Wind Turbine Market Forecast | Asia Pacific Dominate by Japan, China, South Korea, Singapore
Wind Turbine
Wind Turbine Market Revenue is projected to exceed USD 98.4 billion by 2030
WILMINGTON, DELAWARE, UNITED STATES, November 27, 2023 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The wind turbine market size was valued at $53.4 billion in 2020, and is projected to reach $98.4 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
Wind turbines come in various sizes, ranging from small turbines suitable for residential or agricultural use to large utility-scale turbines that are part of wind farms. The design and capacity of a wind turbine depend on factors such as the local wind conditions, the intended application, and the available land space. Wind power is a significant contributor to global renewable energy efforts, providing a clean and sustainable source of electricity.
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Asia Pacific dominated the wind turbine market in 2020, and is projected to remain the fastest growing segment during the forecast period. This is owing to numerous factors such as a large consumer base and rapid increase in demand for renewable source of energy.
Top Companies
Enercon GmbH, Gamesa, General Electric, Goldwind, Guodian United Power Technology Company Ltd., Ming Yang, Siemens, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd., and Vestas Wind Systems A/S.
A wind turbine is a device that converts the kinetic energy of the wind into mechanical energy, which can then be used to generate electricity. Wind turbines are a key component of wind power systems, harnessing the power of the wind to produce clean and renewable energy.
Wind turbines work on a simple principle, which is “instead of using electricity to make wind—use wind to make electricity”. Wind turns the propeller-like blades of a turbine around a rotor, which spins a generator, generating electricity.
Wind is a form of solar energy produced by a combination of three concurrent events that are the sun unevenly heating the atmosphere, irregularities of the earth's surface, and the rotation of the earth.
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The factors that drive the wind turbine market growth are increase in awareness toward boosting green energy, rise in energy consumption across the globe, growth in installation flexibility, and cost & performance efficiency of wind turbine.
Rise in power infrastructure near sea shore areas led to increase in demand for wind turbines, acting as the major driving factor for the market.
Rise in environmental concerns and increase in research activities in the field of wind turbines are expected to provide a substantial growth opportunity in the future.
Wind turbine converts wind energy into electricity using the aerodynamic force from the rotor blades, which work like an airplane wing or helicopter rotor blade. When wind flows across the blade, the air pressure on one side of the blade decreases.
The difference in air pressure across the two sides of the blade creates both lift and drag. The force of the lift is stronger than the drag, causing the rotor to spin.
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The rotor connects to the generator, either directly (if it is a direct drive turbine) or through a shaft and a series of gears (a gearbox) that speeds up the rotation. This translation of aerodynamic force to rotation of a generator produces electricity.
Depending on axis type, the market is categorized into horizontal and vertical. According to installation, it is divided into onshore and offshore.
As per component, it is classified into rotator blade, gearbox, generator, nacelle, and others.
On the basis of application, it is fragmented into industrial, commercial, residential, and utility.
COVID-19 Impact
The manufacturing of wind turbine was halted for a specific period due to COVID-19 situation, highly impacting the sales of wind turbine.
Sales of wind turbine are directly proportional to the demand for wind power projects. Wind projects have been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in wind turbine.
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COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global wind turbine market due to impact of COVID-19.
Wind power projects can be roughly divided into three phases that include planning, construction, and operations/maintenance. Sites suitable for wind farms are generally in sparsely populated areas and rare in cities with dense population.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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