Onshore Wind Energy Market Analysis, Industry Outlook, Growth and Forecast 2020

May 15, 2020
Pratiksham

According to the study report by Transparency Market Research subjected on “Global Wind Energy and Wind Turbine Market (2011 – 2016)” – the global market for wind turbine registered growth rate of 25% CAGR over the last five years. The Global Wind Energy Market cumulative capacity accounted for 197,039 MW in 2010. Also, the wind turbine market is expected to attain market size of USD 93.1 billion in 2016, while wind energy cumulative capacity will rise to 1,750,000 MW by 2030.

Wind energy is going to play an important role in our energy industry in the near future. Several investments in wind energy, increased focus towards offshore wind potential and new trends of technological improvements made the global wind energy market grow at a rate of 25% CAGR over the last 5 years. As per estimates, the wind turbine market has also experienced an approximate growth rate of 28% globally, and is further expected to grow at an increasing double-digit growth rate in the global market.

The wind energy technology made its inception approximately 20 years back, and since then it has continuously evolved and expanded its base globally. Due to steady and continuous evolution in the wind energy market and wind turbine market, the modern wind technology can now be functioned effectively at suitable sites with high, as well as low wind speeds. In addition, the development of new light weight material in wind turbines have helped in phasing out the

old-fashioned, bulky turbines from the market, and introduced new sleek and effective turbine designs.

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The technology of generating electricity using wind turbines has been around for decades.  The two segments of the wind turbine market that consume the majority of the markets globally are the Horizontal Axis Wind Turbine (HAWT) and Vertical Axis Wind Turbine (VAWT). Amongst the two, the HAWT market generates the major chunk of revenue to the turbine market capturing approximately 90% share. Indeed, the power generation using wind turbines needs very high financial investment in designing and manufacturing turbines, but the ongoing investment has very low maintenance though.

The report also covers the strategies followed by “Global Wind Energy and Wind Turbine Market” players. This market is characterized as highly competitive market with some of the key players such as, GE Energy, Gamesa, Vestas, Suzlon, Siemens, Mitsubishi, and more.

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