Portland, April 02, 2019 (GLOBE NEWSWIRE) -- According to a report published by Allied Market Research, the global wind turbine market accounted for $81.1 billion in 2016 and is projected to reach $134.6 billion by 2023, growing at a CAGR of 7.2% during the forecast period, 2017-2023.
Rapid technological advancement assisting the development of more reliable & efficient wind turbines, depleting natural energy resources, and increasing government initiative to support alternative sources of energy drive the growth of the global wind turbine market. Additionally, a decrease in wind energy prices and reduced lead time for planning and constructing wind turbines is set to provide lucrative opportunities for new market players in the near future. However, heavy investment for the manufacturing and installation of wind turbines restrict market growth.
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By type of wind farm, the onshore segment occupied 96% of the global shares in 2016 and is expected to continue its dominance through 2023, due to least dependence on the infrastructure to transmit energy from onshore turbines than offshore ones. However, the offshore segment is poised to register the highest CAGR of 7.9%, on account of greater efficiency due to consistency in wind speed and direction.
By application, the industrial segment is expected to generate the highest revenue through the forecast period, on account of high energy demand in chemical, pharmaceutical, textile, and other sectors which are fulfilled by reliable wind power. Moreover, the commercial segment is projected to grow at the highest CAGR of 7.5%, due to the growing adoption of reliable wind energy in schools, colleges, office buildings, and government offices.
Regionally, Europe is expected to witness the highest growth rate due to the current focus on wind turbine capacity expansion and relative investment to install wind turbine after 2020 to make wind energy as the largest energy source.
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The key players analyzed in the report include Vestas Wind Systems A/S, Sinovel, Goldwind, Siemens, General Electric, Suzlon Energy Ltd., Enercon GmbH, Ming yang, Gamesa, and Guodian United Power Technology Company Ltd. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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