Wind Turbine Market | Covid-19 Impact Analysis

Wind Turbine Market Insights

Wind Turbine market is likely to witness an impressive CAGR of 7.2% during the forecast period. Rising demand for replacing conventional source of energy with clean and renewable source of energy to reduce global warming caused by pollution is likely to create enormous demand for the wind turbine market over the next five years.

Market Share Analysis

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Wind Turbine Market Share: By Installation Type

Based on the installation type, the market is segmented as onshore and offshore. The onshore wind turbine installation segment is to remain the dominant installation type in the market, whereas offshore installation is likely to grow at a faster rate over the next five years with the growing importance of offshore wind turbine installation, owing to its various benefits over onshore installation.

Wind Turbine Market Share: By Application Type

Based on the application type, the wind turbine market is segmented as utility, industrial, commercial, and residential. The industrial segment is projected to remain the largest application of the market during the forecast period, owing to growing usage of renewable energy in industrial production and power generation.

Wind Turbine Market Share: By Region

In terms of regions, Asia-Pacific is estimated to be the largest market and is also expected to witness the highest growth in the market fueled by high demand in China, India and Japan. The dominance of the region is attributed to the presence of large number of wind turbine installers across the region. Out of the top fifteen wind turbine manufacturers in the world, eight are from China.

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Some of the major wind turbine manufacturers are-

• Enercon GmbH
• Vestas Wind Systems A/S
• GE Renewable Energy
• Nordex SE
• Siemens Gamesa Renewable Energy, S.A.
• Dongfang Electric Corporation
• Goldwind Science & Technology Co., Ltd.
• Ming Yang Wind Power Group Limited
• Windey Co., Ltd.
• Envision Group

Market Scope & Segmentation

Wind turbine is the mechanical device used to convert kinetic energy generated from the wind to electric energy. Thus, offering renewable source of power generation.

Wind turbine can be installed at onshore and offshore locations. Due to high speed of wind at offshore location, it is reliable and efficient source for wind turbine installation. However, higher cost of installation reduces the number of installations compared to onshore application. 

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The wind turbine market is segmented into the following categories. 

Wind Turbine Market Size, Share, & Forecast, by Axis Type:

• Horizontal
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (By Axis Type Analysis: Up-wind and Down-wind)
• Vertical (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Wind Turbine Market Size, Share, & Forecast, by Installation Type:

• Onshore (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Offshore (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Wind Turbine Market Size, Share, & Forecast, by Connectivity Type:

• Grid Connected (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Stand Alone (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Wind Turbine Market Size, Share, & Forecast, by Rating Type:

• <100 KW (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• 100KW to 500KW (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• 500KW to 2MW (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Above 2MW (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Wind Turbine Market Size, Share, & Forecast, by Application Type:

• Utility (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Commercial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Residential (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Wind Turbine Market Size, Share, & Forecast, by Component Type:

• Rotor Module (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Nacelle Module (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Tower Module (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Wind Turbine Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].