Global Wind Turbine Market is expected to reach over USD 77 Billion in 2021: Ken Research


Global wind turbine market by type (onshore and offshore), by region (Europe, Asia, North America, Latin America, Pacific, Middle East and Africa), by installed capacity (cumulative and new installed capacity). Global wind turbine services revenue by region (Europe, Asia, North America, Latin America, Pacific, Middle East and Africa, market share of Major players in global wind turbine market by sales and services revenue (Vestas, Nordex, Enercon, GE Renewables, Ming Yang, Siemens – Gamesa, GoldWind, Suzlon, Senvion and RRB Energy).

 November 2017 |Global News

Local manufacturing will get boost as some major companies have announced projects to establish manufacturing units in the new and emerging markets.

  • Reduction in subsidies on primary sources of electricty will make wind energy more price competitive making it an attractive option for investment in energy sector.
  • Offshore wind turbine market will gain momentum as cost of installation falls. Demand for large size turbine will gain momentum.
  • Wind turbine services industry will register a booming growth as installed capacity of turbines increases.

Wind energy generation has evolved over the years to emerge as key renewable energy generation method. All countries in the world receive wind strong enough to generate some wind energy. It is expected that demand for wind turbines will increase, mainly fulled by China, Germany and the US. Significant contribution is expected to come from India and South Africa. Larger size turbines (greater than 2 MW) will be in great demand and is expected that cost of installation per MW will fall further. Many of the offshore wind projects will use turbines of a size greater than 5 MW. Share of offshore wind turbine is expected to increase by the end of 2021. It is expected that unit cost of wind turbine per MW will register a continuous decline in future as technology improves and better efficiency and height is achieved. Service market is expected to gain substantial boost from aging turbines in the European and the US market.

New capacity additions may face stiff competition from developments in solar energy sector as price decline in installing solar energy capacity is much faster compared to wind energy segment. Growth will be little slower in 2020-2021 as major markets may be reaching the saturation and new additions may slow down. It is also expected that some wind farms may be decommissioned to be replaced with better and efficient turbines. Intermittent power supply due to varying wind speed and high cost of the storage is the key challenge in developing the wind farm as reliable source of energy.

Market will be driven by private participation of corporate and private companies. Governments in countries with higher dependence on imported fossil fuel and other traditional sources are also expected to make significant investment in wind energy segment. Vestas, GE, Siemens Gamesa, Nordex were some key players which will continue their dominance in the global market. Chinese firms such as Goldwind will maintain their dominance in their home country but are expected to expand in the global market.

Analysts at Ken Research in their latest publication, Global Wind Turbine Market by Type (Onshore, Offshore), by Services and Installation Revenue, Regions, Installed Capacity – Outlook to 2021 believe that promoting local manufacturing through incentives, tax benefits and promulgating favorable laws that promote wind energy will give boost to the sale of wind turbine in the global market. Investment in R&D related to wind mapping will help better assessment of wind potential and selection of type of turbine.

Global Wind turbine market is expected to register positive CAGR during the period 2016-2021. Commitment to reduce carbon emission, falling LCOE and technological knowhow along with improving learning curve are expected to have positive impact on the demand for wind turbines and related services.

The report provides information on market size of the Global Wind Turbine Market, market segmentation on the basis of type of turbine, by region, by cumulative and new installed capacity and market share of major companies.

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

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