Overview:

Wind energy is one of the cheapest forms of energy source. Depletion of conventional energy sources and their ill effects are causing serious problem to environment. Countries of the world are reducing their over-dependence on fossil fuel and shifting towards renewable energy sources like wind. In the long run, wind energy will help to reduce CO2 emission, a gas responsible for depleting ozone layer and thereby climate change. Commitment of countries of the world to increase their share in renewable energy and financial aid from governments has helped to grow the market in 2020. 

Moreover, players are more focused on value based creation such as hybrid solution and ease of integration and power on demand. This has helped to reduce the losses along with higher and steadier output. It has also made the hybrid solutions more cost efficient. In addition, digitalization of operation and management of wind turbines further increases its efficiency, thereby supporting the market growth.

Onshore Deployment Captures Largest Market Share

Onshore deployment of wind turbine is cheaper and safer as compared to offshore installations. Moreover, offshore technology is yet to be fully developed and requires higher investment compared to onshore deployment. Also, only few players have the technology of offshore/floating wind turbines, further reducing the offshore market share. Risk of wear and tear is more in offshore than onshore turbine which further adds up to the maintenance cost of turbine. In case of failure, longer time is required to fix the problem. This has increased the cost of energy (LCOE) from offshore. Therefore, players are more focus towards onshore wind turbine which are simpler to build and operate and supply energy at a lower cost. In 2020, onshore segment accounted for over 85% of total deployed capacity of the world. 

Asia Pacific Gathered Over 40% Market Share in 2020

In Asia Pacific, China is the major contributor to market growth. Stable auctioning policy of China has helped the country to install approximately 22 GW of capacity in a single year. In addition to this, India has contributed about 5% to the global share of installed capacity. High demand of electricity from population and explosion of pollution in the cities have further drives the transition of the Asian countries towards renewable sources like wind energy. This has driven the market of wind turbine generator in 2020.

Competitive Insights

Major players profiled in the wind turbine generator market include Siemens AG, Suzlon Energy Limited, Vestas Wind Systems A/S, ABB, SANY, Leitner AG, ReGen Powertech, EWT, Nordex SE, General Electric Company, and Goldwind among others. These companies are innovating their current technology such as increasing its capacity and lower its LCOE to gain larger share of the market.

For instance, in March 2020, General Electric Company unveiled their biggest offshore wind turbine Haliade–X having generator capacity of 12 MW. This new turbine will 45% more energy than any other offshore turbine available today. With this new product company is expected to increase their share in offshore segment.

Furthermore, in March 2020, Suzlon Energy Limited has commissioned a generator S128, which is the largest in India. This next generation generator featured with DFIG technology. This will help to reduce LCOE. With the commissioning of new generator, company is expected to increase its share in Indian market.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Wind Turbine Generator market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Wind Turbine Generator market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Wind Turbine Generator market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Wind Turbine Generator market?
• Which is the largest regional market for Wind Turbine Generator market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Wind Turbine Generator market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Wind Turbine Generator market worldwide?