NEW YORK, Nov. 24, 2021 /PRNewswire/ -- The global wind turbine market is currently observing strong growth in developed regions such as Europe. The growing emphasis on renewable energy power generation in the region is creating significant growth opportunities for wind turbine manufacturers. The market growth in the region is also growing at a faster rate compared to the growth of the market in other regions. In addition, countries such as China, the US, Germany, India, and Spain are expected to emerge as major markets for wind turbines during the forecast period.

Technavio's latest report estimates the global wind turbine market size to grow by USD 31.36 billion between 2021 and 2026. But the growth momentum is expected to decelerate at a CAGR of 6.40% over the forecast period.

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Market Dynamics

The market is driven by factors such as the economical and efficient renewable energy resource and increase in wind installation capacity. However, the increasing adoption of alternate energy sources is hindering market growth.

Increasing investment in upcoming wind power projects will create new growth opportunities for market players. On the other hand, the need for optimizing wind turbine positions will restrict their growth.

Company Profiles

The wind turbine market report provides complete insights on key vendors including Acciona SA, Bergey Wind Power Co., E.ON UK Plc., Eaton Corp. Plc, ENERCON GmbH, Envision Energy USA Ltd., General Electric Co., Hitachi Ltd., Siemens Gamesa Renewable Energy SA, and Vestas Wind System AS.

Competitive Analysis

The wind turbine market report includes the competitive analysis, which analyzes and evaluates the position of companies based on their industry position score and market performance score. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Market Segmentation

• By Type, the market is classified into onshore and offshore.
• By Geography, the market is classified as APAC, Europe, North America, MEA, and South America.

The market witnessed maximum growth in the onshore wind turbine segment in 2021. The market growth in the segment will be significant during the forecast period. Similarly, Europe is currently dominating the market with a 35% global market share. The region will continue to retain its dominance and create several growth opportunities for market players.

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SOURCE Technavio