Global Wind Turbine Components Market 2016-2020
About Wind Turbine Components
Wind turbines harness the power of the wind to generate electricity. The energy present in the wind turns the blades around a rotor, which is connected to the main shaft that spins a generator to create electricity. Conventional power generation is gradually losing its sheen owing to growing environmental awareness. Renewable energy such as the wind and solar have gained popularity worldwide.
Technavio’s analysts forecast the global wind turbine components market to grow at a CAGR of 12% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global wind turbine components market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors operating in the market. The vendors included in the report are component manufacturers and suppliers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Wind Turbine Components Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Wind Turbine Components Market: GE Renewable Energy, Goldwind, Siemens, Suzlon, and Vestas.
Other Prominent Vendors in the market are: Enercon, Gamesa, LM wind power, MFG, Nordex, Senvion SE, and TPI.
Commenting on the report, an analyst from Technavio’s team said: “Companies worldwide are keen on bringing innovative products to the global wind turbine components market. Vendors are investing in R&D to reduce the weight of the rotor blades and increase the height of the wind turbine tower. For instance, Siemens has manufactured a blade, which is made of glass fiber-reinforced epoxy resin and balsa wood. The process used to manufacture the blade is a patented integral blade process. These blades do not have glued joints, seams, or adhesives that reduce the overall weight of the blade.”
According to the report, the offshore wind is consistent and powerful, and has higher wind speed and fewer environmental concerns. Offshore wind projects are suitable for large-scale development that can lead to increased demand for wind turbine components. Also, floating turbine is another prospect for the future, which will significantly contribute to wind installation. A floating wind turbine is an offshore wind turbine that is mounted on a structure and can float in the ocean, thereby allowing for wind power generation in difficult ocean terrains.
Further, the report states that the reliability of wind turbines is a pre-requisite for the effective generation of power from wind energy. Any failure of components will negatively affect the functioning of the entire system.
GE Renewable Energy, Goldwind, Siemens, Suzlon, Vestas, Enercon, Gamesa, LM wind power, MFG, Nordex, Senvion SE, TPI.