Pune, India, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global vertical axis wind turbine market size is projected to witness staggering growth in the forthcoming years. The increasing adoption of renewable sources for power generation can surge market growth in the forthcoming years. Fortune Business Insights™ has presented this information in an upcoming report titled, “Vertical Axis Wind Turbine Market, 2021-2028”. As per the report, the market is gaining steep momentum due to several reasons. For instance, the increasing global population and the increasing demand for electricity and power are projected to fuel the market growth.
Key Industry Developments
January 2020: Two Turkish universities; Kahramanmaras Sutcu Imam University (KSU) and Karadeniz Technical University (KTU), initiated a new wind power project to generate electricity.
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Drivers & Restraints
Growing Adoption of Renewable Energy Sources to Fuel Market Growth
The growing global population, rapid urbanization, and the swelling demand for electricity are expected to boost the global vertical axis wind turbine market growth. The non-renewable energy sources are limited in nature. The need to exploit renewable energy sources across industrial, commercial, and residential sectors has grown in the past years. The expanding adoption of renewable energy resources like wind, water, etc., is likely to fuel the market growth in the forthcoming years.
Additionally, the rising concerns over the environmental impact due to energy generation through fossil fuels have attracted various governmental policies to reduce carbon emissions. These governmental regulations are anticipated to boost the market growth in the forthcoming years.
The technological advancements in turbine blades and motors for low noise and vibrations are likely to bolster the market growth in the forthcoming years.
However, the rising adoption of other sources of renewable energy is anticipated to act as a restraint to market growth.
COVID-19 Impact
The global pandemic has negatively impacted the growth of several industries and markets, including the vertical axis wind turbine market. The stringent governmental regulations like lockdowns and curfews imposed to curb the spread of the virus have affected the operations and supply chain networks of major businesses operating in the market. The low available workforce resulted in reduced production levels. Many businesses reported shrunken revenues during the pandemic. However, vaccines are now available to the masses, and the market is gradually gaining traction. The market is expected to witness steep growth post-pandemic.
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Competitive Landscape
Major Businesses Focus on Securing New Projects
The global vertical axis wind turbine market is fairly consolidated and comprises major players operating at global and regional levels. The major businesses are focused on extensive research and development activities. They emphasize on organic growth strategies like new product launches, technological advancements, patents, etc. They also focus on adopting inorganic growth strategies like partnerships, collaborations, acquisitions, mergers, etc. SeaTwirl began its S2 floating wind turbine project worth Euro 2.48 million in September 2019. The two years project is funded by the European Commission.
Segmentation
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Regional Insights
Asia Pacific to Hold the Lion’s Share
Asia Pacific is projected to emerge dominant in the global vertical axis wind turbine market share. With India and China as the leading countries, favorable government policies for wind power adoption and growing windmill installation projects are anticipated to boost the market growth.
North America is anticipated to attain significant growth in the forthcoming years. The growing green energy adoption initiatives and expanding technological advancements are likely to foster market growth.
Europe is expected to witness substantial growth in the global market. The growing technological advancements and increasing government regulations for the reduction of carbon emissions are anticipated to bolster market growth in the forthcoming years.
The growing number of wind energy projects are anticipated to help the Middle East & Africa witness considerable growth in the upcoming years.
Latin America is anticipated to witness strong growth in the upcoming years. Mexico and Brazil are expected to be the major contributors to market growth.
List of the Key Players Profiled in the Global Market:
- Helix Wind
- UGE
- Bergey Windpower Co. Inc.
- Wind Harvest International
- Astralux Ltd.
- Kliux Energies
- Ropatec
- ArborWind
- Windspire Energy
- Aeolos Wind Energy Ltd.
- Eastern Wind Power Inc.
- Northern Power Systems
- Shanghai GHREPOWER Green Energy Co. Ltd.
- XZERES Wind Corp.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- 4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
- 4.2 Distribution Analysis
- 4.3 Porter’s Five Forces Analysis
- 4.4 PEST Analysis
- 4.5 Technological Developments
- 4.6 Impact of COVID-19
- Continued…
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