About Wind Turbine
A wind turbine is a device that converts the kinetic energy of wind into electrical energy. They are an increasingly important source of renewable energy and play a crucial role in reducing our reliance on fossil fuels. The wind turbine market is expected to experience robust growth in the coming years. This growth will be driven by a combination of factors, including increasing demand for renewable energy, technological advancements, supportive government policies, and growing economies. The wind turbine market has a bright future, driven by strong demand for clean energy, technological advancements, and cost competitiveness.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.11% |
The wind turbine market is highly competitive but also presents significant opportunities for growth. Leading players are focusing on innovation, cost reduction, and expanding their geographical reach to stay ahead of the curve. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Wind Turbine market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Goldwind (China), Leitwind (Italy), Nordex SE (Germany), Senvion S.A. (Germany), Siemens Wind Power and Renewables (Germany), Vestas Wind Systems A/S (Denmark), Suzlon Energy Ltd. (India), Enercon GmbH (Germany), GE Renewable Energy (France) and GE Wind Energy GmbH (Germany) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Sinovel Wind Group Company (China), China Ming Yang Wind Power Group Limited (China), Siemens Gamesa Renewable Energy S.A. (Spain) and Guodian United Power Technology Company Ltd. (China).
Segmentation Overview
AMA Research has segmented the market of Global Wind Turbine market by Type (Horizontal Axis Wind Turbine (HAWT) and Vertical Axis Wind Turbine (VAWT)), Application (Residential, Commercial, Agricultural, Industrial and Utility) and Region.
On the basis of geography, the market of Wind Turbine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, Spain, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Installation, the sub-segment i.e. On Shore will boost the Wind Turbine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Capacity, the sub-segment i.e. Up to 500Kv will boost the Wind Turbine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material, the sub-segment i.e. Steel will boost the Wind Turbine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Energy storage technologies improving grid stability for intermittent sources
Market Growth Drivers:
Rising energy demand and need for energy security and Increasing demand for clean and sustainable energy sources
Challenges:
Competing with conventional energy sources
Restraints:
High initial investment
Opportunities:
Hybrid renewable energy systems combining wind with solar or storage and Advancements in wind turbine technology and design, leading to higher efficiency
Market Leaders and their expansionary development strategies
In August 2023, Vestas has signed a conditional agreement for an up to 1.2 GW offshore project in Poland. If and when the agreement translates into a firm and unconditional order, Vestas will disclose this in a company announcement in accordance with the company’s disclosure policy.
In August 2023, The Solar Energy Corporation of India (SECI) has released the Request for Selection (RfS) for Tranche XV Wind Power Projects, with a total capacity of 1300 MW. The RfS has been issued under the Standard Bidding Guidelines, aiming to promote the integration of wind power into the Inter-State Transmission System (ISTS) in India.
Key Target Audience
Wind Turbine Manufacturers, Wind Turbine Distributors and Traders, Wind Energy Industry Associations, Research and Development Institutes, Government Agencies, Renewable Energy Providers and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.