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Wind Turbine Global Market Report 2023
Major players in the wind turbine market are Enercon GmbH, Gamesa, General Electric, Goldwind, Guodian United Power Technology Company Ltd., Ming Yang, Sinovel Wind Group Co Ltd., Suzlon Energy Ltd., Vestas Wind Systems A/S, Nordex SE, Senvion, Northern Power Systems, Clipper, Bergey, Impsa, Hitachi Ltd.
New York, April 13, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wind Turbine Global Market Report 2023" - https://www.reportlinker.com/p06316481/?utm_source=GNW
, Vergnet, Xinjiang Goldwind Science And Technology Co Ltd., Eaton Corporation PLC, Windey Co Ltd., Dongfang Electric Corporation, Bilfinger Offshore Wind Energy, ZF Wind Power Antwerpen, Leitwind, Wobben, and LM Windpower.
The global wind turbine market grew from $79.13 billion in 2022 to $78.43 billion in 2023 at a compound annual growth rate (CAGR) of 9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The wind turbine market is expected to grow to $104.50 billion in 2027 at a CAGR of 7.4%.
The wind turbine market consists of sales of single blade horizontal-axis turbines, two-blade horizontal-axis turbine, three-blade horizontalal-axis turbines.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The wind turbine refers to a power generating device that has been driven by the kinetic energy of the wind.A wind turbine turns wind energy into electricity using the aerodynamic force from the rotor blades, which work like an airplane wing or helicopter rotor blade.
When wind flows across the blade, the air pressure on one side of the blade will be decreasing.
Asia-Pacific was the largest region in the wind turbine market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in wind turbine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of wind turbines are rotator blade, gearbox, generator, nacelle, and others.Rotor blades are the most important parts of a wind turbine in the performance and cost of the wind power system.
The shape of the rotor blades has a direct impact on performance as it will be deciding the conversion of kinetic energy related to the wind to mechanical energy.The axis of a wind turbine is horizontal and vertical that can be deployed onshore and offshore.
They can be connected by grid or stand-alone with applications in industrial, commercial, residential and utility.
Increasing demand for renewable energy sources is contributing to the growth of the wind turbine market.A renewable energy source refers to an energy source that is repeatedly replenished without running out.
Most of this energy will come from fossil fuels like coal, oil, and natural gas.The wind is a renewable energy source.
Overall, using wind to produce energy has fewer effects on the environment than other energy sources.Wind turbines will not release emissions that will pollute the air or water and they do not require water for cooling.
Wind turbines will also reduce the amount of electricity generation from fossil fuels, which results in lower total air pollution and carbon dioxide emissions. For instance, according to IEA data 2021, Paris-based autonomous intergovernmental organization, renewable energy use increased by 3% in 2020 as demand for all other fuels declined. Moreover, the amount of electricity generated from renewables is set to increase too by 8% in 2021 and more than 6% in 2022. Increasing demand for renewable energy sources drives the growth of the wind turbine market.
Technological enhancements are a key trend gaining popularity in the wind turbine market.The technology on the offshore direct drive platform allows for the re-use of most components from previous generations.
In September 2022, Vestas, a Danish manufacturer of wind turbines, launched an onshore wind turbine tower with a hub height measuring 199 meters, the world’s tallest onshore tower. It is designed to be used by Vestas’ V172-7.2MW turbine.
In January 2020, Siemens Gamesa, a Germany-based company that manufactures wind turbines and provides onshore and offshore wind services acquired Senvion for an undisclosed amount. This acquisition of Senvion Siemens Gamesa Renewable Energy’s Service Unit will strengthen its competitive position in Europe by adding approximately 9.0 GW serviced fleet and operations in 13 countries, and by increasing the total serviced fleet to approximately 69 GW globally. Senvion is a Germany-based manufacturer of wind turbines.
The countries covered in the wind turbine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The wind turbine market research report is one of a series of new reports that provides wind turbine market statistics, including wind turbine industry global market size, regional shares, competitors with a wind turbine market share, detailed wind turbine market segments, market trends and opportunities, and any further data you may need to thrive in the wind turbine industry. This wind turbine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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