Wind Turbine Market Research Report

 


Wind Turbine Market

Wind Turbine Market is expected to witness a CAGR of 7.5% over the forecast period (2021-2028), owing to the growing demand for inexhaustible sources of energy. Wind turbine refers to an equipment that can convert wind kinetic energy into electricity.

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Intensified investment in order to substitute traditional energy sources with sophisticated clean energy technologies to decrease the hazardous carbon discharge which is one of the major factors fueling the wind turbine market growth. With a surge in energy demand, leading nations have switched to the renewable sources of energy. Adoption of offshore wind energy with sophisticated technologies has captivated several nations to invest in wind turbines. As per the global Wind Turbine Market forecasts several prominent companies have taken the initiative to reduce the carbon discharge to contribute to sustainability. For example, Google in 2019 purchased inexhaustible energy by introducing additional large-scale solar and wind farms gauging over USD 2 billion in latest energy infrastructure. Ongoing technological innovations such as the evolution of 3D printed constituents and a surge in the need for electricity are other factors contributing to the Wind Turbine Market Size.

By installation, offshore installation is projected to expand at a faster CAGR over the forecast period owing to the minimum usage of land, restricted interference of human, and less visual proximity. For instance, Vineyard Wind 1 project initiated with an investment of more than USD 3 Bn is the first utility scale offshore wind energy project in the United States.

By region, the Asia Pacific region will emerge as a leading market owing to the expansion in consumer base and a surge in the demand for inexhaustible source of energy. As per the Global Wind Energy Council (GWEC), China had the highest number of wind power installed in 2020.

Wind Turbine Market Segmentation:

Wind Turbine Market by Installation
  • Onshore
  • Offshore
Wind turbine Market by Application
  • Utility
  • Industrial
  • Commercial
  • Residential
  • Others
Wind turbine Market by Component
  • Rotor Module
  • Nacelle Module
  • Hubs
  • Generator
  • Tower Module
Wind Turbine Market by Region:
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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