Asia-Pacific Wind Power Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Wind Power Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific wind power equipment market is expected to rise at a CAGR of more than 7.5% during the forecast period of 2020-2025. Factors such as increasing investments in wind farms and reducing the cost of wind energy are likely to drive the North America wind power equipment market. However, increasing the adoption of alternate clean power sources is expected to restraint the market.

Key Highlights

• Onshore is the largest segment in 2019 and is expected to remain the most crucial sector in the forecast period. The region heavily depends on the use of the onshore location as the countries have sparse regions with high-speed winds, which act as the optimal conditions for the wind power generation.
• The technological advancements in efficiency and decrease in the production cost of offshore wind turbines are expected to create ample opportunity for the market players in Asia-Pacific.
• China is expected to be the largest market for the region's wind power equipment market due to increasing investment in the sector and the highest installed capacity of wind energy in the region.

Key Market TrendsOnshore Segment to Dominate the Market

• Onshore wind power refers to turbines that are located on land and use the wind to generate electricity. The Asia-Pacific region is overwhelmingly constituted of the onshore wind farms due to its cheaper cost, sparse land, and high-speed winds that can be found in areas such as Southern India.
• New types of onshore turbines are being introduced into the market to increase wind energy efficiency by changing the wind turbine's design. For Example, General Electric Company is expected to manufacture a 5.3 MW turbine with a 153-meter rotor diameter. The manufacturer attributes the increased blade length to a new carbon fiber technology that enables a two-piece blade that can be assembled on-site. The benefit of a two-piece blade is that it can be used at places where the use of a traditional blade is not feasible. The introduction of new equipment is expected to make the market more viable and aid the growth of the power equipment market.
• Ministry of New and Renewable Energy, India issued the final National Wind-Solar Hybrid Policy, in 2018. The main objective is to provide a framework for promoting large grid-connected wind-solar P.V. hybrid systems for optimal and efficient transmission infrastructure and land, reducing the variability in renewable power generation and better grid stability. Implementation of the policy is expected to enhance the grid and aid the growth of the market.
• G.E. Renewable Energy is expected to aid ReNew Power, India's largest renewable energy Independent Power Producer (IPP), to provide 120 GE 2.5-132 turbines for the Gadhsisa Onshore Wind Farm in Gujarat, India. The wind farm will have a total installed capacity of 300 MW. New investments in the market are expected to boost the power equipment market.
• Onshore installed wind capacity increased in the Asia-Pacific region, by 13.04% from 224,362 Megawatt, in 2018 to 252,027 Megawatt, in 2019. The installed capacity is expected to further increase in the forecast period due to further investments in the sector.
• Hence, the onshore wind power market is expected to grow significantly in the forecast period due to increasing investments and new technological advances in the field.

China to Dominate the Market

• The installed wind energy capacity in the country increased by 13.96%, from 184,665 Megawatt, in 2018 to 210,478 Megawatt, in 2019. New wind projects are being installed in the country, which is expected to boost the wind power equipment market.
• The Chinese offshore wind industry is mainly being developed by domestic companies, and there are not many foreign companies active in China. Large corporations like General Electric Company and Siemens Gamesa Renewable Energy S.A. have gained some order for the installation of the turbine, but the market remains overwhelmingly controlled by the Chinese companies.
• In 2019, Siemens Gamesa Renewable Energy (SGRE) continued to grow its business in China. The company is expected to install 42 units rating reaching 4.8 MW, as well as provide operation and maintenance services for five years at a 200 MW project developed by local independent power producer
• The key growing offshore wind markets in Asia-Pacific include Taiwan, South Korea, China, and Japan. In these markets, investments in projects and supply chains are progressing, and plans are maturing. However, India and Vietnam are in early stages but possess an offshore wind potential of 27 G.W. (Vietnam) and 60 G.W. (India).
• Hence, China is expected to dominate the Asia-Pacific Wind Power Equipment Market, due to significant scale investments and advancements in technologies in the market.

Competitive Landscape

The Asia-Pacific wind power equipment market is fragmented. Some of the key players in this market include Envision Group, Xinjiang Goldwind Science & Technology Co., Ltd, Sany Heavy Industry Co., Ltd., General Electric Company, and Siemens Gamesa Renewable Energy S.A.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Envision Group
Xinjiang Goldwind Science & Technology Co. Ltd.
Sany Heavy Industry Co. Ltd.
Siemens Gamesa Renewable Energy SA
Vestas Wind Systems AS
Nordex SE
General Electric Company
INOX Wind Limited
Mitsubishi Heavy Industries Ltd.
Vestas Wind Systems AS
Hosung Heavy Industries Corp

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