Global Wind Turbine Market is Expected to be Led by Falling Prices of Electricity Generation from Wind Turbines and Increased Participation of Private Sector: Ken Research

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Increased Government Participation in Emerging and New Market and Private and Corporate Participation in Established Markets will Lead the Growth of Wind Turbine Market.

 Global wind turbine market has registered a constant growth in terms of demand based on cumulative installed capacity. In 2015, the market achieved its peak in terms of demand for new wind turbines with China contributing nearly half of the total demand. Global demand for new wind turbine has increased constantly from 2011 to 2015 before registering a decline in 2016. China has emerged as the key player which has huge impact on the global wind turbine market. Since majority of the demand for wind turbines in China was being met by domestic companies there was little penetration of global companies. Region wise, Asia leads the market followed by Europe and North America. Contribution from Middle East and Africa was very low with major contribution coming from South Africa. China leads the demand for wind turbine market followed by the US, Germany and India.

Onshore wind turbine dominated the market contributing almost the entire demand for wind turbine. Demand for offshore wind turbine was on rise as price of installation and turbines had fallen significantly in the last five years. Europe dominates the market in offshore wind turbines demand with UK leading the market. All the top five countries on the basis of cumulative installed capacity in offshore wind turbine market were from Europe. Vestas was the leading player in the global wind turbine market with significant presence outside its home country. Other major players included Nordex, Enercon, GE Renewables, Ming Yang, Siemens, Gamesa, GoldWind, Suzlon, Senvion and RRB Energy. Goldwind was the leading player in China and was third largest player (globally) based on cumulative installed capacity.

Significant private participation was witnessed in developed markets such as the US Germany, UK, and others with corporates playing a very crucial role. Government is the major investor in emerging and new markets. Falling LCOE, improved load factor and improved learning curve has made the wind energy cheaper than other sources of energy in many markets such as Germany. Intermittent power supply and grid related infrastructure was the key hurdle in development of wind energy.

According to the report Global Wind Turbine Market by Type (Onshore, Offshore), by Services and Installation Revenue, Regions, Installed Capacity – Outlook to 2021by Ken Research, the market for global wind turbine will be driven by falling prices of electricty generation from wind turbines and lower cost of installation per MW leading to increased installed capacity.  Global manufacturers including Siemens Gamesa, GE and Vestas will develop the majority of projects and Chinese companies will continue their dominances in their home country. Investment in offshore wind projects will gain momentum.

For more information on the research report, refer to below link:

https://www.kenresearch.com/energy-and-utilities/clean-technology/global-wind-turbine-market/142273-103.html

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