Wind Turbine Market – In depth Analysis of Industry Figures with Forecasts Growth By 2023

Rapid technological advancement assisting the development of more reliable & efficient wind turbines, depleting natural energy resources, and increasing government initiative to support alternative sources of energy drive the growth of the global wind turbine market. Additionally, a decrease in wind energy prices and reduced lead time for planning and constructing wind turbines is set to provide lucrative opportunities for new market players in the near future. However, heavy investment for the manufacturing and installation of wind turbines restrict market growth. Global 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.

Wind turbine allows to harness the power of the wind and turn it into the electrical energy. Wind energy is one of the most affordable, clean, and readily available renewable energy source. It is considered as the cleanest energy sources of energy and is also one of the alternatives for depleting fossil fuel resources. The major benefit of wind energy is cost certainty as it is one of the cheapest forms of electricity generation. The government is taking initiatives to explore alternative sources of energy, which is beneficial to minimize the dependency on other limited sources such as fossil fuel, oil, and gas.

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The technological development to produce more efficient and reliable wind turbines is making wind power more cost-effective. Further, government initiative to discover alternative sources of energy and depleting natural resources of energy drives the global wind turbine market. However, heavy initial investment for the manufacturing and installation of wind turbines hamper the growth of the global wind turbine market.

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.

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By application, the industrial segment is expected to generate the highest revenue through the forecast period, on account of high energy demand in chemical, pharmaceutical, textile, and other sectors which are fulfilled by reliable wind power. Moreover, the commercial segment is projected to grow at the highest CAGR of 7.5%, due to the growing adoption of reliable wind energy in schools, colleges, office buildings, and government offices.

The market in Asia-Pacific captured more than one-third of the overall market share in 2017 and is likely to dominate the market through 2023. This is attributed to the shifting focus of government towards renewable energy sector in the region and heavy investment directed in the installation of renewable energy projects in India, Japan, and China.

However, the European market is expected to register the fastest CAGR of 7.4% from 2017 to 2023. This is due to its current focus on wind turbine capacity expansion and relative investment to install wind turbine after 2020 to make wind energy as the largest energy source. The other regions analyzed in the report include North America and LAMEA (Latin America, Middle East and Africa).

Leading market players analyzed in the research include Vestas Wind Systems A/S, Sinovel, Goldwind, Siemens, General Electric, Suzlon Energy Ltd., Enercon GmbH, China Ming Yang Wind Power Group Limited, Siemens Gamesa Renewable Energy, and Guodian United Power Technology Company Ltd. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.

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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.

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