Wind Turbine Market by Type and Geography - Forecast and Analysis 2022-2026

The wind turbine market is projected to grow by USD 31.36 billion with a CAGR of 6.40%, during the forecast period 2021 to 2026.

The market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by type (onshore and offshore) and geography (APAC, Europe, North America, MEA, and South America).

The wind turbine market report also offers information on several market vendors, including Acciona SA, Bergey Wind Power Co., E.ON UK Plc., Eaton Corp. Plc, ENERCON GmbH, Envision Energy USA Ltd., General Electric Co., Hitachi Ltd., Siemens Gamesa Renewable Energy SA, and Vestas Wind System AS among others.

Acciona SA - The company is involved in the development, construction, operation, and maintenance of wind power facilities such as wind turbines. The energy segment plays a key role in the transition from the current energy model to a decarbonized economy to ensure a secure supply of electricity, which is environmentally friendly and cost-competitive.

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

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Parent Market Analysis

Technavio categorizes the global wind turbine market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report extensively covers external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the wind turbine market during the forecast period.

Wind Turbine Market: Key Drivers, Trends, and Challenges

Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Wind Turbine Market Driver

• One of the key factors driving growth in the wind turbine market is the economical and efficient renewable energy resource.
• Countries are shifting their focus from non-renewable sources of energy to renewable sources to produce power.
• The shift in focus is due to the depletion of conventional sources of energy. Wind power is considered to be the most efficient source of power among all renewable energy sources.
• According to GWEC, in APAC, 30.6 GW of new wind energy capacity was installed in 2019. China was the leading country in terms of new offshore wind power capacity additions, with 2.3 GW installed in 2019. The increased focus of these regions to tap wind energy potential bodes well for the growth of the global wind turbine market.
• Renewable energy plays a vital role in the global shift toward a sustainable and less carbon-intensive environment and has led to a significant change in the global energy mix.

Key Wind Turbine Market Challenge

• The increasing adoption of alternative energy sources will be a major challenge for the wind turbine market during the forecast period.
• Despite the rapid growth in the adoption of renewable energy sources such as onshore and offshore wind power generation, the use of fossil fuels such as oil, coal, and natural gas still accounts for a substantial portion of the global energy mix. 
• The cost of establishing a renewable energy farm for producing power is substantially high, and the power output from renewable energy sources is not on par with that from fossil fuels. Hence, the preference for non-renewable energy sources is high in the market.
• There has been rapid growth in natural gas production, particularly in the US. Owing to the rapid growth in the supply of tight gas, coalbed methane, and shale gas, natural gas has become the fastest-growing fossil fuel globally.
• Power generation using coal (conventional as well as clean coal technologies) and natural gas account for a significant portion of the global energy mix, which is expected to hinder the growth of the global wind turbine market during the forecast period.

This wind turbine 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.

Wind Turbine Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain and parent market of the wind turbine market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies. The players across the value chain include selective data and analysis from entire research findings as per the scope of the report.

Which are the Key Regions for Wind Turbine Market?

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35% of the market’s growth will originate from Europe during the forecast period. Germany and Spain are the key markets for wind turbines in Europe. Market growth in this region will be faster than the growth of the market in other regions. 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.

What is the Fastest-Growing Type Segment in the Wind Turbine Market?

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The wind turbine market share growth by the onshore segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the wind turbine market size and actionable market insights on the post-COVID-19 impact on each segment. 

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

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

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