Wind turbines generate electricity by using the natural power of the wind to drive a generator. Wind turbines totally depend on the wind speed. Wind is sustainable and a clean source of fuel and does not produce any harmful emission. Wind will never run out as it is constantly replenished by energy from the sun. Wind turbine has the capability to generate electricity in unstable weather conditions and offers various benefits such as low maintenance costs and easy operation. These factors are expected to increase the demand for wind turbines in various applications such as industrial, commercial, and residential across the world over a period of time.
Increasing demand for eco-friendly and renewable energy, increasing demand for power generation, and rising cost of electricity and conventional sources are expected to drive the global wind turbine market during the forecast period.
Increasing investment pertaining to the replacement of conventional power generating technologies with advanced power generating stations to curb GHG emissions is expected to accelerate the global wind turbine market. Moreover, global organizations are focusing on adopting renewable energy based technologies. Rise in demand for solar energy and power is expected to open up new opportunities for the wind turbine market across the world. Manufacturing facilities require high initial capital, skilled manpower, licensing/ certifications, advance technology, and high quality of raw material. These are the major factors expected to hinder the growth of the wind turbine market during the forecast period.
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The global wind turbine market has been segmented based on type, installation, connectivity, rating, component, application, and geography. Based on type, the wind turbine market has been segmented into vertical axis wind turbines and horizontal axis wind turbines. Vertical axis wind turbines are further sub segmented into early wind turbine, anonometer, savonius wind turbine, flapping panel wind turbine, darrieus wind turbine, and giromill wind turbine. Based on horizontal axis wind turbines, the market is further classified into up-wind turbines, down-wind turbines, and shrouded wind turbines. Based on installation, the market has been segmented into offshore and onshore. In terms of connectivity, the wind turbine market is classified into grid connected and stand alone. Based on rating, the market is segmented into < 100 kW, 100 kW to 250 kW, > 250 kW to 500 kW, > 500 kW to 1 MW, 1 MW to 2 MW, and > 2 MW. Based on application, the market is segmented into utility, industries, commercial, and residential. Based on industries, the market is further classified into manufacturing industries, process industries, and chemical industries. The commercial segment in further sub segmented into education, office, and government/military. On the basis of component, the market is segmented into rotor module, nacelle module, and tower module.
In terms of geography, the global wind turbine market is classified into Asia Pacific, South America, North America, Middle East & Africa, and Europe. Europe is expected to hold the largest share of the market, followed by North America, due to rapid increase in the price of non-renewable energy across North America and Europe. As compared to other regions, the market in Asia Pacific is expected to grow at the highest rate followed by Middle East & Africa during the forecast period.
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Major players operating in the wind turbine market include Acciona S.A., Aeolos Wind Energy Ltd., Aeronautica Windpower, Alstom S.A., Bergey Windpower Co. (BWC), Clipper Windpower Plc, Dewind Co., Enercon GmbH, Fuhrlander AG, Gamesa Corporacion Tecnologica, GE Energy, Mitsubishi Heavy Industries Ltd., Nordex SE, Nordic Windpower Ltd, Repower Systems AG, Siemens Wind Power A/S, Suzlon Energy Ltd., Vergnet SA, Vestas Wind Systems A/S, and Windflow Technology Ltd.
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