Tokyo, May 18, 2022 (GLOBE NEWSWIRE) -- The global wind turbine market size was accounted at US$ 55.91 billion in 2021. The Asia-pacific region is expected to show a good growth during the forecast period due to various government initiatives and the increased wind capacity in China. Asia Pacific region happens to be a good region for investment during the forecast.
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Report highlights
- On the basis of installation the onshore market is expected to show good growth.
- On the basis of the components used the rotator blade segment is expected to show more growth than the others
- On the basis of the axis, the vertical axis shall show larger growth as compared to the horizontal segment. The wind energy has shown efficiency over the past years due to the use of powerful turbines.
- The wind energy farms could be extremely successful when the selected site has a strong flow of wind throughout the year.
- Due to the various emission policies and the policies regarding the reduction of carbon footprints in various areas this way of production of electricity is sustainable. The market for the wind turbines is expected to grow as the emission due to these wind projects is extremely less as compared to any form of energy generation.
Market Dynamics
Drivers
Wind energy is a clean and winnable source of energy. Also, it is a very cost effective source for electricity. Unlike coal, oil, natural gas when electricity is generated with the help of the wind, it doesn't result in the emission of the greenhouse gases. Although the governments have set some considerations when building large wind farms, the wind turbines themselves do not work on burning of any fossil fuels while they operate. As this is a renewable source of energy, it will never run out. There are no worries about the supply issues in the future. In the United States, the wind energy sector is growing faster. So the wind energy sector has acted as a job creator in United States. For once the wind farms or the turbines can be expensive for installation, but once they are up and producing electricity the fuel is free and the turbines do not require a lot of maintenance.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2020 | USD 58.91 Billion |
| Revenue Forecast by 2030 | USD 102.4 Billion |
| CAGR | 6.34% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Companies Covered | General Electric company., Vestas Wind Systems A/S, Nordex SE., Suzlon Energy Limited., Siemens Gamesa renewable energy. SA, CSIC., Shanghai Electric., Windey |
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Restraints
The wind energy generated with the help of the turbines is intermittent. The effective generation of electricity by a wind turbine depends completely on the weather, and it cannot be predicted on a particular day as to how much energy will be generated over a period of time. When the speed of the wind is very low, the turbines rotors won't spin and there would be no generation of electricity. Another downside of the wind energy is the amount of noise and visual pollution caused by the wind turbines. As the height of the wind turbines is high enough to capture a good amount of wind, it happens to interrupt the scenic landscapes, lakes, oceans or even mountains. The blades of the wind turbines can harm and kill a lot of birds, bats or other species flying around them. It also happens to disrupt the natural habitats of the local animals. They need to be constructed in a sustainable manner. In order to carry the generated electricity from one place to the other it requires a lot of transmission cables, so this happens to be another expense the infrastructure because the wind energy is remote.
Opportunities
The generation of electricity with the use of wind energy opens up the opportunity to produce emission free electricity from renewable sources of energy, and it also helps in the reduction of carbon footprints. It is a great opportunity for regions where strong wind keeps flowing all-round the year. Wind energy used in production of electricity is a potent way of generating electricity in order to meet the norms of the nation's regarding the emissions and the reduction of carbon footprints.
Challenges
The wind energy is still in competition with the conventional sources of electricity even though the cost of installation and maintenance and functioning of these Wind turbines has come down drastically. Still, it is in competition with the lowest cost source of electricity. The generation of electricity with the help of wind turbines is a major issue in places where there is no wind energy. When selecting a land for wind sites, it almost always happens to be in remote locations, which is far away from cities where there is a need for electricity, so transmitting the energy from one place to the other becomes expensive.
Apart from all these challenges, when building a wind turbine on a land, it has to compete with all the alternative uses of land which could be of a higher value than that of electricity generation. The major challenge is the designing of the wind turbines in a manner that makes them efficient and cost effective. Also, the make of the turbines need to be such that they become quieter in order to reduce the noise pollution. Another risk is the operational safety regarding fire protection. The energy generated needs storage before it is transmitted hence the experts are seeing the development of adequate storage technologies for wind power as another challenge.
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Recent Developments
- GE Renewable Energy and Toshiba Energy solutions along with Solutions Corporation entered into a partnership to locally handle the manufactuing of GE Haliade X which is an offshore wind turbine and support the commercialization of this turbine in Japan.
- JSW energy Ltdhas ordered 810 MW of onshore wind turbines from GE Renewable energy for its upcoming projects in Tamil Nadu.
Market Segmentation
By Axis
- Vertical
- Horizontal
By Installation
- Offshore
- Onshore
By Components
- Rotator blade
- Generator
- Gearbox
- Nacelle
By Application
- Residential
- Utility
- Industrial
- Commercial
By Capacity
- Small
- Medium
- Large
By Connectivity
- Grid Connected
- Stand Alone
By Rating
- < 100 kW
- 100 kW to 250 kW
- > 250 kW to 500 kW
- > 500 kW to 1 MW
- 1 MW to 2 MW
- >2 MW
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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