Wind Turbines Market Major Growth Driving Factors and Comprehensive Research Report, 2024

The Global Wind Turbine Market is anticipated to reach USD 254 billion in 2024. Renewable energy gained a major traction in 2017 and continues to be on top in the current scenario. The global move for wind energy is strongly affected by the government rules and regulations all over the world. The market for wind turbines across the world continues to remain at the forefront in terms of innovation and approach.

The factors responsible for the growth of wind turbine market include rising demand for renewable energy sources coupled with increasing awareness and rising industrialization. Rising costs of fossil fuels is likely to pump the market growth. Stringent norms and regulations pertaining to carbon emission are likely to account for a significant market growth during the forecast period. Based on type of wind farm, the wind turbines market segmentation includes offshore and onshore. By application, the segmentation for wind turbines market include residential, commercial, and industrial.

Geographical segmentation for wind turbines market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. North American and European markets are expected to account for a significant market share during the forecast period due to government initiatives and technological development. Depletion in natural resources and the rise in fuel costs in these regions demand renewable sources of energy. Installation trends and energy generation capacity has been higher in the U.S.

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Asia-Pacific regions accounted for a significant market share due to rise in awareness, increase in fuel costs and inception of solar and wind energy generators. Additionally, the trends such as risk mitigation for environmental changes and inclination toward concepts such as solar and wind penetration are expected to gain a positive traction during the forecast period. Additionally, flexible norms and government support leverage the market growth during the forecast period.

The global players in the wind turbines market include Vestas, Goldwind, Suzlon, Guodian United Power, Sinovel, Gamesa, General Electric, Siemens, DHI DCW Group, Global Castings, Ningo Riyue, Wind Power, Seforge, Eisengiesserei Torgelow GmbH and Patel Alloys.

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Small Wind Turbines Market SWOT Analysis and Growth Opportunities

03 June 2019, Global small wind turbines market is anticipated to witness an exponential growth in the forecast period. Small wind turbines are connected to the grid through the power suppliers or they can stand alone (off-grid). The factors that propel the growth of the market include growing investments in renewable energy, cost efficiency of the wind energy, and the technical innovations and presence of key end users.

On the other hand, there is a factor that may hamper the growth of the market including the decreasing cost of solar PV modules. Market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.

Market could be explored by product type, power rating, application, end user and geography. Market by product type could span Vertical-Axis Wind Turbine and Horizontal-Axis Wind Turbine. 

The “Horizontal-Axis Wind Turbine” sector led the small wind turbines market in 2016 and will continue to lead in the forecast period. The key factors that could be attributed to the growth include the benefits offers such as variable pitch blade capacity, high producing capacity, improved effectiveness, and tall towers that capture a huge amount of wind energy.

Small Wind Turbines Market

Based on power rating, the market could be categorized into up to 50 kW and 51-100 kW capacity range. The “51-100 kW” segment led the market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increasing demand for affordable and clean energy across the globe.

Small wind turbines market could be explored by application as On-Grid and Off-Grid. The “Off-Grid” segment led the market in 2017 and will continue to lead in the forecast period. An off-grid solution is a system that works individually and is not connected to the electricity distribution system. It also termed as “Stand-alone Systems”. Off-Grid segment is followed by On-Grid and is anticipated to grow high in the years to come. Market could be explored based on the end user as Hospital, Municipal and Government and Airport.

APAC accounted for the major share of the small wind turbines market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include growing preference towards the acceptance of small wind turbines for generation of electricity and occurrence of offshore and onshore counties with good wind speeds for installations of small wind turbines in this region.

Some of the key players that fuel the growth of the small wind turbines market comprise Kingspan Group Plc, Bergey Wind Power Co, Northern Power Systems Inc, Shanghai Ghrepower Green Energy Co., Ltd., Xzeres Wind Corp, City Windmills Holdings PLC, Endurance Wind Power Inc, Fortis Wind, Kliux Energies, Aeolos Wind Energy Ltd, and among others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

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