The Global Wind Turbine Market is anticipated to reach USD 254 billion in 2024. Renewable energy gained a major traction in 2017 and continues to be on top in the current scenario. The global move for wind energy is strongly affected by the government rules and regulations all over the world. The market for wind turbines across the world continues to remain at the forefront in terms of innovation and approach.
The factors responsible for the growth of wind turbine market include rising demand for renewable energy sources coupled with increasing awareness and rising industrialization. Rising costs of fossil fuels is likely to pump the market growth. Stringent norms and regulations pertaining to carbon emission are likely to account for a significant market growth during the forecast period. Based on type of wind farm, the wind turbines market segmentation includes offshore and onshore. By application, the segmentation for wind turbines market include residential, commercial, and industrial.
Geographical segmentation for wind turbines market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. North American and European markets are expected to account for a significant market share during the forecast period due to government initiatives and technological development. Depletion in natural resources and the rise in fuel costs in these regions demand renewable sources of energy. Installation trends and energy generation capacity has been higher in the U.S.
Asia-Pacific regions accounted for a significant market share due to rise in awareness, increase in fuel costs and inception of solar and wind energy generators. Additionally, the trends such as risk mitigation for environmental changes and inclination toward concepts such as solar and wind penetration are expected to gain a positive traction during the forecast period. Additionally, flexible norms and government support leverage the market growth during the forecast period.
The global players in the wind turbines market include Vestas, Goldwind, Suzlon, Guodian United Power, Sinovel, Gamesa, General Electric, Siemens, DHI DCW Group, Global Castings, Ningo Riyue, Wind Power, Seforge, Eisengiesserei Torgelow GmbH and Patel Alloys.