Power & Energy

Global Wind Turbine Market

April 14, 2022
ID: SR/PE-21
Format:Pdf
Pages:220

Global Wind Turbine Market By Product (Wind Turbine Towers, Wind Turbine Rotor Blades, Wind Turbine Gearboxes, Wind Turbine Generators and others), By Application (On-Shore and Off-Shore), By Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global Forecast to 2028.

Description

Wind Turbine Market Overview

The global wind turbine market size is at USD 55.4 billion in 2021 and is projected to reach USD 92.4 billion by 2028, growing at a CAGR of 6.3% from 2022-to 2028. Wind turbines are equipment used in wind power plants, as wind energy is transformed into electricity using the aerodynamic force of rotor blades, which function like an airplane wing or helicopter rotor blade. When wind streams across the blade, the air pressure on one side declines. The difference in air pressure across both sides of the blade makes both lift and drag. The force of the lift is more powerful than the drag, causing the rotor to spin. The rotor connects to the generator, either directly (if it is a direct drive turbine) or through a shaft and a series of gears (a gearbox) that accelerate the rotation. This conversion of aerodynamic force to the rotation of a generator delivers electricity.

What is Wind Turbine?

A wind turbine is a machine that changes the wind’s kinetic energy into electrical energy. Hundreds of thousands of large turbines, in structures known as wind farms, now generate over 650 gigawatts of power, with 60 GW added each year. They are an increasingly significant source of intermittent renewable energy used in many countries to lower energy costs and reduce reliance on fossil fuels. One study claimed that, as of 2009, the wind had the “lowest relative greenhouse gas emissions, the least water consumption demands and… the most favorable social impacts” compared to photovoltaic, hydro, geothermal, coal and gas.

Growth Drivers

Rising Investment in Wind Energy to Push the Market Growth

The growing environment safety regulations propel the power generation industry to cleaner and environment-friendly energy resources. Several countries across the globe are concentrating on the development of renewable energy power generation to decrease their support for conventional sources for power generation. It has been watched that investments in wind, solar, and other renewable energy sources have continuously grown.

Wind energy is one of the main renewable energy sources with the prospect of meeting many of the energy generation challenges confronted by the world. Wind power establishment rose to over 650 GW, as around 60 GW of new wind projects were produced in 2019. Hence, such massive development in the wind capacity requires effective monitoring and maintenance at regular intervals.

Opportunities

Supporting Government Guidelines Propelling Growth of the Market

One of the major drivers for the growth of the wind turbine market is the crucial part played by government endeavors and policies. In numerous countries such as Germany, the U.K, the U.S., Japan, and China, guidelines such as feed-in tariffs, tax credits, net metering, and capital subsidies are the essential energy policies geared especially towards the wind.

For instance, in the U.S., the Federal Business Energy Investment Tax Credit (ITC), a corporate tax incentive, permits the owners of new wind turbine systems to receive tax credits worth 30% of the facility’s value. Such indicated incentives will allow the wind energy sector to grow significantly globally. Hence, the demand for the wind turbine market is anticipated to increase.

Restraints

Fluctuating Prices of Steel to Hamper Market Growth

Steel is a primary raw material used for manufacturing wind turbines. The raw material cost depends on the terms and duration of the contract with the steel manufacturers, ranging between one year or several years. Moreover, the prices of steel are volatile, due to which the final product cost may increase or decrease. For instance, the raw material cost will increase the manufacturing cost, thus increasing the cost of the final product. According to General Steel Corporation, in 2019, steel price was 425 USD/tonne compared to 2017, in which it was 395 USD/tonne. Also, it may adversely affect the company’s financial version due to this fluctuation, thereby hindering the market’s growth for wind turbine operation and maintenance.

Pre Covid-19 Impact on Global Wind Turbine Market

Before the Covid-19 period- Due to the increased demand for renewable energy sources, especially wind power, endeavors to minimize dependence on fossil fuel-based power generation and energy efficiency standards are estimated to boost the wind turbine market before the pandemic period. The demand for a wind turbine grows rapidly as the world shifts away from climate-damaging, non-renewable fossil fuels and toward clean, renewable energy sources. Increasing electricity rates also push demand for renewable energy sources, propelling the wind turbine market before the covid-19.

Covid-19 Impact on Global Wind Turbine Market

During the covid-19 period, the manufacturing of wind turbines was halted for a specific period due to the high peak of covid-19 cases, which highly impacted the wind turbine sales bin. Sales of a wind turbine are directly proportionate to the demand for wind power projects. Wind projects have been negatively affected amid the lockdown due to the pandemic and registered a huge decline in demand for wind turbines. The covid-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Leading companies stopped their operation due to less workforce. However, there is a slow decline in the global wind turbine market due to the influence of covid-19. Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using a wind turbine, thereby affecting the global market.

