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Asia Pacific Wind Turbine Market Size

Report ID: GMI8928
Published Date: Apr 2024
Report Format: PDF

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Asia Pacific Wind Turbine Market

Asia Pacific Wind Turbine Market was valued at USD 68.03 billion in 2023 and is anticipated to grow at a CAGR of 5.5% from 2024 to 2032. A wind turbine is a device designed to harness the kinetic energy of the wind and convert it into mechanical or electrical energy. It consists of blades mounted on a rotor, which spins when exposed to wind, and a generator that converts the rotational energy into electricity. Wind turbines are commonly used in wind farms or as standalone installations to produce renewable electricity for various applications, including powering homes, businesses, and utility-scale electricity grids.

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Global shift towards renewable energy sources and sustainability initiatives coupled with the rising efforts to reduce greenhouse gas footprints will fuel the business demand. Ongoing developments to improve systems offering lower component costs and enhanced suitability for adverse environments in line with increase in installation of these systems will drive the industry dynamics.

Asia Pacific Wind Turbine Market Report Attributes
Report Attribute	Details
Base Year:	2023
Asia Pacific Wind Turbine Market Size in 2023:	USD 68.03 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.5%
2032 Value Projection:	USD 114.49 Billion
Historical Data for:	2019 to 2023
No. of Pages:	300
Tables, Charts & Figures:	450
Segments covered:	Axis, Installation, Connectivity, Rating, Application, Component and Country
Growth Drivers:	Supportive regulations and objectives aiming to minimize greenhouse gas emissions Increasing endeavours towards generating clean electricity Strong investments from both private and public sectors to expand wind power solutions
Pitfalls & Challenges:	Turbine installation issues

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

Asia Pacific market for wind turbine was reached USD 68.03 billion in 2023 and is set to grow at a 5.5% CAGR up to 2032, driven by shift towards renewable energy sources and sustainability initiatives.

The horizontal axis segment in the Asia Pacific wind turbine market is set to reach USD 110.9 billion by 2032 owing to innovations including large rotor diameters and taller towers.

China wind turbine market is set to reach USD 71 billion by 2032, driven by the surging demand for clean electricity generation across remote locations.

ENERCON GmbH, ENVISION GROUP, General Electric, Goldwind, Mingyang Smart Energy Group Co., Ltd., ReGen Powertech, Shanghai Electric, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, Vestas among others.