Electricity production using wind turbines harnesses wind energy at a particular location. Advanced computer modeling techniques are used to calculate wind force and the amount of electricity that can be generated from it. Wind turbines are primarily utilized to convert the kinetic energy of the wind into usable electrical energy. The government actively supports the generation of power from renewable sources. Some of the major provisional schemes undertaken by governments to support power generation using renewable energies include electricity generation feed-in tariffs (combining auction costs), tax holidays (tax credits) to players venturing into wind power generation, and leverage of preferential grant access. Apart from providing financial support for setting up wind farms, the governments also floated schemes to attract domestic and foreign players to venture into wind power.
The additional cost for grid management, which may result from wind variability, is usually not recognized by the generators of electricity through wind turbines. The cost of wind power is below the cost of fossil and nuclear power generation.
The global wind turbine market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2016, Asia Pacific led the global wind turbine market and was followed by Europe and North America. Together, the regions accounted for a little more than 90% of the market. Major wind farms globally utilize up to 7.5 MW wind turbines for offshore operations. However, some countries from the Asia Pacific (China, Australia) and European (Germany and France) regions have projects that are expected to utilize high-capacity turbines with capacities of up to 15 M.W. for offshore operations. Onshore wind turbines with capacities ranging from 5 kW to 15 M.W. are currently in operation.
The key turbine manufacturers, developers, suppliers, and service providers are, but are not limited to: ACCIONA S.A., DNV-GL, Envision Energy, Iberdrola Renewables LLC, L.M. Wind Power, SUZLON Ltd., Vestas Wind Systems A/S, Siemens-Gamesa Renewable Energy Systems Ltd., ReNew Power Ventures Pvt. Ltd., HUNTSMAN International LLC, PNE Wind AG, NEXANS S.A., MAN Engines, Ventus Wind Turbines, Inc., and a subsidiary of the company.
Purpose of the Report
The purpose of this strategic research study titled "Wind Turbine Market: Growth, Future Prospects, and Competitive Analysis, 2017–2025" is to offer industry investors, company executives, and other industry participants with in-depth insights to enable them to make informed strategic decisions related to the opportunities in the wind turbine market.
Target Audience
Industry Investors
Manufacturers of wind turbines
End User Industries
On the basis of its turbine capacity, the global wind turbine market is categorized into the following segments:
Up to 1 M.W.
1-3 M.W.
3-10 M.W.
10 M.W. and Higher
A group of wind turbines is collectively referred to as a "wind farm." A wind farm may consist of a few wind turbines or several hundred wind turbines distributed over a designated area both onshore and offshore. With onshore wind turbines, there is high land utilization since the spacing between the individual turbines is high. The space between two turbines (windmills) is primarily used for agricultural purposes. The other uses of the spacing include utility grid connection and solar power (solar cells) combined with power generated by the wind turbines.
The approximate size of the onshore wind turbines that are manufactured today is 3 M.W. (2.5–3 M.W.). The approximate size of the offshore wind turbines that are manufactured today is 3.6–4 M.W. Major wind farms globally utilize up to 7.5 MW wind turbines for offshore operations. However, some countries from the Asia Pacific (China, Australia) and European (Germany and France) regions have projects that are expected to utilize high-capacity turbines with capacities of up to 15 M.W. for offshore operations. Onshore wind turbines with capacities ranging from 5 kW to 15 M.W. are currently in operation.
On the basis of its applications, the global wind turbine market is categorized into the following segments:
Onshore
Offshore
The wind's kinetic energy is utilized to run the propellers around the rotor. This rotor is connected to the wind turbine's main shaft, which spins the generator to generate electricity. Wind power is considered a proven alternative to conventional fossil fuels. It is abundant, renewable, extensively distributed (onshore and offshore), uncontaminated, and produces no greenhouse gas emissions during operation.
A group of wind turbines is collectively referred to as a "wind farm." A wind farm may consist of a few wind turbines or several hundred wind turbines distributed over a designated area both onshore and offshore. With onshore wind turbines, there is high land utilization since the spacing between the individual turbines is high. The space between two turbines (windmills) is primarily used for agricultural purposes. The other uses of the spacing include utility grid connection and solar power (solar cells) combined with power generated by the wind turbines.
The construction of large wind farms in water bodies (lakes, seas, and oceans) to generate electric power is typically termed "offshore wind turbines." The availability of the most powerful wind forces, the fact that the fuel (wind) is uninterrupted and continuous, and the fact that the net power generation is continuous when compared to land-based wind power projects are some of the major advantages of offshore installations.
Based on geographical distribution, the global wind turbine market is segmented into the following categories:
North America
U.S.
Canada
Europe
Germany
France
Italy
U.K.
Russia
Rest of Europe
Asia-Pacific
India
China
Japan
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC Countries
South Africa
Rest of Middle East and Africa
The global wind turbine market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2016, the global wind turbine market was led by Denmark, the U.K., China, the U.S., Germany, India, France, Turkey, and the Netherlands. The Asia-Pacific region had the highest number of new installations, specifically in China, India, Japan, and India. The region is expected to have wide outreach for the forecast period.
Wind power has great benefits from government-supported schemes. The type of support varies from country to country and region to region. The provision schemes established are feed-in tariffs, feed-in renewable portfolio standards (combining auctions), and energy operation and creation tax credits. Besides financial support, wind power has the leverage of preferential grant access globally. The additional cost for grid management is usually not recognized by the generators of electricity through wind turbines. The cost of wind power is below the cost of fossil and nuclear power generation.
High-growth regions by 2025 would be Asia Pacific, North America, and Europe. Asia Pacific, with countries like China and India, is expected to have the highest market outreach of any other region. The recently concluded Paris Climate Change Conference has mandated energy generators look into the renewable sector for power needs. This has already impacted the cost of producing electricity. Overall, electricity generation costs are expected to fall in Asia Pacific and other regions in order to meet carbon emission targets. Thus, the wind turbine market is expected to witness high growth globally for the forecast period.
Frequently Asked Questions:
The market for Wind Turbine is expected to reach XX Bn in 2025.
The Wind Turbine market is expected to see significant CAGR growth over the coming years, at 7.5%.
The report is forecasted from 2017-2025
The base year of this report is 2016
ACCIONA S.A,DNV-GL,Envision Energy,FFC Energy,Fraunhofer IWES are some of the major players in the global market.
