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Subject: MRR

Wind Turbine Generator Market - 56% of Growth to Originate from APAC|Onshore Segment to be Significant for Revenue Generation| Technavio


NEW YORK, May 16, 2022 /PRNewswire/ -- The wind turbine generator market estimates a market value of USD 9.46 billion from 2021 to 2026 as per the latest market report by Technavio. In addition, the report projects the market to progress at a CAGR of 4.86%. 56% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for wind turbine generators in APAC. Market growth in this region will be faster than the growth of the market in other regions. The significant increase in investment in renewable energy, including wind power, in countries such as China, will facilitate the wind turbine generator market growth in APAC over the forecast period.

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Wind Turbine Generator Market: Segmentation Analysis

The market research report segments the wind turbine generator market by Application (Onshore and Offshore) and Geography (APAC, Europe, North America, South America, and the Middle East and Africa).

The wind turbine generator market share growth by the onshore segment will be significant for revenue generation. The high wind turbine generator market share of the onshore segment is attributed to the lower capital requirement compared with the offshore segment. 

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Wind Turbine Generator Market: Rise in wind energy consumption to drive growth
The key factor driving the global wind turbine generator industry growth is the rise in wind energy consumption. Wind power is one of the most abundant sources of alternative energy. The developed, as well as developing countries, are focusing on renewable sources to produce power because of the depletion of conventional sources of energy and growing GHG emissions. According to GWEC, China was the leading country in terms of cumulative installed wind power capacity. China added a wind capacity of 26,798 MW in 2021. The growing awareness about the benefits of wind energy is fueling the demand for wind turbine generators. Countries such as Denmark, Spain, Germany, and the UK produce over 10% of their power by using wind energy. Such factors will boost the demand for wind turbine generators during the forecast period.

Wind Turbine Generator Market: R&D in direct-drive generators for wind turbines is a major trend
R&D in direct-drive generators for wind turbines is one of the key wind turbine generator market trends that is expected to impact the industry positively in the forecast period. Wind turbine direct-train technology offers various advantages when compared with conventional turbines. Some of them include generators that will eliminate the need for a gearbox, and thus, the turbine will involve fewer moving parts than geared drive trains. In the absence of the gearbox, direct-drive wind turbines run with the help of the generator and rotor, which rotate as an integrated unit. Without gearboxes, direct-drive turbines are also lighter in weight. The key market players such as Siemens and GE are already experimenting with direct-drive turbines, especially in offshore wind farms. The high investment in R&D will further support the market growth in the coming years.

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Wind Turbine Generator Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 4.86%

Market growth 2022-2026

USD 9.46 billion

Market structure

Fragmented

YoY growth (%)

3.52

Performing market contribution

APAC at 56%

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ABB Ltd., Alxion, AVANTIS Energy Group, Bergey Wind Power Co., Bora Energy, Doosan Corp., Emergya Wind Technologies BV, ENERCON GmbH, Equinor ASA, General Electric Co., Hitachi Ltd., Nordex SE, Principle Power Inc., ReGen Powertech Pvt Ltd., SANY Group, Siemens Gamesa Renewable Energy SA, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd., Vestas Wind Systems AS, and Xinjiang Goldwind Science and Technology Co. Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Content

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Application

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio



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