Turbine Market, by Axis Type

Depending on type, the vertical segment dominated the global market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to its main features such as high efficiency and lower prices.

Wind Turbine Market
By Type

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Vertical is projected to create abundant $ opportunity till 2030

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Global Wind Turbine Market, by Installation

According to installation, the onshore segment is dominated the global market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to its high demand, as demand for wind power on land is quite higher than offshore. 

Wind Turbine Market
By Installation

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Onshore segment is projected as the most lucrative segment.

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Global Wind Turbine Market, by Component

By Component, the rotator blade segment dominated the global market in 2020, and is projected to remain the fastest growing segment during the forecast period. This is attributed to rapid industrialization and power industry.

Wind Turbine Market
By Component

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Rotator Blade is projected as the most lucrative segment.

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Global Wind Turbine Market, by Application

On the basis of application, the utility segment dominated the global market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rise in sustainable renewable projects of government.

Wind Turbine Market
By Application

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Utility is projected to create abundant $ opportunity till 2030

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Global Wind Turbine Market, by Region

Region wise, Asia-Pacific dominated the global wind turbine market in 2020, and is projected to remain the fastest growing segment during the forecast period. This is attributed to numerous factors such as a large consumer base and rapid increase in demand for renewable source of energy.

Wind Turbine Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia Pacific is projected to create abundant $ opportunity till 2030

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Key Benefits For Stakeholders

  • The report provides an in-depth analysis of the global wind turbine market trends along with the current and future market forecast.
  • This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
  • Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global market for strategy building.
  • A comprehensive global wind turbine market forecast covers factors that drive and restrain the market growth.
  • The qualitative data in this report aims on market dynamics, trends, and developments.

Impact Of Covid-19 On The Global Wind Turbines Market

  • Wind power projects can be roughly divided into three phases that include planning, construction, and operations/maintenance. Sites suitable for wind farms are generally in sparsely populated areas and rarely found in cities with dense population. Project developers therefore need to make frequent visits to the project site from the initial planning and development phase to explain the project in advance to the local government, landowners, and other stakeholders, gain their assent, and move ahead with various procedures, including environmental assessments, grid access, and FiT program certification. However, when developers are unable to visit project sites due to restrictions on movement (travel) as is the case now, many procedures are delayed which led to highly negative impact on wind turbine market.
  • The manufacturing of wind turbine was halted for a specific period due to high peak of COVID-19, which highly impacted the sales of wind turbine.
  • Sales of wind turbine are directly proportional to the demand for wind power projects. Wind projects have been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in demand for wind turbine.
  • COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global wind turbine market due to impact of COVID-19. 
  • Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using wind turbine, thereby affecting the global market. 
  • According to the United Nations Industrial Development Organization(UNIDO), 30.0%–70.0% of pre-COVID-19 workforce of various industries and vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in demand for raw material used in wind turbine. This is expected to decline the wind turbine market growth during the forecast period.

Wind Turbine Market Report Highlights

Aspects Details
By Axis type
  • Horizontal
  • Vertical
By Installation
  • Onshore
  • Offshore
By Component
  • Rotator Blade
  • Gearbox
  • Generator
  • Nacelle
  • Others
By Application
  • Industrial
  • Commercial
  • Residential
  • Utility
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (Japan, China, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Companies are taken from old report
  • Enercon GmbH
  • Gamesa
  • General Electric
  • Goldwind
  • Guodian United Power Technology Company Ltd.
  • Ming Yang
  • Siemens
  • Sinovel Wind Group Co. Ltd.
  • Suzlon Energy Ltd.
  • Vestas Wind Systems A/S
 

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Wind turbine is used to generate electricity with kinetic energy of wind. Wind flows over the blades creating lift (similar to the effect on airplane wings), which causes the blades to turn. The blades are connected to a drive shaft that turns an electric generator, which produces (generates) electricity. The global wind turbine market has registered a dynamic growth over the past few years, owing to urbanization and rise in demand for  sustainable energy. In addition, huge investment plans with respect renewable source of energy to achieve a sustainable energy future boost the demand of thin wind power mills across the globe. Moreover, the Department of Energy Wind Energy Technologies U.S. invested in energy science R&D activities that enable the innovations needed to advance the U.S. wind systems, reduce the cost of electricity, and accelerate the deployment of wind power.

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FREQUENTLY ASKED QUESTIONS?

A. Agreement, business expansion and product launch are the key growth strategy of Global Wind Turbine Market players.

A. Europe will provide more business opportunities for Global Wind turbine in future

A. To get latest version of wind turbine market report can be obtained on demand from the website.

A. Enercon Gmbh, General Electric, Goldwind, Nordex SE, ReGen Powertech, Siemens Energy, Sinovel Wind group, Suzlon Energy Limited, Vestas and Zhejiang Windey are the leading market players active in the Wind turbine Market.

A. Onshore segment holds the maximum share of the Global Wind turbine Market

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. Wind energy plants are the major customers of global wind turbine market.

A. The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global wind turbine market from 2020 to 2030 to determine the prevailing opportunities.

A. Rise in urbanization, increase in demand of sustainable energy and Continuous increase clean fuel source of energy are expected to drive the adoption of wind turbine.

A. Technological evolution of wind turbine, increasing renewable energy demand and rapid expansion of favourable government policies are the current trend expected to influence the Global Wind turbine Market in the next few years.

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