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Wind Turbine Market Analysis
- Report ID: GMI2679
- Published Date: Mar 2023
- Report Format: PDF
Wind Turbine Market Analysis
Wind turbine market from the horizontal axis segment is anticipated to surpass USD 281 billion by 2032 propelled by its ability to self-start, enhanced efficiency & reliability, and large return on investment on variable blade pitch, which makes the turbine suitable for use at strong wind sites. A 2022 research article based on the analysis of the efficiency of these wind turbines in different climate conditions in the U.S. found that Shiraz, which has a cold summer Mediterranean climate and less damage to the environment due to carbon emission, was the optimal option for the use of the wind turbine system.
In terms of installation, the wind turbine market from onshore segment is predicted to observe nearly 7% growth rate between 2023 and 2032. Onshore wind energy is an established technology that is easy to install and maintain and involves low-cost wind farms, which is bolstering the deployment of onshore turbines. For instance, in February 2023, wpd AG, a German wind projects firm, selected GE Renewable Energy to provide 16 onshore wind turbines for their wind farms situated in Landkreis Uelzen.
In 2022, the 100 kW to 250 kW wind turbine market size reached over 3 GW owing to strong efforts to replace traditional systems with smart & efficient solutions delivering improved ratings, extended operational life, and low maintenance. To cite an instance, wind power expert Vortex Bladeless’ turbines are replacing traditional turbines on account of their ability to power a substantial number of homes with a 100-kW rating. Such developments indicate a potential shift toward lower-rated turbines in the future, which is forecast to benefit the segment scenario.
Wind turbine market size from the utility segment exceeded 75.5 GW in 2022. This growth is credited to prominent wind energy projects that aim to supply electricity to large facilities, along with consistent efforts to introduce turbines with higher capacity. To cite an instance, in October 2022, the U.S. government boosted wind energy deployment with a USD 30 million investment in R&D programs to innovate and lower the cost of electricity produced by wind.
Europe wind turbine market is expected to surpass 86 GW by 2032 attributed to significant investments in wind energy generation in line with the presence of a robust regulatory framework. In January 2022, the UK government received 60 million pounds in public-private investment for new technologies in turbines for 11 floating offshore wind energy projects. Additionally, ongoing advancements in machinery, improvements in logistics supply, and the existence of creative business models are foreseen to complement regional business growth.
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Wind Turbine Market Scope
