Depleting natural energy resources, technological advancement for the development of more efficient wind turbines, and government initiatives to explore alternative sources of energy drive the growth of the global wind turbine market
PORTLAND, Oregon, Feb. 7, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Wind Turbine Market by Type of Wind Farm (Onshore and Offshore) and Application (Industrial, Commercial, and Residential) - Global Opportunity Analysis and Industry Forecast, 2017-2023. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global wind turbine market generated $88.78 billion in 2017, and is expected to reach $134.60 billion by 2023, growing at a CAGR of 7.2% from 2017 to 2023.
Faster consumption of natural energy resources, technological advancement for the development of more efficient, reliable, and cost-effective wind turbines, and various initiative by the government to discover alternative sources of energy drive the growth of the market. However, high cost of investment for the manufacturing and installation of wind turbines restrain the growth of the market. Conversely, decrease in wind energy prices owing to the technological developments and short lead time for the planning and construction of wind power projects create new opportunities for growth of the market.
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Onshore segment to dominate, offshore to exhibit fastest growth through 2023
Among types, the onshore segment accounted for 96% of the overall market share in 2017 and would retain its dominance through 2023. Key reason behind the higher adoption of these wind farms is the least dependence on infrastructure to transmit energy from the onshore site to the storage site. Ease associated with onshore turbine installation is also a factor behind the market dominance of this segment. However, the offshore segment is expected to grow at the fastest CAGR of 7.9% through the study period. The superior consistency of offshore wind farms in terms of their wind speed and direction and their low cost are anticipated to result in their higher adoption.
Industrial segment to be dominant through 2023
Among applications, the industrial segment grabbed nearly three-fifths of the market share in 2017 and would maintain its revenue lead through 2023. High energy needs in industrial sectors such as chemical, pharmaceutical, textile, and others to cater to their manufacturing demands drive the growth of the segment. As wind turbine is a one-time installation and is a reliable source of energy, most industrial manufacturers are relying on wind energy. However, the commercial segment would grow at the highest CAGR of 7.5% from 2017 to 2023. Growing commercialization and increase in number of retail outlets are expected to drive the need for energy in the commercial sector. In addition, rising number of institutional infrastructures such as schools, colleges, office buildings, government offices, and others is likely to boost the need for energy. The residential segment would grow at a steady rate during the forecast period.
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Asia-Pacific to dominate, Europe to show the fastest growth through 2023
The market in Asia-Pacific captured more than one-third of the overall market share in 2017 and is likely to dominate the market through 2023. This is attributed to the shifting focus of government towards renewable energy sector in the region and heavy investment directed in the installation of renewable energy projects in India, Japan, and China. However, the European market is expected to register the fastest CAGR of 7.4% from 2017 to 2023. This is due to its current focus on wind turbine capacity expansion and relative investment to install wind turbine after 2020 to make wind energy as the largest energy source. The other regions analyzed in the report include North America and LAMEA (Latin America, Middle East and Africa).
Leading market players analyzed in the research include Vestas Wind Systems A/S, Sinovel, Goldwind, Siemens, General Electric, Suzlon Energy Ltd., Enercon GmbH, China Ming Yang Wind Power Group Limited, Siemens Gamesa Renewable Energy, and Guodian United Power Technology Company Ltd. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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