The "Global Wind Turbine Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
Global wind turbine market was valued at US$90.114 billion in 2019 and is expected to grow at a CAGR of 5.34% over the forecast period to reach a total market size of US$123.154 billion in 2025.
Wind power technologies transform the kinetic energy of the wind into mechanical power. Wind is used to generate electricity using the kinetic energy created by air in motion which is then transformed into electrical energy using wind turbines or wind energy conversion systems. The amount of energy that can be harvested from wind depends on the size of the wind turbine and the length of its blades. As such, the total energy output is proportional to the dimensions of the rotor and to the cube of the wind speed.
Renewable power generation can help nations meet their sustainable development goals and targets through the provision of access to clean, reliable, secure, and affordable energy. Growing focus on environmental sustainability across the globe is the major driver of global wind turbine market. Governments of different nations as well as global organizations are continuously trying to achieve their set targets of reducing carbon footprints/greenhouse gas (GHG) emissions. Increasingly pronounced effects of climate change coupled with the finite nature of non-renewable energy sources has made it necessary for the world to secure alternative power sources.
Onshore dominates the global wind turbine market
By location, the global turbine market has been segmented as onshore and offshore. Onshore wind turbine market accounted for the major market share in 2019. According to the IRENA statistics, the onshore wind energy installed capacity has increased from 177,790 MW in 2010 to 594,253 MW in 2019. The infrastructure of onshore wind farms necessary to transmit electricity is relatively less expensive than that of offshore wind farms. Moreover, onshore wind energy is currently the cheapest form in the global renewable industry. The offshore wind energy installed capacity, according to IRENA statistics, has grown from 3,056 MW in 2010 to 28,155 MW in 2019. Many parts of the world have strong wind speeds, but remote locations are the best ones for producing wind power. As such, offshore wind power locations offers tremendous potential and the segment is projected to witness a substantial CAGR during the forecast period.
Europe is one of the major wind turbine regional markets
By geography, global wind turbine market has been segmented into five major regional markets - North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). Europe accounted for a significant market share in 2019 on account of high level of installation of wind turbines in the region. High concerns regarding environmental sustainability across the EU (European Union) member states with set targets of reducing the reliance on non-renewable energy sources is further boosting the installation of wind turbines across the region, thus positively impacting Europe wind turbine market growth. For instance, it has been recently announced by the sustainable energy company Vattenfall that a 50-turbine wind farm in southern Scotland will be set up and running by 2023 which will power approximately 170,000 homes in the United Kingdom. Also, ecoJoule construct GmbH has recently provided a 28 MW re-powering order to Vestas for the wind project Brest in northern Germany.
Impact of COVID-19 on global wind energy industry
The wind energy industry supply chain has experienced a major disruption in the first quarter, particularly on the manufacturing and assembly of wind turbine, due to the ongoing COVID-19 pandemic outbreak. Major wind energy equipment suppliers such as Siemens and General Electric among others have faced production shutdowns which has resulted in a huge backlog and delay in fulfilling orders. This drastic supply chain disruption has caused firms to shut factories while making them unable to ship their products to construction sites. The wind sector will continue to be impacted in the months ahead throughout the whole value chain whilst at the operation level, turbines, blades, component, and material orders will be either cancelled or unfulfilled.
Siemens Gamesa Renewable Energy, S.A.
Suzlon Energy Limited
Bergey Windpower Co.
VENSYS Energy AG
Sinovel Wind Group Co., Ltd.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
4.5. Market Attractiveness
5. Global Wind turbine Market Analysis, By Type
5.2. Horizontal-axis Wind Turbine
5.3. Vertical-axis Wind Turbine
6. Global Wind turbine Market Analysis, By Size
7. Global Wind turbine Market Analysis, By Location
8. Global Wind turbine Market Analysis, By Application
9. Global Wind turbine Market Analysis, By Geography
9.2. North America
9.3. South America
9.5. Middle East and Africa
9.6. Asia Pacific
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005698/en/
Laura Wood, Senior Press Manager
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