The Hustle to Clean Energy Driving Market for Wind Turbines
Decline in cost of wind power couple with the cry for moving swiftly to renewable sources of energy are leading to growth in wind turbines market. It set to chart a steady CAGR (Compound Annual Growth Rate). It will not just create some valuable growth opportunities for players but will also help increase the market worth over the coming few years.
The fact that turbines help in converting kinetic energy to electrical energy, leading to clean energy generation is a major factor in favor of the market’s growth. Because the pace at which environmental degradation is changing the face of the earth is not just faster than expected but also presenting a lot of people with a very ugly picture of the future. And, this is propelling governments as well as consumers to opt for renewables. And, the fact that due to various reasons such as government help, cost of producing this energy is going down significantly is only helping the market grow further.
Besides, as population of the world increases considerably, so would demand for electricity and the fact that non-renewables are a limited supply, it would do governments good to encourage and invest in infrastructure for renewable and this is where wind turbines will see a push to a higher trajectory.
As of now, the global wind turbines market is slightly consolidated and prominent names in the landscape include Vestas, Goldwind, Enercon, General Electric, Nordex Acciona, Siemens Gamesa, MHI-Vestas, United Power, Envision Energy, among others.
As far as region-wise growth is concerned, Europe will take up a major share owing to high adoption of wind generated electricity. Besides, the region has a huge potential for wind energy generation. To add to it, there is a hustle from players to expand operations. And, a number of projects are in the works, in tune with it.
A wind turbine is a device that converts the wind's kinetic energy into electrical energy. It operates on a system comprised of many critical components that allow kinetic wind energy to be transformed into electrical energy. These turbines provide clean and renewable energy for homes and offices and save costs. Wind turbines are the evolution of the classic windmills that can be seen more in rural areas across the globe. These are employed to reduce dependency on fossil fuels to create energy and also to create energy in a less wasteful manner.
Wind Turbines Market: Development & Trends
The global wind turbines market is anticipated to expand at a rapid pace during the forecast period due to the decline in cost of wind power generation, technology advancement, declining prices of turbine components, increasing government subsidies, growing environmental concerns, and increasing demand for electricity. Technological developments are making wind turbines more reliable, efficient and cost effective. The cost of electricity generated using wind energy is expected to decline in the near future owing to technological developments. This is expected to create substantial growth opportunity in the wind turbines market in the near future.
Technological advancements and improved siting techniques have increased the cost of wind energy. Rise in investments and provision of clean energy incentives schemes for the development of renewable energy are expected to be major factors driving the market. Lack of grid infrastructure which leads to curtailment of power and lack of skilled labor and capital in certain countries inhibits the global wind turbines market.
Wind Turbines Market: Overview
The wind turbine market can be segmented in terms of axis, installation, connectivity, rating, application, and region. Based on axis, the market can be bifurcated into horizontal and vertical. The horizontal segment accounted for a dominant share of the market share in 2017 due to its low cost and high efficiency. However, the vertical segment is projected to expand, as it can produce energy in unstable conditions, provides ease of operations, and requires low maintenance. In terms of installation, the market can be classified into onshore and offshore. Demand for onshore wind turbines is high due to its lower emissions and economical cost structure as compared to its alternatives. Additionally, it has less voltage drop between the windmill and the consumer as compared to offshore wind turbines.
Based on connectivity, the wind turbines market can be divided into grid connected and stand-alone. The grid connected segment accounted for a major share of the market in 2017 due to its low cost of installation and government subsidies for net metering. Stand-alone wind turbine can be placed in areas, where there is no access to an established electrical grid or there is no electricity supply meter. In terms of application, the market can be categorized into utility, industry, residential, and commercial. The residential segment is expanding at a considerable pace due to rapid urbanization and growth in demand for electricity across the globe.
Wind Turbines Market: Regional Outlook
Based on region, the global wind turbines market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of both value and volume, Asia Pacific dominates the global market. Furthermore, the market in Europe is estimated to expand at a substantial growth rate during forecast period, owing to the increase in wind installation capacity, which is more than any the other forms of power generation in Europe. Furthermore, increase in investment for construction of new wind farms, project acquisitions, and refinancing operations are expected to boost the wind turbines market in Europe.
Wind Turbines Market: Key Players
Key players operating in the global wind turbines market include Vestas, Goldwind, Enercon, General Electric, Nordex Acciona, Siemens Gamesa, Senvion, MHI-Vestas, United Power, Envision Energy, Suzlon, Mingyang, Wobben, WEG SA, Impsa, GE Wind Turbines, Clipper, Bergey, LM Windpower, Enessere, and Northern Power Systems.
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
- 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?
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.