London, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The latest published report by Fairfield Market Research says the wind is blowing strong for the wind power generator market. With analysts predicting a surge from US$20.7 Bn attained in 2022 to a staggering US$31 Bn by 2030, the market receives tailwinds from technological advancements, environmental concerns, and supportive government policies. This translates to a healthy CAGR of 5.3% during 2023 – 2030, painting a bright picture for the future of clean energy.
“Sustainability is the key driver for market growth, with manufacturers embracing circular economy principles to recycle and repurpose end-of-life components, thereby minimising environmental impact,” says the company’s analyst.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$20.7 Bn | |
| Estimated Market Size in 2030 | US$31.0 Bn | |
| CAGR | 5.3% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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Governments and private entities are pouring funds into wind energy, recognising its potential to combat climate change and achieve sustainability goals. This surge in investment fuels infrastructure development and market expansion, creating a positive ripple effect across the industry, suggests the report. The role of governments will remain crucial in shaping this industry.
Supportive policies like tax credits, feed-in tariffs, and renewable energy targets create a favourable environment for investment and development, accelerating the transition to clean energy, explains Fairfield Market Research in the report.
The global landscape of wind power generators is a diverse playing field, wherein China, the US, India, and Germany are currently leading the pack. However, the potential for growth extends far beyond these established players, with emerging economies increasingly recognizing the benefits of wind power and joining the clean energy race.
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Key Research Insights
- The global market anticipates more than 1.5x growth in revenue from 2023 to 2030.
- While onshore installations continue to dominate, a significant global trend is the surge in offshore wind farm installations.
- Asia Pacific currently contributes revenue of around US$9 billion to the global market and will continue to lead in long term.
Insights into Segmentation Analysis
Onshore Installations Continue to Rule
In the dynamic landscape of the wind power generator market, the onshore wind power segment stands tall, maintaining its stronghold and contributing significantly to global renewable energy capacity. The reasons behind its dominance are multifaceted, driven by cost-effectiveness, mature technology, and a well-established infrastructure that favours onshore wind projects.
One key trend shaping the onshore wind sector is the deployment of larger turbines, enhancing overall efficiency. Industry is witnessing a surge in the integration of improved grid solutions, enabling seamless connectivity, and maximizing the utilisation of generated energy. Additionally, the revitalisation of aging wind farms through repowering initiatives showcases a commitment to sustainability and longevity.
On the other hand, fueled by the increasing demand for clean and sustainable energy, offshore wind projects are gaining momentum worldwide. Initiatives like the Offshore Wind Power Development Strategy in India exemplify the global push towards harnessing the potential of offshore wind resources.
Large turbines deployed in offshore farms not only harness more power but also drive the demand for direct-drive wind turbines, positioning the offshore segment prominently in the forecast period. The strategic placement of offshore wind farms in regions like Europe, Latin America, Africa, and the Middle East indicates sustained growth and diversification in the wind power market.
Horizontal-Axis Dominant, Whereas Vertical Counterpart Buckles
In the realm of wind turbine design, the horizontal-axis wind turbine stands out as the dominant force. Its upwind configuration, where the rotor faces the wind, ensures efficiency in escaping the wind shadow behind the tower, contributing to higher energy production. This design, with rotatable propeller-mounted blades, continues to be the preferred choice for its effectiveness in harnessing wind energy.
On the other hand, the vertical-axis wind turbine industry is gaining momentum, driven by its strengths in size, quiet operation, and efficiency. These turbines, known for their ability to be grouped together, offer space-saving solutions suitable for home settings and modest wind installations. The rise in demand for clean, renewable energy sources propels the growth of the vertical-axis wind turbine market, making them both cost-effective and environmentally beneficial.
Key Report Highlights
- Offshore wind takes centre stage, propelling offshore wind farms to the forefront. This presents a massive opportunity for manufacturers as countries invest heavily in large-scale projects.
- The industry is moving towards larger, more efficient turbines, coupled with digitalisation and smart technologies for optimised operation, and maintenance.
- Circular economy principles are gaining traction, with efforts underway to recycle and repurpose end-of-life turbine components.
Insights into Regional Analysis
Asia Pacific Holds a Commanding Share, Driven by Strategic Investments
Asia Pacific emerges as the powerhouse in the wind power generator market, commanding the largest regional share. Propelled by escalating energy demands, heightened environmental consciousness, and proactive governmental initiatives, the region, led by China, takes center stage. Monumental deployments of both onshore and offshore wind projects solidify China's position as a linchpin player, propelling Asia Pacific's overall wind power surge.
Simultaneously, India is making substantial strides in expanding its wind capacity. Abundant wind resources, coupled with strategic investments in wind infrastructure, fuel the region's exponential growth. Asia Pacific, with its burgeoning economies, favourable governmental policies, and competitive pricing, stands as a vibrant and thriving hub for the wind power industry, poised for sustained and rapid expansion.
Europe's Regulatory Leadership Builds a Lucrative Market
Europe emerges as the fastest-growing market for wind power generators, driven by avant-garde regulatory frameworks, ambitious renewable energy targets, and a well-established wind energy sector. With stalwart nations like Germany, the UK, and Denmark spearheading widespread adoption, Europe captures over 25% share of the global market valuation.
The region's pre-eminence is further underscored by a robust offshore wind sector, ongoing grid infrastructure development, and unwavering government support. Europe stands as a vanguard in technological advancements, solidifying its status as a global hub for innovation in wind energy. With collaborative initiatives and a commitment to sustainability, Europe is set to maintain its leadership in the wind power market.
Key Companies in Wind Power Generator Industry
Major players like Siemens, GE, Vestas, Goldwind, and Mitsubishi are at the helm of the wind power market, focusing on capacity expansion to maintain their market share and sustain growth. Their constant innovation and commitment to clean energy solutions are shaping the industry's future.
Besides, the report covers several leading companies, including names like-
- Vestas
- General Electric
- Samsung Electronics
- Siemens
- Ming Yang Smart Energy Group Limited
- Goldwind
- ENERCON GmbH
- Senvion
- United Power, Inc.
- NORDEX SE
Browse Global Wind Power Generator Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Application Coverage, By Installation Coverage, By End User Coverage, By Region Leading Companies: https://www.fairfieldmarketresearch.com/report/wind-power-generator-market
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