Global Wind Turbine Market Set to Grow at CAGR of 10% during FY 2021-2028


Posted May 2, 2022 by MarketResearch7

The global wind turbine market size is expected to expand at a CAGR of 10% during the forecast period, 2021-2028.
 
The global wind turbine market size is expected to expand at a CAGR of 10% during the forecast period, 2021-2028. The growth of the market is attributed to rising energy demand along with the increasing share of renewables in the power generation mix.
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Ongoing technological advancements that have increased the capacity of wind turbines and improved floating wind turbines. These have reduced the overall cost of wind power, and have opened up new offshore locations, such as deep water, which was previously inaccessible due to lack of investment and technology.
Market Drivers, Restraints, Trends, and Opportunities
• Rapid shift from non-renewable fossil fuels toward clean and renewable energy sources is accelerating the market growth.
• Growing adoption of clean energy source alternative such as solar and biogas may hinder the growth of the market.
The integration of artificial intelligence (AI), Internet of things (IoT), robotics, and data analytics in wind turbines to enable advance condition monitoring and predictive maintenance to improve efficiency and reduce operational and maintenance costs is expected to provide lucrative opportunity for the industry players during the forecast period.
Wind Turbine Market Segment Insights
Offshore wind turbine to account a significant market share
Based on location of deployment, the market is bifurcated into onshore and offshore. The offshore segment is projected to account a significant market share during the forecast period. Declining costs and improved technology in the wind turbine industry are fueling the segment growth.
Rising energy demand in emerging countries is encouraging the shift toward the adoption of renewable energy, driving the segment growth. The adoption of offshore wind energy with advance technology is attracted the companies to heavily investment in the offshore segment.
Large capacity segment to account a major market share
In terms of capacity, the market is segregated into small, medium and large. The large capacity segment is projected to account for a major market share during the forecast period. Rising use of large capacity wind turbines to meet the increasing energy demand is driving the growth of the market segment.
The market in Asia Pacific to exhibit a high CAGR
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is expected to exhibit a high CAGR during the forecast period.
According to IRENA, Asia Pacific is poised to become the world’s dominant wind market, accounting for more than 50% of onshore and 60% of offshore wind installations by 2050. Asia’s onshore wind capacity is expected to grow from 256 GW to over 2,600 GW by 2050. The large investments from countries, such as China, India, and Taiwan is propelling the regional market growth. China-based manufacturers comprise nearly 95% of the overall wind power market. The presence of government policy and incentives by the Government of China has made it a favorable hotspot for investment.
Compititive Landscape
The wind turbine market is moderately fragmented. Some of the key players in this market include Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, Senvion SA.
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Issued By Growth Market Reports
Country United States
Categories Business
Tags wind turbine market , wind turbine market cagr , wind turbine market share , wind turbine market sizw
Last Updated May 2, 2022