Post Covid-19 Impact on Global Wind Turbine Market

After the covid-19 period, the companies have been capable of installing taller wind turbines due to modifications in the wind turbine materials after the pandemic, permitting the turbines to exploit higher altitude winds. Also, these latest turbines have larger blades and, hence, can sweep more space than the smaller turbines. The expanding size of the wind turbines has allowed lower the cost of wind energy, implying that it is economically competitive with fossil fuel choices in some locations such as the United States, Germany, France, etc. Therefore, these trends are expected to drive the offshore wind turbine market during the forecast period.

By Product Segmental Analysis

Based on product, the global wind turbine market is segmented into Wind Turbine Towers, Wind Turbine Rotor Blades, Wind Turbine Gearboxes, Wind Turbine Generators and others. Rotor blades are the essential parts of a wind turbine in terms of the performance and cost of the wind power system. The shape of the rotor blades directly impacts performance as this determines the conversion of kinetic energy connected with the wind to mechanical energy.

By Application Segmental Analysis

Based on application, the global wind turbine market is segmented into On-Shore and Off-Shore. The onshore segment dominated the global market. The onshore services need low investment owing to the economic cost system compared to offshore segments. On the other hand, the offshore segment is expected to grow at the highest pace during the forecast period. The cost of O&M activities in offshore locations is very high owing to restricted accessibility.

By Regional Segmental Analysis

Based on region, the global wind turbine market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. Europe region is anticipated to grow during the forecast period due to the region’s increasing wind turbine installation. Moreover, mounting worries about environmental safety across European Union associate states and selected targets for decreasing the dependence on non-renewable energy sources are promoting wind turbine installation across the area, positively impacting wind turbine market growth in Europe. For example, Vattenfall, a renewable energy company, newly stated that a 50-turbine wind farm in southern Scotland will be operational by 2023, powering about 170,000 households in the United Kingdom.

Competitors Analysis

The companies include Dongfang Electric Corp., General Electric Co., ISHIBASHI Manufacturing Co. Ltd., Mingyang Smart Energy Group Co. Ltd., Siemens AG, Sinoma Science & Technology Co. Ltd., Suzlon Energy Ltd., Vestas Wind Energy AS Xinjiang Goldwind Science & Technology Co. Ltd. and other prominent players in the global wind turbine market.

Key Stakeholders

Recent Developments

December 2020 – Siemens Gamesa contracted a 10-year, full-scope service operation and maintenance contract with Aela Energia for the largest Senvion fleet in Latin America. The contract features 93 Senvion wind turbines at Chile’s Sarco and Aurora wind projects.
April 2019 – Siemens Gamesa renewed its contract with Glennmont Partners for 255 MW in Italy for 10 Years. Under the new contract, Siemens Gamesa will deliver new services and upgrades that will decrease the cost of energy and ensure more significant control over operational and maintenance costs.

Scope of the Report

Report Attribute	Details
Revenue in 2021	USD 55.4 billion
The revenue forecast in 2028	USD 92.4 billion
Growth Rate	CAGR of 6.3% from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The companies Dongfang Electric Corp., General Electric Co., ISHIBASHI Manufacturing Co. Ltd., Mingyang Smart Energy Group Co. Ltd., Siemens AG, Sinoma Science & Technology Co. Ltd., Suzlon Energy Ltd. and Vestas Wind Energy AS Xinjiang Goldwind Science & Technology Co. Ltd. are the key players.

Market Modelling

By Product

Wind Turbine Towers
Wind Turbine Rotor Blades
Wind Turbine Gearboxes
Wind Turbine Generators
Others

By Application

On-Shore
Off-Shore

By Region

North America
Europe
Asia Pacific
South America
The Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is the market size of the global Wind Turbine Market?

The global wind turbine market size is at USD 55.4 billion in 2021 and is projected to reach USD 92.4 billion by 2028, growing at a CAGR of 6.3% from 2022-to 2028.

What is Wind Turbine Market?

Who are the key players in the global wind Turbine Market?

The companies Dongfang Electric Corp., General Electric Co., ISHIBASHI Manufacturing Co. Ltd., Mingyang Smart Energy Group Co. Ltd., Siemens AG, Sinoma Science & Technology Co. Ltd., Suzlon Energy Ltd. and Vestas Wind Energy AS Xinjiang Goldwind Science & Technology Co. Ltd. are the key players.

What are the growth drivers in the global Wind Turbine Market?

What is the covid-19 impact on the global Wind Turbine Market?

The covid-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Leading companies stopped their operation due to less workforce. However, there is a slow decline in the global wind turbine market due to the influence of covid-19.

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