Wind Turbine Generator Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029

Overview

Wind energy is one of the cheapest forms of energy source. Depletion of conventional energy sources and their ill effects are causing serious problem to environment. Countries of the world are reducing their over-dependence on fossil fuel and shifting towards renewable energy sources like wind. In the long run, wind energy will help to reduce CO2 emission, a gas responsible for depleting ozone layer and thereby climate change. Commitment of countries of the world to increase their share in renewable energy and financial aid from governments has helped to grow the market in 2020.

Moreover, players are more focused on value based creation such as hybrid solution and ease of integration and power on demand. This has helped to reduce the losses along with higher and steadier output. It has also made the hybrid solutions more cost efficient. In addition, digitalization of operation and management of wind turbines further increases its efficiency, thereby supporting the market growth.

Onshore Deployment Captures Largest Market Share

Onshore deployment of wind turbine is cheaper and safer as compared to offshore installations. Moreover, offshore technology is yet to be fully developed and requires higher investment compared to onshore deployment. Also, only few players have the technology of offshore/floating wind turbines, further reducing the offshore market share. Risk of wear and tear is more in offshore than onshore turbine which further adds up to the maintenance cost of turbine. In case of failure, longer time is required to fix the problem. This has increased the cost of energy (LCOE) from offshore. Therefore, players are more focus towards onshore wind turbine which are simpler to build and operate and supply energy at a lower cost. In 2020, onshore segment accounted for over 85% of total deployed capacity of the world.

Asia Pacific Gathered Over 40% Market Share in 2020

In Asia Pacific, China is the major contributor to the market growth. Stable auctioning policy of China has helped the country to install approximately 22 GW of capacity in a single year. In addition to this, India has contributed about 5% to the global share of installed capacity. High demand of electricity from population and explosion of pollution in the cities have further drives the transition of the Asian countries towards renewable sources like wind energy. This has driven the market of wind turbine generator in 2020.

Competitive Insights

Major players profiled in the wind turbine generator market include Siemens AG, Suzlon Energy Limited, Vestas Wind Systems A/S, ABB, SANY, Leitner AG, ReGen Powertech, EWT, Nordex SE, General Electric Company, and Goldwind among others. These companies are innovating their current technology such as increasing its capacity and lower its LCOE to gain larger share of the market.

For instance, in March 2020, General Electric Company unveiled their biggest offshore wind turbine Haliade-X having generator capacity of 12 MW. This new turbine will 45% more energy than any other offshore turbine available today. With this new product company is expected to increase their share in offshore segment.

Furthermore, in March 2020, Suzlon Energy Limited has commissioned a generator S128, which is the largest in India. This next generation generator featured with DFIG technology. This will help to reduce LCOE. With the commissioning of new generator, company is expected to increase its share in Indian market.

Historical & Forecast Period

The research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

Key questions answered in this report

• What was the market size of wind turbine generator market in 2020 and forecast up to 2029?
• What are the key factors driving the global wind turbine generator market?
• What are the key market trends and high-growth opportunities observed in the wind turbine generator market?
• Which is the largest regional market for wind turbine generator market?
• Which segment will grow at a faster pace? Why?
• Which region will drive the market growth? Why?
• Which players are leading the wind turbine generator market?
• What are the sustainability strategies adopted by the key players operating in the market?

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