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Wind Turbines: Technologies, Applications and Global Markets


Report Scope:. This report analyzes different turbine types, installations type, grid connectivity, end use, capacity rating, end user, and regional market development of wind turbines.

New York, March 06, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Wind Turbines: Technologies, Applications and Global Markets" -
Furthermore, we also segment the market analysis by major countries in this report, such as the U.S., China, Germany, and others where the opportunities for wind turbines are lucrative.

The report is prepared in a simple, easy-to-understand format; tables and figures are included to illustrate historical, current, and future market scenarios.The report also covers leading companies with information on product types, business footprint, revenue, etc.

We have also included a list of other companies in global and regional markets. Also, the report includes a patent analysis for the wind turbines market, which represents a significant investment area for investors.

The report incorporates the impact of COVID-19 and the Russia-Ukraine war on the global and regional markets.

In this report 2021 is used as the market’s base year, estimated values are provided for 2022 and market values are forecast for the period of 2022 to 2027. All market values are provided in millions of dollars, and market shares and CAGRs are provided in percentages.

Report Includes:
- 35 data tables and 46 additional tables
- An overview of the global market for wind turbines
- Analyses of global market trends, with data from 2021 and 2022, estimates for 2023, 2025, and projections of compound annual growth rates (CAGRs) through 2027
- Coverage of history, evolution, applications, and benefits of wind turbine and discussion on market opportunities, major issues and trends affecting the industry
- Segmentation of the market by turbine type, installation, grid connectivity, service, end use, capacity rating, and region
- Insight into the recent industry structure, regulations and policies, pipeline products, and the vendor landscape of the market leading participants
- Company profiles of the leading global players, including Vestas Wind Systems A/S, Siemens Gamesa, General Electric, Ming Yang Smart Energy Group Co. Ltd., Envision Group, and Nordex SE

The market for wind turbines is continuously growing due to the growing demand for clean energy sources for generating electrical power.The growing demand for renewable energy from consumers in wake of awareness of emission-free energy is likely to drive market growth.

Governments across the globe are striving to meet the Paris agreement and government targets for reducing greenhouse emissions with the help of supportive government regulations, policies, incentives, and tax rebates.These supports are helping to drive the growth of the market.

Governments are also encouraging private investors and stakeholders to develop wind energy by providing more tax benefits and statutory support.Also, some governments are pumping huge investments into the industry to increase the share of wind energy in the energy mix, which is augmenting the market growth.

These combined factors are certain to drive market growth over the forecast period.

Wind power resources have increased significantly in the past two decades, driven by strong R&D capabilities, new developments in technology and the falling cost of electricity created through wind power. According to a report from the International Renewable Energy Agency (IRENA), wind generation capacity from both onshore and offshore installations has increased significantly in the past two decades, jumping from 7.5 (Gigawatt) GW in 1997 to 837 GW in 2021. Onshore wind capacity grew from 178 GW in 2010 to 707.4 GW in 2021, while offshore wind capacity has grown proportionately more, but from a lower base, from 3.1 GW in 2010 to 35.3 GW in 2021.

Onshore wind installations experienced a lower addition of capacity, with 72.5 GW added in 2021 (-18%), due to lower installations in China and the United States. China installed 30.7 GW of onshore wind capacity in 2021 (-39% compared to 2020, due to the termination of the feed-in tariff), while the United States only added 12.7 GW (-25%) due to supply chain issues. However, these lower installations in the two largest markets were partly compensated by record-high growth in Europe (+14.1 GW, including 2.1 GW in Sweden, 1.9 GW in Germany, and 1.5 GW in Turkey), Latin America (+5.8 GW, including 3.8 GW in Brazil), and Africa and the Middle East (+1.8 GW, including 668 MW in South Africa).

Offshore wind installations soared in 2021 with 21.1 GW installed (three times more than the 6.9 GW installed in 2020), spurred by China (16.9 GW), the U.K. (2.3 GW), Denmark (605 MW), the Netherlands (392 MW), and Asia-Pacific countries (excluding China and South Korea, 888 MW). Auctioned capacity rose by 153% in 2021, with 88 GW awarded in 2021, including 69 GW onshore and 19 GW offshore. A significant part was awarded in China (52 GW, including 49 GW of onshore grid parity projects).
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