Collaborations between turbine manufacturers and technology companies will help expand their smart product portfolio, finds Frost & Sullivan
SANTA CLARA, California, March 31, 2020 /PRNewswire/ -- A sustained decline in the overall costs of wind turbines, as well as ambitious national- and regional-level renewable energy targets, drove new onshore wind installation capacity to touch 54.2 GW in 2019, an increase of 17% compared to 2018. The global market is forecast to add an average onshore wind capacity of 54.28 GW annually through 2025, with cumulative installations expected to reach 954.47 GW in 2025.
"Emerging technologies such as 5G, edge computing, augmented and virtual reality (AR, VR), and advanced lightweight composite materials, are creating additional revenue opportunities for wind industry participants," said Swagath Navin Manohar, Research Manager, Energy & Environment at Frost & Sullivan. "Innovations like LiDAR, digital twin, additive manufacturing, radar, and drones are expected to phase out manual inspections of wind turbines and ultimately help participants deliver greater process and cost efficiencies to utilities, independent power producers (IPPs) and wind farm owners."
Frost & Sullivan's recent analysis, Growth Opportunities in the Global Onshore Wind Turbine Market, Forecast to 2025, presents the key drivers and restraints influencing the global and regional wind markets. It analyzes the competitive landscape and identifies the geographical hotspots for the next five to 10 years. It covers the regions of North America, Europe, Asia-Pacific, Latin America, India, China, and the Middle East and Africa.
For further information on this analysis, please visit: http://frost.ly/41i
"The repowering of wind farms by replacing old wind turbines with new and technologically superior models, especially in the US and Europe, is expected to bolster the global market," noted Manohar. "Meanwhile, the shift in financing mechanisms from subsidies to competitive auctions across regions like Europe, Asia, and Latin America is expected to make the market sustainable and subsidy-free."
Wind turbine manufacturers are expected to find new growth opportunities by:
- Developing IoT-enabled smart wind turbines to ensure product differentiation.
- Implementing AI and analytics solutions to improve operational efficiency by obtaining operational data.
- Focusing on data monetization and collaborations and partnerships with technology companies and startups to expand their smart product offerings.
- Creating attractive business solutions and offerings, especially for repowering aging wind farms.
- Gaining competence in managing costs, execution time, and project development as the market moves toward an auction model.
- Strategizing to expand in high-growth regions such as China, India, South-East Asia and Latin America. India has a wind energy potential of 302.00 GW, with only 36 GW of current installed capacity.
Growth Opportunities in the Global Onshore Wind Turbine Market, Forecast to 2025 is part of Frost & Sullivan's global Power Generation Growth Partnership Service program.
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Growth Opportunities in the Global Onshore Wind Turbine Market, Forecast to 2025
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SOURCE Frost & Sullivan