Analysis of the growth potential of Wind Turbine market in global and regional level including Asia-Pacific, Americas, Europe, and Middle East and Africa

According to a new report Added by Premium Market Insights, titled, Wind Turbine Market by Type of Wind Farm and Application: Global Opportunity Analysis and Industry Forecast, 2016-2023, the wind turbine market was valued at $81,147 million in 2016, and is estimated to reach $134,600 million by 2023, registering a CAGR of 7.2% from 2017 to 2023. In 2016, the industrial application segment accounted for around two-thirds share of the total market.

Wind Turbines are devices that help in converting kinetic energy from the wind to electric energy. Many companies are now generating electricity from wind using both offshore and onshore methods. Due to use of fossil fuels, earth's temperature has risen by 1`C in the last 100 decades. Government is taking initiatives to explore alternative sources of energy due to the lack of natural resources such as fossil fuels. It is a beneficial step for both the planet and the economy to minimize the dependency on limited natural resources such as gas and oil. Wind Turbines could help in achieving balance between supply and demand for electric needs of the century.

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The capacity to generate electric energy with the help of wind turbines grew tremendously. During 2013, 296'255MW electricity was generated with the help of wind turbines, out of which, 13'980 MW was generated in the first half of 2013. All wind turbines installed worldwide, during 2013, helped in meeting 3 to 5% of global electricity demand. Currently, world's business activities are largely dependent on electric energy. Limited amount of natural resources such as gases and fuel would influence the overall growth of the world's economies. These are the major driving forces, which are motivating governments to take initiatives to explore alternative energy solutions to cater to the increasing demand for electricity. As per Global Wind Energy Council, wind power is expected to deliver 12% of global electricity in 2020 and is going to create 1.4 million new jobs worldwide. Increased use of wind power would also influence the natural environment positively, by reducing the CO2 emission by 1.5 billion tons per year.

Onshore wind turbines is the leading type segment, owing to cost benefit over offshore wind turbine, easy installation, and greenhouse gas reduction. Globally, there is a presence of huge onshore wind resources, which could meet global electricity demand. However, despite the higher construction & maintenance cost associated with offshore wind turbine, currently, there is an increase in offshore wind power owing to the availability of space and stable strong wind.

Industrial segment was the leading application segment in 2016 and it is expected to continue its lead during the forecast period. In industrial segment, it is widely used for power generation, engineering & telecommunication, industrial buildings, and ports including many others.
Some of the key companies profiled in this report are Vestas, Sinovel, Glodwind, Gamesa, Enercon, Genral Electric, Suzlon, Siemens, Ming yang, Wind Power and Guodian United Power.

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Key Findings of the Wind Turbine Market:

• In 2016, Asia-Pacific dominated the global market, with more than one-third share, in terms of both revenue and volume.
• In 2016, China dominated the Asia-Pacific wind turbine market, with more than two-third share, in terms of both revenue and volume.
• In 2016, onshore wind turbine was the leading type segment accounted for more than two-third share in terms of both value and volume.
• Offshore wind turbine segment is estimated to grow at a highest CAGR of 7.9%, in terms of revenue.
• Commercial application segment is estimated to register the highest growth rate, in terms of revenue, registering a CAGR of 7.6% from 2017 to 2023.
• In 2016, power generation is the leading industrial application segment, with more than half share in terms of both value volume.
• In 2016, Asia-Pacific dominated the global market, owing to the high wind power installation capacity and government initiatives for the shift towards the use of renewable energy. China dominated the Asia-Pacific wind turbine market in 2016, in terms of both value and volume. Europe is the second leading region, which is expected to register a CAGR of 7.4% in terms of revenue.

KEY MARKET SEGMENTATION

BY TYPE OF WIND FARM

Onshore wind turbine market
Offshore wind turbine market

BY TURBINES MW CAPACITY

1 to 100MW
>100 to 1,000 MW
>1,000 to 5,000 MW
>5,000 to 10,000 MW
>10,000MW

BY COMPONENTS

Gear Box
Rotor Blade
Generator
Others

BY GEOGRAPHY

North America
Europe
Asia-Pacific
RoW

KEY BENEFITS

• An in-depth analysis of global wind turbine technology market by considering adoption rate in various geographic regions and application segments
• Government policies, regulations and social acceptance of wind turbine is being dealt in an in-depth manner to help companies make region specific business plans
• A deeper understanding of the impact of wind turbine technology on CO2 emission and its effects on the future business models are discussed
• The Global and regional market perspectives and industry deployment of wind turbine technology is explicitly discussed to give region specific understanding of the market
• Estimations are made for the wind turbine market for the analysis period of 2013-2020 (2012 as the base year), by considering historical, current and potential future investment in market
Market share of top companies is showcased to give new entrants deep-dive intelligence about the potential competitors in the wind turbine market
• Top investment pockets are discussed according to geographic regions of wind turbine market

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This release was published on openPR.