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Wind Turbine: Introduction

  • Global demand for energy derived from alternative and renewable sources has been rising at a significant pace for the last few years. Wind turbine produces energy from the incoming wind by converting kinetic energy into electrical energy.
  • Wind turbines totally depend on wind speed. Wind is sustainable and a clean source of fuel and does not produce any harmful emission. Wind is never likely to run out, as it is constantly replenished by energy from the sun. Wind turbine has the capability to generate electricity in unstable weather conditions and offers various benefits such as low maintenance costs and easy operation.

Key Drivers and Restraints of Wind Turbine

  • Production of sustainable sources of energy, such as wind energy, has been increasing significantly across the globe in order to reduce the adverse impact of global warming. According to the Global Wind Energy Council (GWEC), the wind industry is anticipated to bring the total global wind power capacity nearly to 1000 GW by the end of 2024 with new installation of 348 GW capacity between 2020 and 2024.
  • Technological innovation in terms of design of wind turbine materials, such as glass composites to reduce the maintenance and installation cost, is expected to drive the global wind turbine market during the forecast period. Smaller components made of modern glass composites are inexpensive and easy to transport and assemble. Furthermore, these components are easy to install and repair. This reduces the installation and maintenance costs.
  • Requirement of high technical skill for installation of wind turbines is expected to hamper the global wind turbine market during the forecast period

COVID-19 Impact Analysis on Power Demand

  • Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. This has adversely affected the demand for electricity for commercial purposes. This, in turn, has hampered the global wind turbine market.

Wind Turbine Market Segmentation

  • The global wind turbine market can be segmented based on type, installation, connectivity, capacity, and application
  • In terms of type, the global wind turbine market can be bifurcated into horizontal axis wind turbine (HAWT) and vertical axis wind turbine (VAWT). The horizontal axis wind turbine (HAWT) will have more demand in future as horizontal axis wind turbine (HAWT) is more efficient than vertical axis wind turbine (VAWT).
  • In terms of installation, the global wind turbine market can be bifurcated into on-shore and off-shore. The off-shore segment is anticipated to expand at a rapid pace, as off-shore installation helps curb effects such as noise pollution and environmental damage.
  • In terms of connectivity, the global wind turbine market can be classified into grid connected wind turbine and standalone wind turbine
  • In terms of capacity, the global wind turbine market can be classified into 0-250 KW, 250-500 KW, 500 KW -1 MW, 1 MW – 2 MW and above 2 MW. According to statistics provided by the International Renewable Energy Agency, commercial available wind turbines have reached 8 MW rated capacity, while the average rated capacity of wind turbines increased from 1.6 MW in 2009 to 2 MW in 2014.
  • In terms of application, the global wind turbine market can be segregated into industrial, commercial, residential, and others (including utility)

Wind Turbine Market: Regional Segmentation

  • In terms of region, the global wind turbine market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
  • China is expected to dominate the market in Asia Pacific during the forecast period. According to the International Renewable Energy Agency, total renewable electricity generation in Asia Pacific stood at 26, 43,589 GWH in 2018; of this, 13.86% of electricity is generated by wind energy source in China.
  • The U.S. dominated the market in North America by installing nearly 17 GW new capacity in 2020. According to the Global Wind Energy Council (GWEC), total wind power capacity of North America was 136 GW in 2020, while total wind power capacity of Latin America was 34 GW in 2020. Brazil dominated the market in Latin America with installation of nearly 2.3 GW capacity in 2020. North America and Latin America have increased wind power installation capacity by 62% in 2020. This helped curb around 250 million tons of carbon dioxide emission annually.
  • Germany is expected to dominate the market in Europe during the forecast period. According to the International Renewable Energy Agency, total renewable electricity generation in Europe stood at 12, 97,883 GWH in 2018; of this, 08.47% of electricity is generated by wind energy source in Germany.

Key Players Operating in Global Market

  • ACCIONA
  • Aeolos Wind Energy Ltd
  • Aeronautica Windpower, LLC
  • Bergey Windpower Co.
  • Clipper Windpower, LLC
  • ENERCON GmbH
  • NORDEX SE
  • GE RENEWABLE ENERGY
  • Siemens Gamesa Renewable Energy, S.A.,
  • Suzlon Energy Limited
  • VERGNET
  • Vestas
  • MITSUBISHI HEAVY INDUSTRIES, LTD.

Global Wind Turbine Market: Research Scope

Global Wind Turbine Market, by Type

  • Horizontal Axis Wind Turbine (HAWT)
  • Vertical Axis Wind Turbine (VAWT)

Global Wind Turbine Market, by Installation

  • On-shore
  • Off-shore

Global Wind Turbine Market, by Connectivity

  • Grid Connected
  • Standalone

Global Wind Turbine Market, by Capacity

  • 0 – 250 KW
  • 250 – 500 KW
  • 500 KW – 1 MW
  • 1 – 2 MW
  • Above 2 MW

Global Wind Turbine Market, by Application

  • Industrial
  • Commercial
  • Residential
  • Others (including Utility)

Global Wind Turbine Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Wind Turbine Market

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