Published by Todd Bush on October 20, 2023
DUBLIN, Oct. 19, 2023 /PRNewswire/ -- The "Global Wind Turbine Market (by Location, Axis, Component, Application, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.
The global wind turbine market is poised for significant growth, with a projected value of $79.21 billion by 2023, reflecting a strong Compound Annual Growth Rate (CAGR) of 5.97% during the forecast period. The increasing focus on renewable energy sources, particularly wind power, is contributing to the expansion of this market.
Market Segmentation:
The report segments the global wind turbine market based on several key factors:
By Location:
The offshore segment is expected to experience substantial growth, primarily due to advantages such as higher power output, steady wind flow, and rapid installation.
By Axis:
Vertical wind turbines are anticipated to witness the highest CAGR during the forecast period due to their efficiency in unstable and harsh conditions.
By Component:
Rotor blades occupy the largest market share, driven by competition among industry players to enhance production capacity, resulting in lower prices.
By Application:
The utility segment holds the majority of the market share, with large-scale wind farms connected to national transmission networks driving growth.
Geographic Coverage:
The global market is divided into five regions:
Asia Pacific leads the global wind turbine market, with China's substantial installed capacity being a significant contributor. India is also emerging as a major player in wind power generation.
Key Growth Drivers:
Key Challenges:
Key Trends:
The wind turbine market, like many other sectors, faced initial challenges during the COVID-19 pandemic due to supply chain disruptions and investment constraints. However, favorable government policies and increased awareness of clean energy sources led to a rebound in the latter half of the pandemic.
Analysis of Key Players:
The global wind turbine market features moderate concentration, with leading players implementing growth strategies such as mergers, acquisitions, collaborations, and agreements. Key players in the market include Siemens Gamesa Renewable Energy, General Electric Company (GE) (GE Renewable Energy), Vestas Wind Systems A/S, Suzlon Energy Ltd., Nordex SE, XinJiang Goldwind Science & Technology Co., Ltd., Guodian Technology & Environment Group Corporation Ltd. (Guodian United Power Technology Ltd.), Shanghai Electric Group Company Ltd., Enercon GmbH, Envision Energy, Zhejiang Windey Co., Ltd., and Ming Yang Smart Energy Group Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/xmfd0y
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