Global Wind Turbine Market - Growth, Trends, and Forecast (2018 - 2023)
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 regions, witnessing 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 the wind turbine, during the forecast period, 2018-2023. On the flip side, the price drops for wind energy is expected to have an adverse effect on the profits margin for the entire supply chain of the wind turbine market.
Offshore Wind Farms an 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 DONG Energy) at Vindeby, Denmark. Technological advancements have reduced considerably the associated risks and the cost of electricity generation from offshore wind farms, which in turn, have 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, Taiwan, 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 turbine manufacturers and suppliers.
Asia-Pacific to Register High Growth
The Asia-Pacific region is ramping up its wind energy production, to meet up with its growing energy needs and in a bid to limit smog-causing pollution from coal plants and act on climate change. In 2016 China overtook Europe as the world’s largest regional wind market, installing half of all the new wind capacity additions worldwide. Similarly, in India, the wind power capability is expected to be ramped up to 185 GW — an eight-fold increase over 15 years from 2015, and to contribute approximately 14% of India’s renewable energy use. Similar huge investments are also expected to be scaled up in countries, such as South Korea and Japan, which would further supplement the demand for wind turbine installation in the region, during the forecast period.
US to Register High Growth Rate
Wind power capacity in the United States endured strong growth in 2016, driven by improvements in the performance and cost of wind power technologies, resulting in lower power sales prices for utility, corporate, and other purchasers. The US added 8,203 megawatts of new wind power capacity in 2016, representing 27% of all energy capacity additions in 2016, and is expected to register similar growth during the forecast period. Similarly, the US added its first commercial offshore wind farm in 2016. Factors, such as stronger state policy commitments coupled with decreasing offshore wind farms installation costs and risks are expected to be a significant morale booster for the US offshore wind market players, and in turn, would supplement the numbers of offshore wind farm projects. The growing focus on the deployment of both onshore and offshore wind farms in the US is expected to significantly strengthen the demand for the wind turbine, during the forecast period.
Key Developments in the Market
February 2018: Siemens Gamesa Renewable Energy (SGRE) secured 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 agreement with ENGIE to supply 144 of its 2.5-116 turbines for the Umburanas Wind Farm Complex in Brazil
The major players include - Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, and Xinjiang Goldwind Science & Technology Co. Ltd., amongst others.
Reasons to Purchase this Report
Current and future of the wind turbine 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 fastest growth during the forecast period
Identifying the latest developments, market shares and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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