Asia Pacific Wind Turbine Market Analysis

Asia Pacific Wind Turbine Market Analysis

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Based on axis, the horizontal wind turbine is projected to surpass USD 110.9 billion by 2032 owing to innovations including large rotor diameters, taller towers, advanced materials, and smart grid integration. It will further enhance the overall energy production and grid integration capabilities of wind turbines. Growing concerns about energy security, volatile fossil fuel prices in conjunction with the environmental impacts of conventional energy sources will augment the demand for wind energy.

Based on installation, the onshore wind turbine market is set to grow at a CAGR of more than 4.5% through 2032. Increasing adoption of enhanced power capacity & large turbines along with paradigm shift to improve the performance & cost of turbines will foster the business trends. Moreover, major players are extensively focusing on introducing advanced solutions suitable for extreme environmental conditions in line with ongoing research & development activities will boost the business potential.

Grid connected wind turbine witnessed a market share of over 96% in 2023. These systems have the advantage to reduce utility bills and substantially provide backup power during outages, thereby complementing product penetration. Ongoing upgrades of the existing sites in line with the ongoing standardization of turbine technologies & interfaces, including the utilization of multi-turbines that envisage wind power developments, will further boost the industry scenario.

China wind turbine market is estimated to reach USD 71 billion by 2032. Increasing penetration of Small Wind Turbines (SWTs) in rural telecommunication systems to provide power across roads & buildings aligned with rising deployment of wind power across residential & commercial buildings will positively impact the industry statistics. Surging demand for clean electricity generation across remote locations along with the Ongoing advancements in wind turbine technology will boost the industry potential.