Global Wind Power Equipment Market - Growth, Trends, and Forecast (2018 - 2023)
The primary energy mix across the globe is witnessing a rising trend of shifting away from conventional fuels and incorporating more renewables. The usage of wind energy as a source of electricity generation has attracted exceptional demand across regions. In 2017, the total wind power installation capacity remained above 50 GW, with Europe and Asia-Pacific witnessing a record high. Although most of the wind energy is currently obtained onshore, offshore wind farms are gaining wide popularity as a larger resource area with low environmental impact, which, in turn, is expected to significantly increase the demand for wind power equipment market during the forecast period 2018-2023. On the flip side, the price drop for wind energy is expected to have an adverse effect on the profit margins for the entire supply chain of the wind power equipment market.
Offshore Wind Farms - Opportunity for Growth
The offshore wind farm industry has progressed significantly since the installation of the first offshore wind farm in 1991, by Elkraft (now Ørsted AS) at Vindeby, Denmark. Technological advancements have significantly decreased the associated risks and the cost of electricity generation from offshore wind farms, which, in turn, has attracted interests globally. The global installed capacity of offshore wind capacity reached approximately 14,384 megawatts (MW) in 2016. Although 90% of the all offshore wind installations are in European waters, the governments outside of the European region, such as in the country of China, Japan, South Korea, and the US, have set ambitious targets for the installation of offshore wind farms in their territorial waters. Similar investments are expected to be replicated across other countries as well, during the forecast period, which, in turn, is expected to offer enormous potential for growth for the wind power equipment manufacturers.
Europe – To Hold High Demand for Equipment
Since the adoption of futuristic energy and climate target by the European Council in 2009, which aims to reduce the European Union (EU) emissions of greenhouse gases by 2050, wind energy has attracted a lot of investment from across countries. The European wind energy industry had progressed at a fast rate since 2009, maintaining an annual market of +10 GW, with an average yearly market of 11.3 GW per year, and is expected to continue at a similar growth rate, during the forecast period. In 2016, wind overtook coal as the second largest capacity in Europe, and with gas-fired plants being decommissioned at almost the same rate as installation, the wind is expected to play a prominent role in the energy mix. The increased focus on the deployment of offshore wind farms in the region is expected to further supplement the demand for wind power equipment during the forecast period.
India to Register High Growth Rate
2017 was a year of transition for the Indian wind power industry, which saw a transition from feed-in-tariffs to competitive bidding, causing temporary volatility in demand for wind power equipment. However, it is anticipated that the wind power capability in the country will be ramped up to 185 GW — an eight-fold increase over 15 years from 2015, and contribute to approximately 14% of India’s renewable energy use. Similarly, India’s Ministry of New and Renewable Energy (MNRE) has announced the target to achieve an installed capacity of 175 GW of renewable energy by 2022, including 60 GW from the wind. Additionally, the government plans to increase the capacity of individual turbines. These initiatives, if appropriately implemented, is expected to significantly supplement the demand for wind power equipment in India, during the forecast period.
Key Developments in the Market
February 2018: Siemens Gamesa Renewable Energy (SGRE) secured an exclusive wind turbine contract for Hornsea - II offshore wind project.
February 2018: GE Renewable Energy secured commitments for 2.9 gigawatts (GW) of its variably rated 2.2 MW to 2.5 MW onshore wind turbine, with a 127-meter rotor in North America.
February 2018: GE Renewables signed an agreement with ENGIE to supply 144 of its 2.5-116 turbines for the Umburanas Wind Farm Complex in Brazil.
The major players include - ABB Ltd, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, and Xinjiang Goldwind Science & Technology Co. Ltd, amongst others.
Reasons to Purchase the Report
Current and future of the global wind power equipment market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s Five Forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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