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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| Wind Turbine Market Scope | |
| Report Coverage | Details |
| Page number | 120 |
| Base year | 2021 |
| Forecast period | 2022-2026 |
| Growth momentum & CAGR | Decelerate at a CAGR of 6.40% |
| Market growth 2022-2026 | USD 31.36 billion |
| Market structure | Fragmented |
| YoY growth (%) | 8.97 |
| Regional analysis | APAC, Europe, North America, MEA, and South America |
| Performing market contribution | Europe at 35% |
| Key consumer countries | China, US, Germany, India, and Spain |
| Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
| Companies profiled | 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 |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio