According to a new market report published by Acute Market Reports “Global Wind Turbine Market Growth, Future Prospects and Competitive Analysis, 2021 – 2029,” the Wind Turbine market volume (installed capacity) is expected to reach over 135.98 GW by 2029, expanding at a CAGR of 7.5% from 2021 to 2029.
Browse the full Wind Turbine Market by turbine capacity Market (up to 1 MW, 1-3 MW, 3-10 MW, and 10MW & Above), by application (offshore and onshore) - Growth, Future Prospects and Competitive Analysis, 2021 – 2029 report at https://www.acutemarketreports.com/report/wind-turbine-market
Market Insights
The wind turbines are primarily utilized to convert kinetic energy of wind into usable electrical energy. Wind turbines are specifically calculated, using a range of computer modelling techniques, to harness the wind energy that occurs at a particular location. The respective governments of countries in all the regions, globally, offer benefit schemes to the power generators utilizing renewable source. The auctions of combined space, machinery installations in the feed-in tariffs falling under renewable portfolio are supported by the governments. The government also provides tax credits and financial support for the plant (wind farm) set up. Wind power has the preferential grants access globally. The additional cost for management of grid, which may result in wind variability, are usually not recognized by the generators of electricity through wind turbines. The cost of wind power is below the cost of fossil and nuclear power generation.
On the basis of application, the global wind turbine market is segmented into onshore and offshore applications. Offshore wind farm construction is given more impetus on due to a fact that wide, open spaces are available with maximum wind force enough for the turbine blades to continuously rotate and virtually no obstacles. The government encourages and provides desired financial assistance in wind power construction and installation, globally. The additional cost for grid management are usually not borne by the wind generators. The cost of wind power is below the cost of fossil and nuclear power generation.
On the basis of turbine capacity, the wind power market is segmented into: Up to 1 MW, 1-3 MW, 3-10 MW, and 10 MW and above. The maximum capacity turbine commercially functional today is 7.5 MW. However, China, Germany and few other European countries have developed commercially viable turbines of 10 MW and above capacities. The ongoing projects with high capacity turbines are expected to be connected to the grid by 2020. Major wind farms globally utilize up to 7.5 MW wind turbines, for offshore operations. However, some countries from the Asia Pacific (China, Australia) and European (Germany and France) regions have projects which are expected to utilize high capacity turbines with capacity up to 15 MW, for offshore operations. The onshore wind turbines capacity ranges from 5kW to 15 MW which are under operation. These high capacity wind turbines require specific conditions which is available in select regions. Major wind turbine users are now focusing more on high capacity wind turbines to reduce the wind farm size, corresponding land utilization.
Global wind turbine market is segmented by geography into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In 2021, Asia Pacific led the global wind turbine market and was followed by Europe and North America. Together, the regions accounted a little more than 90% share of the global market.
The key turbine manufacturers, developers, suppliers and service providers are, but not limited to: ACCIONA S. A, DNV-GL, Envision Energy, Iberdrola Renewables LLC, LM Wind Power, SUZLON Ltd., Vestas Wind Systems A/S, Siemens-Gamesa Renewable Energy Systems Ltd., ReNew Power Ventures Pvt. Ptd., HUNTSMAN International LLC, PNE Wind AG, NEXANS S.A, MAN Engines, Ventus Wind Turbines, Inc., and Pentagonia Renovables.
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