Wind Turbine Generator Market Forecast and CAGR
The global wind turbine generator market is gaining momentum and is projected to expand at over with impressive growth rate and will reach net valuation of more than US$ 90.7Bn during forecast period. A new report on wind turbine generator by Fact.MR offers detailed insights of the global industry, key trends, and demand-supply patterns for the forecast period of 2021 to 2031. As stated in the report, North America and Europe will hold a major pie of the global industry share, while the market in Asia Pacific will register the fastest growth over the next ten years.
What is Driving Demand for Wind Turbine Generator?
Wind turbines are widely introduced across the globe as a manageable and clean wellspring of energy. Utilization of wind turbine generator is quickly filling in sustainable power age attributable to its high productivity and unwavering quality. Ascend in mindfulness in regards to ecological security acts has additionally increased the interest for wind turbine generator.
The production of wind turbine generator is additionally expanding all around the world with North America enrolling high development for wind turbine generator market during the estimate time frame. Wind turbine generator market is producing a chance for market members to enter a high piece of the pie during the figure time frame.
Aforementioned factors coupled with increasing concern towards green and renewable energy to facilitate numerous market opportunities for wind turbine generator during the forecast period.
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Impact of Covid-19 on Wind Turbine Generator Market
Wind energy establishments for 2020 are relied upon to be 30% down contrasted with industry figures. This will rely upon how rapidly movement can increase in the most vigorously affected nations. Furthermore, on the interruptions in the worldwide and European stock chains.
Covid-19 has resulted in massively impacting manufacturing and other prominent traditional sectors resulting to flatten the global economy curve. Pandemic has also resulted in disrupting global supply chain and hinder the supply-demand equilibrium of market.
India and China Wind Turbine Generator Market Outlook
The Indian Wind Energy Association (IWEA), predicted that with current level of ‘on-shore’ potential is more than 32 GW. India is ranked among 4th country with largest wind energy capacity globally. Increasing government expenditure towards development of renewable energy resources is providing boost for wind turbine generator market during the forecast period.
Another report by the Global Wind Energy Council (GWEC) has estimated that the wind energy limit in India can just reasonably arrive at 50 GW by 2022. That also will require concentrated endeavors by the public authority to bring down obstructions around market plan, matrix foundation and land allotment, to resuscitate closeout hunger and resolve the execution difficulties. Helping the area arrive at the country's aspiring 175 GW sustainable power focus by 2022, of which 60 GW is because of come from wind energy.
However, China stands at 7th spot in terms of generation and usage of wind energy. With increasing expenditure towards setting up of wind and solar energy generation projects, market for wind turbine generator demand is poised to gain momentum in China based market.
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North America Outlook for Wind Turbine Generator Market
According to U.S. Wind Turbine Database (USWTDB), US has more than 67,000 turbines which were constructed since 1980. With more than 1,500 wind power projects US is expected to continue its dominance in wind turbine generator market globally. In addition to these projects US has also planned more than 5 upcoming wind turbine projects in 2021, to ensure its contribution in Paris Climate Treaty.
Wind turbine generator is seen as secondary source of power in US. According to an estimate to convert these secondary power into primary source more than 1.26 million wind turbine are to be installed. The Canadian Wind Energy Association (CanWEA) has installed enough wind turbine plans so it now meets the electricity demand of more than three million Canadian homes.
Who are the Key Manufacturers and Suppliers of Wind Turbine Generator?
Some of the leading manufacturers of device include
- Vestas Wind Systems A/S
- United Power Technology Company Ltd.
- Enercon GmbH
- Suzlon Energy Ltd.
- General Electric
- GE Renewable Energy
- BergeyWindpower Co.
Wind turbine generator market is highly fragmented as there are large number of regional and national level manufacturers. Furthermore, regional manufacturers in market are constantly focusing on optimizing production process and lowering operational cost to increase profitability.
An Adaptive Approach to Modern-day Research Needs
Wind Turbine Generator Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Synchronous Generator
- Asynchronous Generator
- Up to 500 kW
- 500 kW- 1 MW
- Above 1 MW
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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