Rapid technological advancement assisting the development of more reliable & efficient wind turbines, depleting natural energy resources and increasing government initiative to support alternative sources of energy drive the growth of the global wind turbine market. Additionally, a decrease in wind energy prices and reduced lead time for planning and constructing wind turbines is set to provide lucrative opportunities for new market players in the near future. However, heavy investment for the manufacturing and installation of wind turbines restrict the market growth.
The wind is a significant source of affordable renewable energy, which contributes about 5% of the global energy demand. The recent technological advancements and launch of a more reliable and efficient wind turbine have made wind power generation more cost-effective. On the other hand, the depleting natural resources and ongoing trade war have forced people to opt for such renewable energy sources to fulfill their energy needs.
The technological advancement for the development of more efficient wind turbines, depletion of natural resources, and initiatives by the government to explore the alternative energy sources drive the global wind turbine market. wind turbine market accounted for $81.1 billion in 2016 and is projected to reach $134.6 billion by 2023, growing at a CAGR of 7.2% during the forecast period, 2017-2023.
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By type of wind farm, the onshore segment occupied 96% of the global shares in 2016 and is expected to continue its dominance through 2023, due to least dependence on the infrastructure to transmit energy from onshore turbines than offshore ones. However, the offshore segment is poised to register the highest CAGR of 7.9%, on account of greater efficiency due to consistency in wind speed and direction.
While developing wind farms, various factors such as the impact of project location on inflow conditions can get poorly accounted. When the project gets operational, there could be adverse effects on the shelf life of the wind turbines, which can reduce its performance. As a remedial measure, Clir Renewables, a turbine manufacturer has developed a software that performs renewable optimization to quantify the impact of terrain on wind farms. According to the company’s website, Clir’s software can increase annual energy production by up to 5%.
The key companies profiled in the report include Vestas Wind Systems A/S, Sinovel, Goldwind, Siemens, General Electric, Suzlon Energy Ltd., Enercon GmbH, Ming yang, Gamesa, and Guodian United Power Technology Company Ltd.