United States, Rockville MD, May 30, 2022 (GLOBE NEWSWIRE) -- According to a new report published by Fact.MR, a market research and competitive intelligence provider, the global wind turbine generator market is expected to reach a valuation of US$ 35.4 billion by the end of 2032, expanding at a CAGR of 5.4% over the said period. The demand for Wind Turbine Generator is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 21 Billion by the end of 2022.
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The onshore wind turbine generator sector promises significant growth and a dynamic shift in the market. Moreover, technological advancements such as easy installation are paving the way ahead for the wind turbine market, and, in parallel, for generator equipment as well. Additionally, daily increasing demand for renewable sources of energy will drive wind turbine generator market growth.
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The power sector is dynamically shifting preference toward wind energy owing to the need for efficient and clean energy production. Favourable government regulations for wind energy products are creating ample opportunities for wind turbine generator manufacturers.
Onshore-based wind turbine generator demand is expected to witness steady growth due to their efficiency and safety of operation. Onshore wind turbine generators accounted for roughly 73% of global sales in 2021.
Why is Wind Turbine Generator Demand Sure to Rise Going Ahead?
“Wind Energy Economic Alternative to Conventional Energy”
The most affordable energy source accessible today is land-based utility-scale wind energy, which costs 1–2 cents per kilowatt-hour after production tax credit. Wind energy mitigates the price volatility that fuel contributes to traditional sources of energy, because its electricity is supplied at a fixed price over a lengthy period (up to 20 years), and its fuel is free.
Wind energy capacity additions have been fueled by production tax credit, as well as advancements in the performance of wind power technology, resulting in low-cost wind energy. Because wind is free, operating costs are lower when compared to conventional methods.
Throughout their lifecycle, turbines and generators don't require significant maintenance and operate in auto-pilot mode. The energy produced is economic, even though wind turbines have high upfront costs, providing consistency in demand as well as high opportunities to generate revenue for turbine generator manufacturers.
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Key Segments Covered in the Fixed Wind Turbine Generators Industry Survey
- Wind Turbine Generator Market by Capacity :
- Up to 1 MW Wind Turbine Generators
- 1-5 MW Wind Turbine Generators
- 5-10 MW Wind Turbine Generators
- Above 10 MW Wind Turbine Generators
- Wind Turbine Generator Market by Drive :
- Direct Drive Wind Turbine Generators
- Geared Drive Wind Turbine Generators
- Wind Turbine Generator Market by Speed :
- Fixed Wind Turbine Generators
- Variable Wind Turbine Generators
- Wind Turbine Generator Market by Deployment :
- Onshore Wind Turbine Generators
- Offshore Wind Turbine Generators
Competitive Landscape on Offshore Wind Turbine Generators Market-
Companies are developing constructive partnerships and collaborations with end-use industries and governments. Owing to the high demand for wind turbines, market players can expand their product offerings. Market participants are channelizing their resources and capital focusing on R&D while trying to expand their regional bases.
- In July 2020, Mitsubishi Heavy Industries (MHI) and Copenhagen Infrastructure Partners (CIP) announced a joint venture regarding the development of offshore wind projects in Hokkaido, Japan.
- In Aug 2021, Ming Yang Wind Power Group Limited launched MySE 16.0-242, designed for high-wind IEC IB hybrid drive.
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Key players in the Wind Turbine Generators Market-
- Bergey Windpower Co.
- CRRC Wind Power Co., Ltd
- Doosan Heavy Industries & Construction
- Enercon GmbH
- Eocycle Technologies Inc
- General Electric
- Hitachi, Ltd
- HYOSUNG HEAVY INDUSTRIES
- Hyundai Heavy Industries Co., Ltd
- MAPNA Group
Key Takeaways from Onshore Wind Turbine Generators Market Study
- Global wind turbine generator market poised to expand at a CAGR of 5.4% through 2032.
- On the basis of generator type, the market is projected to be dominated by alternating current asynchronous generators, which are set to account for 82% market share by 2032.
- By capacity, 5-10MW generators are likely to account for 48% revenue share and create an absolute $ opportunity of US$ 8.7 billion over the assessment period.
- Direct drive wind turbine generators are projected to grow 2.3X by value, while geared drive wind turbine generators will grow 1.4X during the forecast period.
- The North America market is expected to register a CAGR of 3.3% over the forecast period and be valued at US$ 2.7 billion by 2032-end.
- Under speed, fixed speed wind turbine generators are estimated to account for approximately 24% market share in 2022, but lose 691 BPS in their market share by 2032.
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