A wind turbine is a device that converts the wind’s kinetic energy into electrical energy. It operates on a system comprised of many critical components that allow kinetic wind energy to be transformed into electrical energy. These turbines provide clean and renewable energy for homes and offices and save costs. Wind turbines are the evolution of the classic windmills that can be seen more in rural areas across the globe. These are employed to reduce dependency on fossil fuels to create energy and also to create energy in a less wasteful manner.
Wind Turbines Market: Development & Trends
The global wind turbines market is anticipated to expand at a rapid pace during the forecast period due to the decline in cost of wind power generation, technology advancement, declining prices of turbine components, increasing government subsidies, growing environmental concerns, and increasing demand for electricity. Technological developments are making wind turbines more reliable, efficient and cost effective. The cost of electricity generated using wind energy is expected to decline in the near future owing to technological developments. This is expected to create substantial growth opportunity in the wind turbines market in the near future.
Technological advancements and improved siting techniques have increased the cost of wind energy. Rise in investments and provision of clean energy incentives schemes for the development of renewable energy are expected to be major factors driving the market. Lack of grid infrastructure which leads to curtailment of power and lack of skilled labor and capital in certain countries inhibits the global wind turbines market.
Wind Turbines Market: Overview
The wind turbine market can be segmented in terms of axis, installation, connectivity, rating, application, and region. Based on axis, the market can be bifurcated into horizontal and vertical. The horizontal segment accounted for a dominant share of the market share in 2017 due to its low cost and high efficiency. However, the vertical segment is projected to expand, as it can produce energy in unstable conditions, provides ease of operations, and requires low maintenance. In terms of installation, the market can be classified into onshore and offshore. Demand for onshore wind turbines is high due to its lower emissions and economical cost structure as compared to its alternatives. Additionally, it has less voltage drop between the windmill and the consumer as compared to offshore wind turbines.
Based on connectivity, the wind turbines market can be divided into grid connected and stand-alone. The grid connected segment accounted for a major share of the market in 2017 due to its low cost of installation and government subsidies for net metering. Stand-alone wind turbine can be placed in areas, where there is no access to an established electrical grid or there is no electricity supply meter. In terms of application, the market can be categorized into utility, industry, residential, and commercial. The residential segment is expanding at a considerable pace due to rapid urbanization and growth in demand for electricity across the globe.
Wind Turbines Market: Regional Outlook
Based on region, the global wind turbines market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of both value and volume, Asia Pacific dominates the global market. Furthermore, the market in Europe is estimated to expand at a substantial growth rate during forecast period, owing to the increase in wind installation capacity, which is more than any the other forms of power generation in Europe. Furthermore, increase in investment for construction of new wind farms, project acquisitions, and refinancing operations are expected to boost the wind turbines market in Europe.
Wind Turbines Market: Key Players
Key players operating in the global wind turbines market include Vestas, Goldwind, Enercon, General Electric, Nordex Acciona, Siemens Gamesa, Senvion, MHI-Vestas, United Power, Envision Energy, Suzlon, Mingyang, Wobben, WEG SA, Impsa, GE Wind Turbines, Clipper, Bergey, LM Windpower, Enessere, and Northern Power Systems.