Wind Turbine Generator Market by Application and Geography - Forecast and Analysis 2022-2026

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:

• Application - Onshore and offshore
• Geography - APAC, Europe, North America, South America, and Middle East and Africa

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

What will the Wind Turbine Generator Market Size be During the Forecast Period?

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Wind Turbine Generator Market: Key Drivers, Trends, and Challenges

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

• One of the key factors driving the global wind turbine generator industry growth is the rise in wind energy consumption.
• Wind power is one of the most abundant sources of alternative energy.
• The developed, as well as developing countries, are focusing on renewable sources to produce power because of the depletion of conventional sources of energy and growing GHG emissions.
• According to GWEC, China was the leading country in terms of cumulative installed wind power capacity. China added a wind capacity of 26,798 MW in 2021.
• The growing awareness about the benefits of wind energy is fueling the demand for wind turbine generators.
• Countries such as Denmark, Spain, Germany, and the UK produce over 10% of their power by using wind energy.
• Such factors will boost the demand for wind turbine generators during the forecast period.

Key Wind Turbine Generator Market Trend

• R&D in direct-drive generators for wind turbines is one of the key wind turbine generator market trends that is expected to impact the industry positively in the forecast period.
• Wind turbine direct-train technology offers various advantages when compared with conventional turbines. Some of them are:
  • These generators will eliminate the need for a gearbox, and thus, the turbine will involve fewer moving parts than geared drive trains,
  • In the absence of the gearbox, direct-drive wind turbines run with the help of the generator and rotor, which rotate as an integrated unit.
  • Without gearboxes, direct-drive turbines are also lighter in weight.
• The key market players such as Siemens and GE are already experimenting with direct-drive turbines, especially in offshore wind farms.
• The high investment in R&D will further support the market growth in the coming years.

Key Wind Turbine Generator Market Challenge

• One of the key challenges to the global wind turbine generator industry growth is the competition from fossil fuels.
• Fossil fuels, which have dominated global power generation since their discovery, accounted for around 61% in 2021.
• Countries with abundant coal reserves, do not prefer to replace coal-based electricity with alternate but costlier renewable energy sources such as wind power.
• The lack of resources has hampered the market growth in developing countries. For instance,
  • Indonesia has a high-potential wind power generation market. However, wind power generation companies are facing challenges in installing wind turbines and generating profits due to the absence of government tariffs and proper support.
• The problem of grid instability can also pose a significant challenge to the market growth in the forecast years.

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.

Parent Market Analysis

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.

Who are the Major Wind Turbine Generator Market Vendors?

The report analyzes the market's competitive landscape and 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
• Xinjiang Goldwind Science and Technology Co. Ltd.

 

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.

Product Insights and News

• ABB Ltd. - The company offers wind turbine generators such as Doubly fed, permanent magnet, and high-speed induction generators.
• ABB Ltd. - Under the electrification segment, the company offers solutions across the full electrical value chain from the substation to the point of consumption.

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.

Wind Turbine Generator Market Value Chain Analysis

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.

Which are the Key Regions for Wind Turbine Generator Market?

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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.

What are the Revenue-generating Application Segments in the Wind Turbine Generator Market?

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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.

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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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What are the Key Data Covered in this Wind Turbine Generator Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive wind turbine generator market growth during the next five years
• Precise estimation of the wind turbine generator market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the wind turbine generator industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of wind turbine generator market vendors

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