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  • Wind Turbine Market Analysis | 2023-2028

    Wind Turbine Market Analysis | 2023-2028

    Wind Turbine Market Analysis | 2023-2028
    Report code - SRCE218 Delivery - 2 Weeks
    Wind Turbine Market Size, Share, Trend, Forecast & Industry Analysis: 2023-2028
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    Market Insights

    The Wind Turbine Market was estimated at US$ 81.55 billion in 2022 and is expected to grow at a CAGR of 6.7% during 2023-2028 to reach US$ 121.35 billion by 2028.

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    What is a Wind Turbine?

    A wind turbine functions as a device designed to transform the dynamic energy derived from the wind into mechanical power, subsequently utilized for electricity generation. Comprising essential components such as a supporting tower, wind-capturing blades, a rotating rotor responding to the wind's force, and a generator converting rotational energy into electrical power, wind turbines exhibit diverse scales.

    Ranging from compact units catering to residential or rural energy requirements to expansive configurations within wind farms, these turbines play a substantial role in augmenting the power supply of the grid. Operating as a sustainable and renewable energy source, they boast minimal emissions, contributing to the reduction of dependence on fossil fuels.

    Wind Turbine Market Report Overview

    Market Size in 2028

    USD 121.35 Billion

    Market Size in 2022

    USD 81.55 Billion

    Market Growth (2023-2028)

    6.7% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    The key factors influencing the wind turbine market dynamics are-

    Global Emphasis on Renewable Energy:

    • The wind turbine market is experiencing rapid growth and transformation, driven by the worldwide focus on renewable energy.

    • Increasing global efforts to shift towards cleaner energy sources are propelling the expansion of the wind turbine market.

    Demand for Clean and Sustainable Energy:

    • A primary driver for the wind turbine market's growth is the rising demand for clean and sustainable energy sources.

    • Governments across the globe are implementing policies aimed at reducing carbon emissions and increasing the share of renewable energy in their energy portfolios.

    Role of Technological Advancements:

    • Advancements, such as larger rotor diameters, taller towers, and more efficient blades, have significantly enhanced the energy generation capacity and efficiency of wind turbines.

    • These technological improvements result in higher energy output, making wind energy more competitive for utility-scale power generation.

    Cost Reductions and Economic Viability:

    • Government incentives and subsidies further boost the economic attractiveness of wind energy investments.

    • Reductions in the costs of wind turbine components, including turbines, towers, and installation, have improved the overall economic viability of wind energy projects.

    Segments Analysis

    Segmentations

    List of Sub Segments

    Dominant and Fastest-Growing Segments

    Installation Type

    Onshore, 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.

    Application Type

    Utility, Industrial, Commercial, and Residential

    The industrial segment is projected to remain the largest application of the market during the forecast period.

    Regional Basis

    North America, Europe, Asia-Pacific, and the Rest of the World.

    Asia-Pacific is estimated to be the largest market and is also expected to witness the highest growth in the market during the forecast period.

    By 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.

    By 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 the growing usage of renewable energy in industrial production and power generation.

    Regional Analysis

    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 many 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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    Key Players

    Some of the major wind turbine manufacturers are-

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

    Research Methodology

    This report offers high-quality insights and is the outcome of a 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 books, press releases, journals, investor presentations, 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 qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. 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.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Wind Turbine Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Who are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Customization Option

    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 to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The Wind Turbine Market is expected to grow at a CAGR of 6.7% during 2023-2028.

    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., and Envision Group are among the key players in the wind turbine market.

    The Wind Turbine Market is expected to reach US$ 121.35 billion by 2028.

    Asia-Pacific is expected to be the largest wind turbine market during the next five years.

    The onshore wind turbine installation segment is expected to remain dominant in the wind turbine market in the coming years.