LONDON–(BUSINESS WIRE)–The global wind turbine generator market is expected to grow at a CAGR of almost 4% and register an incremental growth of 7.22 billion during 2020-2024.
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The new president-elect of the USA, Joe Biden, has announced his plans to re-enlist the United States to the Paris climate agreement of 2015 within first 100 days in office. Also, he has officially announced to make significant investments in clean energy technologies. In his manifesto, Joe Biden had presented his plans of investing about USD 400 billion over the next ten years. These developments are expected to drive investments in clean energy technologies, including wind energy. This will open significant opportunities for market players over the forecast period.
Globally, the annual investment in wind energy has increased steadily over the past few years. During 2010-2020, the annual investments in both onshore and offshore wind energy projects grew at a CAGR of 4%. The market is witnessing the widespread adoption of new wind energy plants in both developed and developing economies. In 2019, the market in the US witnessed 9,143 new onshore wind power installations compared to 7,588 installations in 2018. Similarly, in 2019, the market saw 23,760 new onshore wind power installations in China.
The market is majorly dominated by European wind turbine manufacturers such as Vestas Wind System AS, ABB Ltd., Siemens Gamesa, and others. For example, Vestas Wind System AS, a Danish manufacturer, seller, installer, and servicer of wind turbines emerged as the world’s largest wind turbine supplier in 2018 with a market 20.3% market share. The company registered steady growth in the onshore wind turbine segment since 2014 but witnessed a rare dip in 2019. Other dominant players in the market include Goldwind, Siemens Gamesa, GE Renewable Energy, Envision, and others.
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Global Wind Turbine Generator Market: Application
Based on the application, the onshore wind turbines segment led the market with over 79% share in 2019. The cumulative wind installed capacity of onshore wind power stood at 542 GW globally in 2018. This is expected to grow more than three-fold by 2030 and nearly ten-fold by 2050. This can be attributed to factors such as technological innovations, enhanced reliability, lower capital requirement, and favorable policies undertaken by various countries to promote onshore wind power development.
Global Wind Turbine Generator Market Growth Across Regions
APAC currently leads the global wind turbine market. In 2019, the region generated USD 16.69 billion in revenue, and by the end of the forecast year, the market value is expected to increase to almost USD 21 Billion in revenue. The market is also registering progressive growth in other regions such as North America, Europe, and South America. Although the market saw a slight dip in the MEA region in 2020, healthy growth is expected to happen over the analysis period, and the market value in the region is estimated to increase over USD 591 million by 2024.
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Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Onshore – Market size and forecast 2019-2024
- Offshore – Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- APAC – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- ABB Ltd.
- AVANTIS Energy Group
- Bora Energy
- General Electric Co.
- SANY Group Co. Ltd.
- Siemens AG
- Sinovel Wind Group Co. Ltd.
- Suzlon Energy Ltd.
- Vestas Wind System AS
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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