Global Wind Turbine Market - Analysis By Wind Farms (Onshore, Offshore), Components (Rotor Blades, Gearbox, Tower, Others), By Region, By Country (2019 Edition): Opportunities and Forecast (2019-2024)

Date: 1 January 2020

According to a research report published by Azoth Analytics in December 2019, the Global Wind Turbine Market was valued at USD 49,882.36 million during the year 2018. Global Wind Turbine market is expected to grow owing to a number of factors including climate concern reducing CO emission, abundant availability of wind energy and growing need to use renewable resources for clean energy, improving policies like auctions and utilise the fullest capacity of wind energy available on Earth.

The Azoth Analytics research report titled “Global Wind Turbine Market - Analysis By Wind Farms, Components, By Region, By Country (2019 Edition): Opportunities and Forecast (2019-2024)’ has analysed and segmented the wind turbine market by Wind Farms (Onshore & Offshore) and Components of wind Turbine (Rotor Blades, Gearbox, Tower, Others). The global wind turbine market has been analyses By Region (Americas, Europe, APAC & ROW) and By Country (US, Canada, Mexico, Brazil, UK, Germany, France, China, India, South Korea, Japan) for the historical period of 2014-2018 and the forecast period of 2019-2024.

Global Wind Turbine Market is primarily driven by growing need for clean energy, innovations in Wind turbine, new technology to improve efficiency, climate concern in developed countries with developing countries adopting renewable sources, supportive policies like FITs (feed in tariff), PPAs (power purchase agreement) for renewable sources, auctions and other mechanisms.

Factors such as reliable and abundantly available renewable resource, more power capacity than other resources and ever-growing technological advancement along with growing need are anticipated to fuel the market growth in forecast period. The APAC region holds the largest market of Wind Turbine Market and is estimated that it will continue to dominate the market share in forecast period. 

Growing demand for new technologies to improve power capacity of wind turbine with reducing LCOE is anticipated to fuel the market growth. Moreover, increasing demand for clean energy, increasing interest of countries in wind energy and accelerating economic growth are expected to drive the market. Market players are focused on introducing high power efficient Wind turbines specially in offshore wind farms, in order to cater the needs of electricity demand. Companies equipped with the new edge technologies and more offshore wind farms will likely to gain market share in the forecast period.