The global wind turbine market is expected to grow at a healthy rate from 2021 to 2031 (forecast period). The COVID-19 outbreak slightly hampered the growth of the wind turbine market in terms of disruptions in manufacturing and distributing new turbines, capacity addition projections, and financial issues for major companies' value chains. Wind energy installations fell by 30% in 2020. However, increased demand for renewable energy sources, particularly wind power, attempts to minimize dependence on fossil fuel-based power generation, and energy efficiency standards are projected to boost the wind turbine market over the forecast period.
Prominent players in the global wind turbine market are Guodian United Power Technology Company Ltd., Suzlon Energy Ltd., General Electric, Enercon GmbH, Gamesa, Goldwind, Siemens, Ming Yang, Sinovel Wind Group Co. Ltd., and Vestas Wind Systems A/S.
In May 2021, Toshiba Energy Systems and Solutions Corporation and GE Renewable Energy signed a strategic cooperation agreement to localize essential phases of GE's Haliade-X offshore wind turbine production process and enable its commercialization in Japan.
Renewable energy generation can assist nations in meeting their sustainable development objectives by providing access to reliable, clean, secure, and inexpensive energy. The strong emphasis on environmental protection around the world is a primary factor expected to drive the global wind turbine market. Governments around the world and global organizations are working hard to meet their objectives for lowering carbon footprints/greenhouse gas (GHG) emissions. Climate change's more apparent consequences, combined with the depletion of non-renewable energy sources, have made it vital for the globe to secure alternate power sources. Denmark's government incorporated 50% wind energy into total power consumption in 2020 as part of a long-term plan to reach a 100% renewable energy mix in the country's electricity and heat sectors by 2035 and all sectors by 2050.
The demand for a wind turbine is increasing rapidly as the world shifts away from climate-damaging, non-renewable fossil fuels and toward clean, renewable energy sources. Rising electricity rates are also pushing demand for renewable energy sources, thereby propelling the wind turbine market forward. As per IRENA (International Renewable Energy Agency), the worldwide installed capacity of wind energy has increased from 180,846 MW in 2010 to 622,408 MW in 2019. Wind electricity production accounted for 6% of total electricity generated by renewable energy sources in 2016. As per IRENA's "Future of Wind" research, worldwide wind power is expected to more than tenfold by 2050, hitting over 6,000 GW.
The wind turbine market in Europe is expected to grow during the forecast period due to the region's increasing wind turbine installation. Moreover, mounting concerns about environmental protection across EU (European Union) member states and established targets for reducing the dependence on non-renewable energy sources are encouraging wind turbine installation across the area, positively affecting wind turbine market growth in Europe. For example, Vattenfall, a renewable energy company, recently stated that a 50-turbine wind farm in southern Scotland will be operational by 2023, powering nearly 170,000 households in the United Kingdom.
In Asia Pacific, the wind turbine market is projected to witness considerable growth during the forecast period. China is expected to contribute significantly to the wind turbine market in Asia Pacific. By 2024, the scale of China's wind turbine sector is projected to exceed 29 GW of annual installation. Reduced component prices and increased domestic system production are anticipated to boost the regional market scenario. As per the Chinese Wind Energy Association (CWEA), the installation of new wind farms increased by more than 7% in 2017 compared to 2016.