Friday, 21 June 2024

Wind Turbine Generator Market is expected to reach US$ 8,772.57 million by 2030

Published: Wednesday, 08 Nov 2023 by The Insight Partners Share on :

Rising Demand for Floating Wind Technology is Boosting the Wind Turbine Generator Market Growth

According to our latest market study on " Wind Turbine Generator Market Forecast to 2030 –Global Analysis – by Type and Deployment Type," the market is expected to grow from US$ 3,483.84 million in 2022 to US$ 8,772.57 million by 2030; it is anticipated to grow at a CAGR of 12.2% from 2022 to 2030.

In deep water, the offshore wind turbine is mounted on a floating structure, which allows the turbine to generate electricity in the water depths. The floating wind technology is highly efficient in harsh conditions and, thus, capable of producing high power. This technology is being adopted globally across various countries, such as Germany, China, Japan, the UK, Belgium, France, and Denmark. Further, the demand for floating wind technology is growing in the market due to the increase in technological advancements, advantages associated with floating wind technology, and turnkey solutions provided by service providers. The growing awareness regarding clean energy in various countries is also propelling the demand for floating offshore wind power, thereby boosting the growth of the wind turbine generator market.

Wind Turbine Generator Market Share — by Region, 2022

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Various investments are made in floating wind turbine projects by the governments of different countries. For instance, in May 2022, the UK government announced the opening of the US$ 192.09 million Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS) for expressions of interest from manufacturers and private investors. In addition, in June 2022, Equinor collaborated with Technip Energies to develop floating wind steel SEMI substructures that accelerate technology development for floating offshore wind. Also, in September 2022, the Department of Energy launched a floating offshore wind farm design project. Under this project, the National Renewable Energy Laboratory will develop various modeling tools to optimize designs for floating offshore wind farm arrays and several reference array designs for the US floating offshore wind farm sites. Thus, as the demand for floating offshore wind farms is increasing globally, the requirement for wind turbine components will also increase, fueling the wind turbine generator market growth.

Germany, France, Italy, Russia, and the UK are among the major countries in European wind turbine generator market. The growing effects of global warming and climate change have made companies develop more sustainable products. The need for a newer and cleaner energy source is fueling the demand for wind energy, which drives the wind turbine generator market share. The decline in the cost of wind power generation, rise in awareness of environmental issues, and supportive government strategies for increasing wind capacity through financial incentives are expected to drive the market. Currently, Europe has 255 GW of installed wind power capacity. In 2022, Europe installed around 19 GW of wind energy across different countries of the region, in which almost 87% of the total installation was for the onshore platform, and the rest was for the offshore platform. Moreover, the UK held the highest number of new wind farms in the region, as most of the new offshore installations occur in the UK.

In Europe, Germany continues to have the largest installed wind capacity, followed by Spain, the UK, France, and Sweden. Moreover, other European countries such as Italy, Poland, Denmark, the Netherlands, Portugal, and Belgium have more than 5 GW of installed wind capacity each. According to the WindEurope report, the region is expected to install 116 GW of new wind farms from 2022 to 2026, out of which three-quarters of these new capacity additions will be onshore wind. According to the National Wind Energy Association (ANEV), Europe will install 116 GW of new wind power capacity by 2026, an average of 23.1 GW a year. Thus, such massive wind energy potential in European countries is expected to drive the wind turbine generator market during the forecast period.

Siemens Gamesa Renewable Energy S.A.; ENVISION Group; Mingyang Smart Energy; Nordex SE; Xinjiang Goldwind Science & Technology Co., Ltd.; Vestas Wind Systems AS; General Electric; Zhejiang Windey Co., Ltd.; Suzlon Energy Limited; and Enercon GmbH are among the key wind turbine generator market players profiled during this study. In addition, several other important wind turbine generator market players have been studied and analyzed during the study to get a holistic view of the wind turbine generator market and its ecosystem.

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