Wind Turbines Market

Global Wind Turbines Market: Overview

In the future years, the global wind turbines market is expected to be driven by the rising demand for switch from conventional to renewable sources of energy. In comparison to newly constructed gas or coal plants, wind and solar energy generation are commonly considered to be more cost-competitive than what they were about two decades ago. In addition to that, it is projected that running new wind and solar power facilities will be more affordable in the future years than operating already existing coal or gas power plants.

Future need for consistent, affordable, sustainable energy is anticipated to fuel the market for wind power. Global demand for wind power is also anticipated to rise as a result of favorable policy frameworks as well as regulatory standards adopted by different governments to encourage the production of renewable energy. Due to favorable regulations for new wind power installations, the wind power market has been expanding steadily in the US.

Offshore wind farms are becoming a more popular option for electricity production for wind energy firms. The offshore wind power segment is expected to grow as a result of the potential for deep-water location projects where high wind speed produce very advantageous operating conditions. Making use of renewable energy sources like biomass, solar, wind, and various other renewable sources has garnered strong support from different governments around the region.

Axis type, installation, component, application and region are important market parameters that have been taken into account whilst segmenting the global wind turbines market.

Global Wind Turbines Market: Notable Developments

In North America, IKEA Systems B.V. raised its direct ownership of wind energy assets for the purpose of self-generation to about 0.4 GW in 2017.

Some of the major players in the global wind turbines market are as mentioned below

• Northland Power Inc.
• EDF Renewable Energy
• NextEra Energy Inc.
• DONG Energy
• Suzlon Group
• ABB Limited

Global Wind Turbines Market: Key Trends

Below-mentioned developments, restraints, opportunities, and drivers are anticipated to characterize the global wind turbines market

Surging Demand to Curb Environmental Pollution to Shape Contours of the Market

In order to decrease carbon footprint, regulatory authorities across different regions are concentrating on reducing reliance on traditional sources of energy. It promotes the production of electricity using clean energy sources like wind and solar. It is projected that the development of wind and solar energy will contribute to a restructuring of the global electricity market.

The cost of constructing offshore and onshore wind power projects has decreased globally and is likely to continue in the future years, which is predicted to fuel expansion of the global wind turbines market. In comparison to fossil fuel sources, the Levelized Cost of Electricity (LCOE) for established onshore wind farms is already low. It is also expected to lower installation costs and contribute to better wind power plant performance in the near future.

Global Wind Turbines Market: Geographical Analysis

In 2021, the Asia Pacific region had a sizable portion of the global market, and it is anticipated that it will maintain its dominance during the forecast period. Due to continuing projects and expenditures made by the government to support industrial growth, China reported for the most of the regional installation.

China's onshore wind sector is expected to grow gradually over the next few years as the country's leadership promotes development of renewable infrastructure to minimize the importance of thermal power and lower pollution levels in the nation's power production. This will probably affect how quickly wind energy projects are completed in the nation, which is expected to fuel market industry expansion.