Published by Todd Bush on October 20, 2023
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:
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:
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 blades occupy the largest market share, driven by competition among industry players to enhance production capacity, resulting in lower prices.
By Application:
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 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:
Key Challenges:
Key Trends:
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
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
SOURCE Research and Markets
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside this Issue 🌍 HIF Global Signs Collaboration Agreement with Airbus for Sustainable Aviation Fuels 🔋 Exxonmobil Signs Carbon Capture Agreement With CF Industries in Mississippi 🚧 After Year...
I've been monitoring the climatetech and decarbonization startups this year, and here’s what I learned. International Energy Agency (IEA) expects global clean energy investment to hit $2 trillion ...
Inside this Issue 🌱 FuelPositive: Completes On-Farm Commissioning of the First Scalable Green Ammonia Production System and Announces New Manitoba-Based Partnerships 🌍 A New Era for Clean Energy: ...
Siemens Energy Wins Contract for Large-scale Hydrogen Project From German Utility EWE
[**Siemens Energy**](https://www.siemens-energy.com/) **has been awarded a contract to supply a 280-megawatt electrolysis system by German utility EWE. The plant in the German city of Emden is expe...
Shell to Build 100-megawatt Renewable Hydrogen Electrolyser in Germany
COLOGNE/WESSELING, GERMANY – [Shell Deutschland GmbH](https://www.shell.de) (**Shell**) has taken a Final Investment Decision (FID) to progress REFHYNE II, a 100-megawatt renewable proton-exchange ...
After Years of Controversy, Illinois State Pauses CO2 Pipeline Construction, for Now
**New safety requirements for carbon dioxide pipelines as well as a temporary ban on their construction are now in effect after Gov. JB Pritzker on Thursday signed a bill that passed the General As...
Exxonmobil Signs Carbon Capture Agreement With CF Industries in Mississippi
* We’ll remove up to 500,000 metric tons of CO2 annually from CF Industries’ site in Yazoo City. * It’s the latest sign of our leadership in CCS, a proven emissions solution. * ...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.