Technological Advancements and Larger Turbines Transform the Wind Turbine Market: Green Hydrogen Production on the Rise

DUBLIN, Oct. 19, 2023 /PRNewswire/ -- The "Global Wind Turbine Market (by Location, Axis, Component, Application, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.

The global wind turbine market is poised for significant growth, with a projected value of $79.21 billion by 2023, reflecting a strong Compound Annual Growth Rate (CAGR) of 5.97% during the forecast period. The increasing focus on renewable energy sources, particularly wind power, is contributing to the expansion of this market.

Market Segmentation:

The report segments the global wind turbine market based on several key factors:

By Location:

• Onshore
• Offshore

The offshore segment is expected to experience substantial growth, primarily due to advantages such as higher power output, steady wind flow, and rapid installation.

By Axis:

• Horizontal Axis
• Vertical Axis

Vertical wind turbines are anticipated to witness the highest CAGR during the forecast period due to their efficiency in unstable and harsh conditions.

By Component:

• Rotor Blade
• Generator
• Gearbox
• Nacelle
• Others

Rotor blades occupy the largest market share, driven by competition among industry players to enhance production capacity, resulting in lower prices.

By Application:

• Utility
• Non-Utility

The utility segment holds the majority of the market share, with large-scale wind farms connected to national transmission networks driving growth.

Geographic Coverage:

The global market is divided into five regions:

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

Asia Pacific leads the global wind turbine market, with China's substantial installed capacity being a significant contributor. India is also emerging as a major player in wind power generation.

Key Growth Drivers:

1. Declining Levelized Cost of Energy (LCOE): Advancements in technology and supply chain management have led to a significant reduction in LCOE for wind projects, making wind energy more cost-competitive.
2. Increasing Investments: Growing investments in the wind energy sector, driven by environmental concerns and government support, are bolstering market growth.
3. Federal and State Policy Support: Supportive policies and incentives from governments at various levels are encouraging the adoption of wind energy, further propelling the market.
4. Wind Turbine Financing: Availability of financing options and investments in wind energy projects are contributing to the market's expansion.

Key Challenges:

• High Entry Barriers: The wind turbine market presents high entry barriers, including the need for substantial capital, regulatory compliance, and technical expertise.
• High Maintenance: Wind turbines require maintenance to address challenges such as corrosion, erosion, and other environmental factors, which can be costly.

Key Trends:

• Increasing Average Turbine Size: Larger offshore wind turbines are becoming more prevalent, offering higher energy production and efficiency.
• Power To X and Green Hydrogen: Integration of wind energy into Power-to-X technologies and green hydrogen production is a growing trend, expanding the application of wind power.
• Increasing Distance to Shore and Greater Water Depths: Offshore wind farms are moving farther from the shore and into deeper waters, tapping into new wind resources.
• Technological Advancements: Ongoing technological advancements are driving the efficiency and reliability of wind turbines. The COVID-19 Impact:

The wind turbine market, like many other sectors, faced initial challenges during the COVID-19 pandemic due to supply chain disruptions and investment constraints. However, favorable government policies and increased awareness of clean energy sources led to a rebound in the latter half of the pandemic.

Analysis of Key Players:

The global wind turbine market features moderate concentration, with leading players implementing growth strategies such as mergers, acquisitions, collaborations, and agreements. Key players in the market include Siemens Gamesa Renewable Energy, General Electric Company (GE) (GE Renewable Energy), Vestas Wind Systems A/S, Suzlon Energy Ltd., Nordex SE, XinJiang Goldwind Science & Technology Co., Ltd., Guodian Technology & Environment Group Corporation Ltd. (Guodian United Power Technology Ltd.), Shanghai Electric Group Company Ltd., Enercon GmbH, Envision Energy, Zhejiang Windey Co., Ltd., and Ming Yang Smart Energy Group Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/xmfd0y

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SOURCE Research and Markets