Dublin, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The "Asia Pacific Wind Power Equipment Market - Growth, Trends, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
During the time frame of the forecast, the Asia-Pacific wind power equipment market is expected to grow at a CAGR of more than 12%.
The market was mildly impacted by the COVID-19 pandemic but has since recovered and is expected to grow steadily during the forecast period.
Key Highlights
Over the long term, The rising investments in wind farms and the reducing cost of wind energy are likely to drive the Asia-Pacific wind power equipment market during the forecast period.
On the other hand, the market is expected to slow down during the forecast period because more people are using renewable energy sources like solar.
Still, the development and commercialization of floating offshore wind technology are expected to be a big chance for the market after the forecast period.
China is expected to be the biggest market for wind power equipment in the region because more money is being put into the industry and it has the most wind power installed capacity in the region.
Asia Pacific Wind Power Equipment Market Trends
Onshore Segment to Dominate the Market
Onshore wind power is made by turbines that are on land and get their power from the wind. The Asia-Pacific region is overwhelmingly constituted of onshore wind farms due to its cheaper cost, sparse land, and high-speed winds that can be found in areas such as southern India.
By changing the way wind turbines are built, new types of onshore turbines are being put on the market to make wind energy more efficient. Additionally, the size and height of wind turbines have been continuously increasing, lowering installed costs and the levelized cost of electricity and driving the market's growth.
Also, the wind energy sector has been growing steadily across the region because the government has set high goals and made it easy to do business. For example, in its most recent five-year plan (which runs from 2021 to 2026), China wants to increase the amount of wind and solar power installed to 1,200 GW. India has also set a goal of putting in 500 GW of renewable energy by 2030.This is expected to give the market a big boost during the period of the forecast.
China to Dominate the Market
The installed wind energy capacity in the country increased by 16.6%, from 282,113 megawatts in 2020 to 328,973 megawatts in 2021. New wind projects are being installed in the country, which is expected to boost the wind power equipment market.
China's offshore wind industry is mostly being built up by Chinese companies, as there aren't many foreign companies working there. Large corporations like General Electric Company and Siemens Gamesa Renewable Energy S.A. have received orders for installing the turbine. However, Chinese companies continue to dominate the market.
According to the China Energy Portal, China's total installed wind capacity grew at a CAGR of 15.71% during 2014-2021. Within the 14th five-year plan (2021-2025), the country plans to generate 33% of its national energy consumption by 2025, with non-hydro renewables contributing 18%. By 2030, the country wishes to generate 3,300 TWh of renewable energy. As a result of significant scale investments and technological advancements, China is expected to dominate the Asia-Pacific wind power equipment market.
Further, according to GWEC, China connected nearly 47.57 GW of new wind power capacity to the power grid in 2021. Despite the new onshore capacity additions falling due to an end to the feed-in tariff scheme for onshore wind, with onshore wind power entering an era of grid parity, new offshore wind capacity additions grew by nearly 540% year on year. Despite the fall in onshore capacity additions during 2021, GWEC forecasts Chinese onshore wind additions to continue increasing during the forecast period.
In its 14th five-year plan passed in 2021, China introduced the concept of "clean energy bases." These are large areas designated for the simultaneous construction of several GW-scale wind and solar parks connected to demand centers via high-capacity long-distance transmission lines.
Asia Pacific Wind Power Equipment Industry Overview
The Asia-Pacific wind power equipment market is fragmented. Some of the key players in this market (in no particular order) include Envision Group, Xinjiang Goldwind Science & Technology Co., Ltd., Sany Heavy Industry Co., Ltd., General Electric Company, and Siemens Gamesa Renewable Energy S.A., among others.
A selection of companies mentioned in this report includes
- Envision Group
- Xinjiang Goldwind Science & Technology Co. Ltd.
- Sany Heavy Industry Co. Ltd.
- Siemens Gamesa Renewable Energy SA
- Vestas Wind Systems AS
- Nordex SE
- General Electric Company
- INOX Wind Limited
- Mitsubishi Heavy Industries Ltd.
- Vestas Wind Systems AS
- Hosung Heavy Industries Corp
For more information about this report visit https://www.researchandmarkets.com/r/44ple0
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