Wilmington, Delaware, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Air-Borne Wind Turbine Market by Type (Onshore and Offshore), and Application (Renewable Energy Generation, Water Pumping and Others): Global Opportunity Analysis and Industry Forecast, 2024-2030". According to the report, the air-borne wind turbine market was valued at $139.2 million in 2023, and is estimated to reach $268.3 million by 2030, growing at a CAGR of 9.8% from 2024 to 2030.
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Prime determinants of growth
One of the primary drivers of the air-borne wind turbine (AWT) market is the potential for higher energy yields compared to traditional wind turbines. AWTs operate at higher altitudes where wind speeds are stronger and more consistent, providing a more reliable and potent energy source. Traditional wind turbines are limited by the height of their towers, typically up to 150 meters, whereas AWTs can reach altitudes of 200 meters to several kilometers. At these higher altitudes, wind speeds can be significantly higher and more stable, leading to greater energy capture and efficiency. This higher energy yield translates to a more attractive return on investment for stakeholders, making AWTs a compelling option for renewable energy projects. However, high initial costs of air-borne wind turbine may restrain the growth of the air-borne wind turbine market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2030 |
| Base Year | 2023 |
| Market Size in 2023 | $139.2 million |
| Market Size in 2033 | $268.3 million |
| CAGR | 9.8% |
| No. of Pages in Report | 350 |
| Segments covered | Type, Application, and Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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The offshore segment to maintain its lead position during the forecast period
Offshore airborne wind turbines (AWTs) are used widely due to their ability to harness the stronger and more consistent high-altitude winds found over the ocean. Offshore locations offer fewer obstacles and turbulence, resulting in more efficient and reliable energy generation compared to onshore sites. Additionally, the reduced visual and noise impact of offshore AWTs addresses some common public concerns associated with onshore wind energy projects. The vast expanse of offshore areas also allows for larger-scale installations, contributing to higher overall energy yields. These factors make offshore AWTs a more attractive and widely adopted option for renewable energy generation.
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The power generation segment to maintain its lead position during the forecast period
The demand for airborne wind turbines (AWTs) in the power generation sector is increasing due to their ability to harness stronger and more consistent high-altitude winds, leading to higher energy yields. AWTs provide a reliable and efficient renewable energy source, essential for meeting growing energy demands and reducing greenhouse gas emissions. Technological advancements have improved their efficiency and cost-effectiveness, making them a viable alternative to traditional wind turbines. Additionally, the flexibility of AWTs in remote and offshore locations expands their applicability, while supportive regulatory policies and incentives further drive investment and adoption. These factors collectively enhance the attractiveness of AWTs for sustainable power generation.
North America to maintain its dominance by 2033
The demand for airborne wind turbines (AWTs) in North America is increasing due to the region's commitment to expanding renewable energy sources to reduce greenhouse gas emissions and combat climate change. AWTs can access stronger and more consistent high-altitude winds, leading to higher energy yields. Technological advancements have made AWTs more efficient and cost-effective, while supportive government policies and incentives encourage their development. Additionally, North America's diverse geography, including remote and offshore areas, provides ideal conditions for AWT deployment. These factors, coupled with increased public and private investment, drive the growing demand for AWTs in the North American renewable energy sector.
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Leading Market Players: -
- Siemens AG
- Nordex Group
- ACCIONA S.A
- United Power
- Envision Energy
- Vestas Wind Systems A/S
- GE
- Goldwind
- Enercon GmbH
- Acciona, S.A
The report provides a detailed analysis of these key players in the global market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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