The global wind turbines market value is estimated to be $47.83 billion in 2022, up from $44.75bn in 2017, largely driven by onshore deployment, according to GlobalData, a leading data and analytics company.
The company’s latest report ‘Wind Turbines, Update 2018 Wind Turbines, Update 2018 – Global Market Size, Competitive Landscape and Key Country Analysis to 2022’ reveals that the buoyancy in the market is largely due to the global investment trends in renewable energy to address power sector challenges.
Amongst established renewable energy technologies, solar and wind are prevalent due to the availability of resources across the world. Power sectors in countries are moving towards improving energy security, self-sufficiency, and addressing climate change issues; driving the utilisation and deployment of clean energy technologies such as wind as a power generation source.
In the forecast period, Asia-Pacific is expected to lead the market value, with an aggregate of $93.85 billion, followed by EMEA with an aggregate market value of $88.77 billion. However, EMEA is expected to outrun Asia-Pacific in terms of market value for offshore wind installations.
Nirushan Rajasekaram, Analyst at GlobalData commented: “There are growing concerns regarding environmental impacts of industrial activities and geo-political risks, which are prompting governments to utilise clean energy resources available within the country. Furthermore, the market opportunities are attracting a plethora of potential investors and stakeholders driving down equipment costs, promoting technology development, and thereby creating a conducive market for wind turbines.”
The APAC region led onshore wind turbines and will continue to do so in the future. The market is estimated to grow at a CAGR of 2.4%, during the period 2018-22 to reach $17.24 billion in 2022.
The need to improve access to electricity, increasing consumption of electricity and a strong industrial market are primary driving factors for onshore wind turbines market. The growth in the APAC region is largely contributed by China, which has established comprehensive development plans focused on utilising renewable energy to sustain its growth and market ambitions to strengthen its position as a global leader in wind technology development.
In the offshore market, EMEA dominated the market and will continue to lead in the future. The market is estimated to grow at a CAGR of 4.6% to reach $5.16bn in 2022. EMEA’s dominance is largely driven by the European market. The strong technology base in Europe has contributed to the large deployment of larger wind turbines to capitalize on the significantly larger wind power resource.
Rajasekaram concludes: “The utilisation of renewables is seen as a suitable mechanism to wean away from the widespread resilience on fossil fuels, which has contributed to a myriad of environmental and economic challenges. The global commitment to curb emissions, need to circumvent geopolitical risks impacting fossil fuel supply, transition towards low carbon economies, and increasing demand for electricity will drive the wind turbines market.”