Wind Power Generator Market By Installation (On-shore, Off-shore), By Application (Horizontal axis wind power, Vertical axis wind power), By End Use Industry (Commerical and Industrial, Utility and Power Generation, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global wind power generator market was valued at $21.4 billion in 2022, and is projected to reach $35.4 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.
A wind power generator, also known as a wind turbine or wind energy converter, is a device that harnesses the kinetic energy of the wind and converts it into electrical power. Wind turbines are a crucial component of wind power systems, which generate renewable energy from the wind, a clean and sustainable resource. In addition, Wind power generators are available in various sizes, from small turbines used for residential or rural applications to large-scale utility-grade turbines installed in wind farms. The efficiency and energy output of wind turbines depend on factors such as wind speed, turbine size, design, and location.
Increase in awareness about climate change, emergence of innovative technology & business module, and growing demand for energy have enhanced the performance of wind power generators in residential utility sectors. According to a report published by the U.S. Energy Information Admission (EIA) in August 2021, 41% of 402 MW of existing small-scale storage power capacity in the U.S. are installed in the residential sectors. In addition, increase in demand for installation of rooftop solar power station across the U.S., the UK, Germany, Italy, China, and France is witnessed in residential installations, owing to the benefit to the installer. These factors are anticipated to enhance the demand for wind power generator in the residential sector.
Wind turbines can pose risks to birds and bats, especially when located along migratory routes or in critical habitats. Collisions with turbine blades or changes in wind patterns near the turbines can result in bird and bat fatalities. Proper site selection and wildlife monitoring are essential to mitigate these impacts.
The operational costs of wind power are relatively low, the initial investment costs for constructing wind farms can be substantial. The high upfront expenses can make it challenging for some projects to secure financing, particularly in regions with less favorable regulatory and market conditions.These factors are projected to hamper the market growth.
According to the International Energy Agency (IEA), the demand for renewable energy has increased since 2015. For instance, the global solar PV capacity additions were expected to reach nearly 107 GW in 2020 in the main case, representing stable growth from 2019. The increase in demand for PV technology is attributed to rise in need for sustainable energy resources, reduction in dependency on conventional fuels, and minimized carbon emission.
According to the International Energy Agency, a France-based energy policy advisor, Solar PV, has registered a growth rate of 22% in 2019 among all other forms of renewable energy sources, such as wind and hydro energy, owing to rise in demand for energy from developing countries, such as India, China, and Thailand, across the Asia-Pacific region. This is attributed to rapid industrialization and urbanization. In addition, implementation of stringent government regulations to reduce carbon emission produced due to usage of conventional fuels has led to increase in adoption of photovoltaic technology for electricity generation. The demand for wind power generator is anticipated to increase with rise in demand for renewable energy. This factor is projected to offer new avenues for the wind power generator market.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wind power generator market analysis from 2022 to 2032 to identify the prevailing wind power generator market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the wind power generator market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global wind power generator market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy InstallationOn-shore
Off-shore
By ApplicationHorizontal axis wind power
Vertical axis wind power
By End Use IndustryCommerical and Industrial
Utility and Power Generation
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Vestas
Siemens
Goldwind
Samsung Electronics
ENERCON GmbH
Senvion
General Electric
United Power, Inc.
NORDEX SE
Ming Yang Smart Energy Group Limited
Please Note: It will take 7-10 business days to complete the report upon order confirmation.