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Wind Turbine Market Size By Axis (Horizontal {Up-wind, Down-wind}, Vertical), By Installation (Onshore, Offshore), By Connectivity (Grid Connected, Stand Alone), By Rating (< 100 kW, 100 kW to 250 kW, > 250 kW to 500 kW, > 500 kW to 1 MW, 1 MW to 2 MW, > 2 MW), By Application (Utility, Industrial {Manufacturing Industries, Process Industries, Chemical Industries}, Commercial {Education, Office, Government/Military}, Residential), By Component (Rotor Module, Nacelle Module, Tower Module) Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2018 – 2024

  • Report ID: GMI2679
  • Published Date: Jun 2018
  • Report Format: PDF

Industry Trends

Wind Turbine Market size in 2017 was valued over USD 50 Billion and is anticipated to grow at a rate of over 7% by 2024. 

Wind Turbine Market

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Increasing supply demand mismatch across several developing nation on account of significant surge in the population index will drive the global wind turbine market share over the forecast timeframe. In addition, declining component prices due to numerous tax incentive measures by the policy makers will further stimulate the turbine installation.

Soaring investments to replace the conventional power generation technologies with advance clean energy systems to curb the harmful carbon emissions will accelerate the product installation. In March 2019, Government of Germany introduced Climate Action Plan 2050 to reduce GHG emissions up to 37% in comparison to 1990 level by 2020 and to become emission neutral by 2050. In addition, introduction of advance high capacity solutions to effectively run the turbine operations by various manufacturers will further create the favorable business scenario.

Wind Turbines Industry, By Axis

Horizontal axis wind turbine industry is anticipated to witness considerable growth owing to high efficiency index along with cost effectiveness. Furthermore, improved operational efficiency along with self-start capability when compared to its counterparts will enhance the product adoption.

Vertical wind turbines on account of their capability to effectively generate power in unstable & extreme conditions will witness a growth over 24% by 2024. Low installation and maintenance cost, limited ground requirement and easy operations are some of the indispensable parameters which will raise the product demand across residential applications.

Wind Turbine Industry, By Installation

Economical cost structure as comparison to its other alternatives with low carbon emission will stimulate the installation over the forecast period. In 2017, Denmark, consumed 43% of its electricity from wind generation in which 70% of the power is generated from onshore units.

Offshore installation is anticipated to witness gain of over 15% by 2024. No land utilization, limited human interventions, minimized visual proximity, large turbine capacity and reducing component price are some of the significant parameters positively contributing toward adoption of offshore wind turbines. For instance, in April 2019, MHI Vestas, won a contract to supply 9.5 MW turbine for Kincardine Offshore Wind Park to be located in Scotland. Furthermore, improved power generation output owing to consistent wind flow along with quick installation up to utility scale capacity will complement the product adoption.

Wind Turbine Market, By Connectivity

Rising government incentives to promote renewable technology adoption comprising net metering and feed in tariff in line with low installation cost will positively influence the grid connected wind turbines business outlook. Continuous expansion of utility based electrical infrastructure to suffice rising energy consumption across industrial and residential segments will further complement the industry dynamics.

Exponential surge in the demand for the reliable and sustainable power across remote location will drive the stand-alone wind turbine industry growth. In addition, favorable regulatory measures to increase rural electrification index coupled with rising integration of microgrid and offgrid power networks will proliferate the business scenario.

Wind Turbine Market, By Rating

< 250 kW to 500 kW wind turbine industry is set to exceed an annual installation of 5 GW by 2024. Recent technological enhancements associated to the development of effecient re-generative units to suffice soaring energy demands will complement the business landscape. Furthermore, growing demand for setting captive power systems for continuous and reliable power will raise the deployment over the forecast period.

Rising adoption of distributed power generation plants will strengthen the 1MW to 2MW based wind turbine industry share. Fewer moving parts, light weight, compact size, and lesser emissions are some important factors positively impacting the product adoption.

Wind Turbine Market, By Application

Residential wind turbine industry is projected to surpass USD 2 Billion by 2024. Growing electricity demand with rapid urbanization in line with growing living standard leading to increased electricity consumption will expand the product adoption across residential application.

Government numerous efforts to increase the share of renewable energy in total power generation across various industrial segment will stimulate the utility wind turbine industry scenario. Rapid industrialization along with ongoing expansion of local production facilities across the developing countries will boost the business landscape.

Wind Turbines Market, By Component

Rising competition among industry players to expand manufacturing capacity which in turn has rendered a considerable decline in rotor modules cost which in turn will drive its installation. Shifting inclination towards enhanced blade size & tower length to assimilate efficient utilization of resource will further proliferate the overall industry growth. In addition, surging fund flow toward the establishment of new wind farms in line with growing adoption of large-scale capacity units will extensively impact the overall product manufacturing cost.

Wind Turbine Industry, By Region

The China wind turbine industry size is expected to surpass 29 GW of annual installation by 2024. Decreasing component prices, along with rising domestic system production will stimulate the business scenario. In 2017, according to the Chinese Wind Energy Association (CWEA), installation of new wind farms has expanded over 7% in comparison to 2016.

Latin America market share is expected to observe upsurge owing to decarbonization reforms, favorable directives, and energy security initiatives. Furthermore, rising awareness about climate change among end users along with paradigm shift toward sustainable technologies will further boost the business dynamics. For instance, by the end of 2018, wind capacity across Uruguay grew by over 48% in a span of four years.

Competitive Market Share

Eminent players across the industry comprises Suzlon, Siemens Gamesa, Enercon, Goldwind, Vestas, Nordex, United Power, Senvion, MHI-Vestas, Acciona, Envision Energy, General Electric, Northern Power Systems, Enessere, and Clipper.

Manufacturers across the wind turbine industry are working aggressively to formulate innovative pricing and service strategies in order to expand the reginal pentation across emerging market.

Wind Turbine Industry Background

Wind turbine is a device which converts kinetic energy of the wind to electrical energy. The blades of a turbine rotate owing to their technology and speed of the wind which in turn generate electricity. The growing research and development expenditure to enhance the power generation efficiency of wind turbine will drive the industry dynamics over the coming years.

Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The overall wind turbine market acquired a revenue share of USD 50 bn in 2017.

Rising inclination towards adoption of green energy resources as well as favorable government policies to encourage renewable adoption will drive the worldwide industry trends.

Large turbine capacity, no land usage, and high affordability and convenience are the major factors fueling offshore wind turbine installations. As per Global Market Insights, Inc. the segment is expected to witness y-o-y growth of 15% over 2018-2024.

Energy security initiatives, regulatory framework pertaining to decarbonization, and rising awareness towards climate change is driving the regional growth.

Steady replacement of traditional power generation systems with clean energy alternatives is expected to frive wind turbine market size to over USD 80 billion by 2024..

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Premium Report Details

  • Base Year: 2017
  • Companies covered: 20
  • Tables & Figures: 1709
  • Countries covered: 36
  • Pages: 800

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