Wind Turbine Market Overview:
Global Wind Turbine Market was valued at $81,147 million in 2016 to reach $134,600 million by 2023, and is anticipated to grow at a CAGR of 7.2% from 2017 to 2023. Wind turbines convert kinetic energy to electric energy. Wind is a renewable energy, which is considered as the cleanest source available extensively. In the recent years, this energy became one of the most economical and efficient renewable energy resource. The factors such as no greenhouse gas emission, power supply diversification, and short lead time for planning & construction of wind power projects boost the use of wind turbines.
Wind is a significant source of affordable renewable energy that currently contributes to 5% of the global electricity demand. The technological development for the growth of more reliable and efficient wind turbines makes wind power more cost-effective. Further, depleting natural resources and government initiatives to explore alternative sources of energy drive the global wind turbine market. The cost of electricity generated using wind energy is expected to decline in near future owing to the technological development. This is expected to deliver substantial growth opportunity for the wind turbine market in near future. However, heavy investment for the production and installation of wind turbines hinders the growth of the market.
The report emphasizes on the major types of wind turbines based on wind farm, which include onshore and offshore wind turbine. Based on application, the market is classified into industrial, commercial, and residential. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In addition, it highlights various factors that impact the growth of the global market, such as key drivers, restraints, growth opportunities, and the role of different key players. It presents the quantitative data, in terms of both value and volume, which are obtained from the secondary sources, such as company publications, Factiva, Hoovers, OneSource, and others.
Global Wind Turbine Market Segmentation
Asia-Pacific dominates the global wind turbine market, in terms of both value and volume. Moreover, Europe is expected to witness the highest growth rate from 2017 to 2023, owing to the increase in wind installation capacity which is more than any other form of power generation in Europe. Further, increase in investment for construction of new wind farms, project acquisitions, and refinancing operations are expected to boost the European wind turbine market.
Wind Turbine Market Share, by Geography, 2016 (%)
Top Investment Pockets
India is the most lucrative country in the market, followed by Spain and Germany. There is addition of wind energy installation capacity in these countries along with rise in investment in wind energy and onshore wind energy projects. At present, these countries are also inclined toward the increased investment in offshore wind energy projects.
Top Investment Pockets, by Country
Asia-Pacific Wind Turbine Market Size
Asia-Pacific witnessed the leading region in the global wind turbine market, owing to the high wind power installation capacity and government initiatives for the shift toward the use of renewable energy. China dominated the Asia-Pacific wind turbine market in 2016, in terms of both value and volume.
India Wind Turbine Market Growth, 2016-2023 ($Million)
The key players profiled in the report are Vestas Wind Systems A/S, Sinovel, Goldwind, Siemens, General Electric, Suzlon Energy Ltd., Enercon GmbH, Ming yang, Gamesa, and Guodian United Power Technology Company Ltd.
The other major players (not profiled in report) in the market include Acciona S.A., Nordex SE, Dewind Co., Clipper Windpower Plc., Bergey Windpower Co., Nordic Windpower Ltd., and Senvion S.A.
Key Market Benefits:
- This report provides an extensive analysis of the current and emerging market trends and dynamics of the global wind turbine market.
- The market trend analysis for all the regions is conducted by constructing estimations for key segments between 2017 and 2023 to identify the prevailing opportunities.
- The report assists to understand the strategies adopted by the leading companies in the industry.
- This study evaluates competitive landscape of the wind turbine industry to understand the market scenario globally.
- Extensive analysis is conducted by key player positioning and monitoring the top competitors within the global market.
Wind Turbine Market Key Segments:
By Type of Wind Farm
- Power Generation
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA