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Wind Turbine Generator Market By Type (Synchronous, Asynchronous), By Capacity (Less than 3 MW, 3 MW – 7 MW, More than 7 MW), By Deployment (Onshore, Offshore) - Growth, Future Prospects and Competitive Landscape, 2019 – 2027

Overview:

Wind energy is one of the cheapest forms of energy source. Depleting conventional energy sources and their ill effects are causing serious environmental problems. Countries of the world are reducing their over-dependence on fossil fuels and shifting towards renewable energy sources like wind. In the long run, wind energy will help to reduce CO2 emission, a gas responsible for depleting the ozone layer and, thereby, climate change. The commitment of countries of the world to increase their share in renewable energy and financial aid from governments has helped to grow the market in 2018. 

Moreover, players are more focused on value-based creation, such as hybrid solutions, ease of integration, and power on demand. This has helped to reduce the losses along with higher and steadier output. It has also made hybrid solutions more cost-efficient. In addition, the digitalization of the operation and management of wind turbines further increases their efficiency, thereby supporting market growth.

Market Snapshot

Onshore Deployment Captures Largest Market Share

Onshore deployment of a wind turbine is cheaper and safer as compared to offshore installations. Moreover, offshore technology is yet to be fully developed and requires higher investment compared to onshore deployment. Also, only a few players have the technology of offshore/floating wind turbines, further reducing the offshore market share. Furthermore, the risk of wear and tear is more in offshore than onshore turbines, which further adds up to the maintenance cost of the turbine. In case of failure, a longer time is required to fix the problem. This has increased the cost of energy (LCOE) from offshore. Therefore, players are more focused on onshore wind turbines, which are simpler to build, operate, and supply energy at a lower cost. In 2018, the onshore segment accounted for over 85% of the total deployed capacity of the world. 

The Asia Pacific Gathered Over 40% Market Share in 2018

In the Asia Pacific, China is the major contributor to market growth. The stable auctioning policy of China has helped the country to install approximately 22 GW of capacity in a single year. In addition, India has contributed about 5% to the global share of installed capacity. Furthermore, the high demand for electricity from the population and the explosion of pollution in the cities have further driven the transition of Asian countries towards renewable sources like wind energy. This drove the market of wind turbine generators in 2018.

Competitive Insights

Major players profiled in the wind turbine generator market include Siemens AG, Suzlon Energy Limited, Vestas Wind Systems A/S, ABB, SANY, Leitner AG, ReGen Powertech, EWT, Nordex, SE, General Electric Company, and Goldwind, among others. In addition, these companies are innovating their current technology, such as increasing their capacity and lowering their LCOE to gain a larger share of the market.

For instance, in March 2018, General Electric Company unveiled its biggest offshore wind turbine, Haliade–X having a generator capacity of 12 MW. This new turbine will have 45% more energy than any other offshore turbine available today. With this new product, the company is expected to increase its share in the offshore segment.

Furthermore, in March 2018, Suzlon Energy Limited commissioned a generator, S128, the largest in India. This next-generation generator is featured with DFIG technology. This will help to reduce LCOE. With the commissioning of a new generator, the company is expected to increase its share in the Indian market.

Historical & Forecast Period

The research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The wind turbine generator market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global wind turbine generator market based on type, capacity, deployment, and geography. Key segments covered in the report are as follows:

Frequently asked questions :

The market for Wind Turbine Generator Market is expected to reach US$ XX Bn in 2027.

The Wind Turbine Generator Market is expected to see significant CAGR growth over the coming years, at XX%.

The report is forecasted from 2018-2027.

The base year of this report is 2018.

Siemens AG, Suzlon Energy Limited, Vestas Wind Systems A/S, ABB, SANY, Leitner AG are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Nov 2019
Category:  Technology & Media
Report ID:   60006
Report Format:   PDF
Pages:   120
Rating:    4.4 (49)
Delivery Time: 24 Hours to 48 Hours   
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