Dublin, Aug. 16, 2021 (GLOBE NEWSWIRE) -- The "Airborne Wind Turbines Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
Airborne Wind Turbine Market registered a CAGR of 8.7% over the forecast period of 2021-2016. The ever-growing consumption of electricity, particularly in emerging economies such as China, Brazil, India, and Russia has heightened the demand for alternative sources of energy. The wind being completely free, authorities are focusing greatly on putting to use the energy derived from wind. Moreover, wind energy technologies typically call for low maintenance and the electricity derived is also very inexpensive, once the cost of building and installing turbines is redeemed. Wind power now valuing for more than 11% of electricity demand in the EU and 45% of the world in total. The U.S., China, Germany, India, China, and Spain are among the important countries involved in producing wind energy on a massive scale. Thus, companies operating in the airborne wind turbine market are supposed to find profitable opportunities in the aforementioned economies.
The fluctuating costs of fuel derived from non-renewable sources, favorable government regulations, increasing demand for energy, and utility-scale generation are the principal factors driving the market for airborne wind turbines. The U.S., India, Germany, China, and Spain are among the major countries involved in generating wind energy on a large scale. As per the Global Wind Energy Outlook November 2016, wind power capacity will grow by 365 GW by 2020 and grow an additional 880 GW by 2030. One GW is equal to USD1.4 billion in turbine supply agreements according to the average cost level. In this situation, 16% of the global energy mix will arise from wind power by 2030. Thus, companies operating in the airborne wind turbine market are anticipated to find lucrative opportunities.
The discoveries of Greenpeace International and the Global Wind Energy Council (GWEC) demonstrate that wind turbines will supply reasonably 12% of the worldwide power by 2020. A few innovations have been acquainted with changing the ways by which vitality from wind is saddled - the most contemporary in this undertaking being airborne wind turbines. This additionally helps control spending on pinnacle development and yaw instruments or the demand for slip rings. This fresh plan is relied upon to render great speed and more outstanding productivity at greater elevations. Enterprises like Altaeros aims to decrease energy costs by up to 65% by harnessing high-altitude winds and by decreasing installation time. Eventually, the firm foresees to scale up the technology and expand it to the offshore wind market to lessen costs there.
Key Market Trends
Offshore Application to Have Substantial Growth in the Airborne Wind Turbines Market
- The increasing size of wind turbines has helped reduce the cost of wind energy to the point that it is economically competitive with fossil-fuel alternatives in some areas. New research published in the journal Nature Energy hints that offshore turbines have the opportunity to grow, offering the promise that this already-mature energy technology will see more lowering costs in the future. Offshore wind farms have helped set up wind energy harvesting farms on the water surface. Larger turbines are on the horizon, allowing a further decrease in the price of wind energy on land and offshore.
- Offshore turbines will continue to grow, with most projects in planning today expecting to use turbines in the 6-8 MW range. In part, this is owing to the easier logistics of transporting massive components by sea. But, in addition, the non-turbine costs of building offshore wind plants (and especially the cost of the foundation and installation) are immense. Reducing those costs on a per-MW basis through growth in turbine size is a decided advantage.
- Offshore wind is supposed to see more dramatic changes, with 11 MW turbines being constantly deployed in fixed-bottom applications by 2030. Offshore turbines go well past current commercial product offerings, which broadly focus on turbines 8 MW and below, but are consistent with the plans of significant manufacturers to have prototypes of 10+ MW turbines by 2020. For instance, turbines stationed in North America are anticipated to be somewhat smaller than in Europe (9 MW), perhaps reflecting the fact that North America is currently lagging Europe in offshore development.
Europe Dominates the Airborne Wind Turbines Market
- Europe installed 11.7 GW (10.1 GW in EU-28) of new wind energy in 2018. This is a 32% decrease in 2017 annual installations. 9 GW was onshore, and 2.65 GW were offshore. Europe decommissioned 0.4 GW of wind capacity, almost all of which was onshore wind. Europe decommissioned 0.4 GW of wind turbines. So the net increase in Europe's wind energy capacity in 2018 was 11.3 GW. With a total installed capacity of 178.8 GW in the EU, wind energy remains the second largest form of power generation capacity in the EU-28 and is likely to overtake natural gas installations in 2019. Wind power installed more capacity than any other form of power generation in the EU in 2018. It accounted for 48% of total power capacity installations.
- The size and type of airborne wind turbines installed in Europe varied significantly between countries. On average, the most powerful onshore wind turbines were installed in Norway, with an average rating of 3.6 MW. Lithuania and Greece had the lowest average power rating: 2 MW. The weighted average onshore turbine size was 2.7 MW. In 2018 the average rated capacity of newly installed offshore turbines was 6.8 MW, 15% larger than in 2017. The largest turbine in the world was installed in the United Kingdom. Two V164-8.8 MW from MHI Vestas Offshore Wind, with a rotor diameter of 164m, was connected at the European Offshore Wind Development Centre (EOWDC) wind farm.
- Wind energy investments in 2018 continued the trend of geographical diversification. The top 3 investor countries owned only 43% of FID announcements in 2018. This compares to 64% in 2017 and 73% in 2016. Investments in non-EU countries have also increased to a total of EUR 5.1bn. This was a 75% increase in 2017 and represented 19% of the new announced FIDs. The United Kingdom was the biggest investor in 2018. They generated a total financing activity of EUR 5.9bn for the construction of new onshore and offshore wind farms. This accounts for 22% of the total wind energy investments made in 2018.
Competitive Landscape
The airborne wind turbines market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. Companies working in this space are spending abundantly on research and development. Business strategies such as collaboration, joint venture, and mergers and acquisitions have allowed AWT firms to stay competitive in the market. In order to achieve an extremely sought-after competitive advantage, firms are looking at the solutions offered by airborne wind turbines companies.
- Sep 2019 - Vestas received a 34 MW order for the Haramsfjellet wind project on the island of Haramsoya in western Norway. Vestas has developed a solution to fit the site's wind conditions that include eight V136-4.2 MW turbines and a long-term service contract to optimize energy production for the lifetime of the project in a high wind location. With a robust design for tough wind sites, the turbine is well-suited for the challenging climatic conditions that are commonly found in Norway's western coastline.
- Jun 2019 - GE announced the availability of three new grid analytics that combines domain expertise with artificial intelligence (AI) and machine learning (ML) to tackle pressing challenges in electric grid operations. The analytics use data from across transmission and distribution networks to help achieve goals for operational efficiency.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Ever-growing Consumption of Electricity in Emerging Economies
4.3.2 Low Maintenance of Wind Energy Technologies
4.4 Market Restraints
4.4.1 Cost of Building and Installing Turbines
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Technology
5.1.1 Larger Turbines (above 3 MW)
5.1.2 Smaller Turbines (Less than 3 MW)
5.2 By Application
5.2.1 Offshore
5.2.2 Onshore
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia Pacific
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Vestas Wind Systems A/S
6.1.2 Nordex SE
6.1.3 Enercon GmbH
6.1.4 GE Power
6.1.5 Siemens AG
6.1.6 Senvion S.A.
6.1.7 Goldwind
6.1.8 United Power Inc
6.1.9 Envision Energy
6.1.10 Suzlon Energy Ltd.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/wxd98i
