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The wind turbine generator market growth is expected to accelerate at a CAGR of 4.86% and reach the projected value of USD 9.46 billion by 2026.
The wind turbine generator market report extensively covers market segmentations by the following:
The wind turbine generator market report also offers information on several market vendors, including ABB Ltd., Alxion, AVANTIS Energy Group, Bergey Wind Power Co., Bora Energy, Doosan Corp., Emergya Wind Technologies BV, ENERCON GmbH, Equinor ASA, General Electric Co., Hitachi Ltd., Nordex SE, Principle Power Inc., ReGen Powertech Pvt Ltd., SANY Group, Siemens Gamesa Renewable Energy SA, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd., Vestas Wind Systems AS, and Xinjiang Goldwind Science and Technology Co. Ltd. among others. One of the key highlights of this report is the valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rise in wind energy consumption is notably driving the wind turbine generator market growth, although factors such as competition from fossil fuels may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the wind turbine generator industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Wind Turbine Generator Market Driver
Key Wind Turbine Generator Market Trend
Key Wind Turbine Generator Market Challenge
This wind turbine generator market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the wind turbine generator market as a part of the global heavy electrical equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the wind turbine generator market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the wind turbine generator market encompasses successful business strategies deployed by the key vendors. The wind turbine generator market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The wind turbine generator market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the wind turbine generator market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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56% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for wind turbine generators in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in investment in renewable energy, including wind power, in countries such as China, will facilitate the wind turbine generator market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The market in the region has witnessed certain challenges due to the COVID-19 pandemic. Following the lockdown in countries such as Italy, Germany, and Ecuador, the import of raw materials, such as Balsa Wood and PVC, and key components, such as main bearings, gearbox bearings, and generators, has been restricted for a prolonged period, resulted into a delay in productions of wind turbine generator in 2020. However, relaxations in lockdown restrictions in many countries in the region owing to mass vaccinations in 2021 resulted in resumptions of operation across the manufacturing plants of wind turbine generators across the region, which in turn fueled the demand for wind turbine generators across APAC in 2021. Therefore, these factors are expected to fuel the growth of the market focus during the forecasted period.
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The wind turbine generator market share growth by the onshore segment will be significant during the forecast period. The high wind turbine generator market share of the onshore segment is attributed to the lower capital requirement compared with the offshore segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the wind turbine generator market size and actionable market insights on post COVID-19 impact on each segment.
Wind Turbine Pitch System- The market share is expected to increase by USD 377.03 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.28%.
Wind Turbine Components- The market share is expected to increase by USD 27.72 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.42%.
Small Wind Turbine- The market is projected to grow by 1821.02 megawatts with a CAGR of 13.85% during the forecast period 2021 to 2026.
Wind Turbine- The market share should rise by USD 31.36 billion from 2022 to 2026 at a CAGR of 6.40%.
Wind Turbine Brakes -The market size will record an incremental growth of $ 408.21 million and a CAGR of 5% during 2020-2024.
Wind Turbine Foundation-The market share is expected to increase by USD 8.50 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.37%.
Wind Turbine Monitoring - The market share is expected to increase by USD 5.23 billion from 2021 to 2025, and the market's growth momentum will accelerate at a CAGR of 18.45%.
Wind Turbine Generator Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.86% |
Market growth 2022-2026 |
$ 9.46 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.52 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 56% |
Key consumer countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ABB Ltd., Alxion, AVANTIS Energy Group, Bergey Wind Power Co., Bora Energy, Doosan Corp., Emergya Wind Technologies BV, ENERCON GmbH, Equinor ASA, General Electric Co., Hitachi Ltd., Nordex SE, Principle Power Inc., ReGen Powertech Pvt Ltd., SANY Group, Siemens Gamesa Renewable Energy SA, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd., Vestas Wind Systems AS, and Xinjiang Goldwind Science and Technology Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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