Wind Turbine Market: Current Analysis and Forecast (2021-2027)

Wind Turbine Market: Current Analysis and Forecast (2021-2027)

With surging demand of electricity from renewable power, sources led to an exponential growth in the global wind industry. Additionally, the 93 GW of new installations in FY 2020-21 brought global cumulative wind power capacity up to 743 GW. In addition, through technology innovations and economies of scale, the wind power sector has nearly quadrupled in size over the past decade and established itself as one of the most cost-competitive and resilient power sources across the world. In 2020, record growth was driven by a surge of installations in China and the US – the world’s two largest wind power markets, accounting for over half of the world’s total wind power capacity. Thus, wind turbine market is expected to witness a CAGR of more than 10% during the forecast period.

As per the Global Wind Energy Council (GWEC) Market Intelligence expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years – that is nearly 94 GW of new installations annually until 2025, based on present policies and pipelines.

Global Wind turbine market is expected to register a CAGR of more than 10% over the period of 2021-2027. Wind turbines generate electricity from wind that passes through the turbine’s blades. The wind’s kinetic energy is then captured by the blades through rotation and is converted into mechanical power. With increasing electricity demand, wind energy is growing at an influential rate owing to its high efficiency and declining cost component. In addition to this as compared to other renewable power sources, it has a low maintenance cost. Further, reaching net-zero will require bold actions by a large number of sectors, wind power is placed to be one of the cornerstones of green recovery to play an important role in accelerating the global green energy transition.

Siemens Gamesa Renewable Energy SA, Vestas Wind Systems AS, Envision Energy, Ming Yang Wind Power Group Limited, General Electric Company, Xinjiang Goldwind Science & Technology Co. Ltd. Nordex SE, Suzlon Energy Limited, Eaton Corporation PLC, and Enercon GmbH. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst Deployment, offshore category is expected to witness a higher CAGR during the forecast period”

Based on deployment, the market is bifurcated into onshore and offshore. Among these, the offshore category is expected to witness a higher CAGR during the forecast period. There has been a noticeable shift in the energy sector toward renewable and green energy due to factors such as the need to reduce carbon emissions, depletion of fossil fuels, climatic change, etc. Various government policies are in place to support the initiative toward greener energy. Many multinational companies are taking initiatives to cut down their carbon footprint to contribute to a greener planet and sustainability. For instance, Equinor (Norway) aims to cut its carbon emissions by half by 2050. A part of the plan is to develop its renewable energy businesses, particularly offshore wind, which may reach 6,000 megawatts in six years and 16,000 megawatts in 15 years.

Moreover, Surging investments toward the development of sustainable energy platforms including fixed and floating offshore wind projects will fuel the technology adoption. Low maintenance, reduced manpower requirement, and minimal land footprint is some of the prominent factors impelling the market share
"Amongst Turbine Capacity, The >5 MW category is to experience the fastest growth during the forecast period”

Based on turbine capacity, the market is classified into Up to 3 MW, 3 MW to 5 MW, and > 5 MW. The >5 MW category is to experience the fastest growth during the forecast period. This is mainly due to the growing emphasis on increasing the proportion of renewable energy in the power generation mix across the globe, the countries are investing more in offshore wind plants with a higher capacity for more energy generation. For instance, In 2021, Vestas has decided to install the V236-15 MW prototype offshore wind turbine at the Østerild National test center for large wind turbines in Western Jutland, Denmark. Also, rising partnership opportunities from the foreign market player in Australia to develop offshore wind power are expected to grow the market size of wind energy. For e.g. Spain-based BlueFloat Energy and Australia’s Energy Estate partnered to developed three offshore farms together in Australia.
"APAC to witness significant growth during the forecast period”

The Asia-Pacific wind turbine market is expected to witness exponential CAGR during the forecast period. Major factors attributing to the growth include favorable government policies, the increasing investment in wind power projects, and the reduced cost of wind energy, which led to increased adoption of wind energy, thereby positively contributing to the demand for wind energy. Moreover, 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 dominates the APAC market and remains the largest market for new capacity additions. The government policy and incentives made China a favorable hotspot for investment, and therefore, the market is expected to flourish in the coming years as well.

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