The wind turbine generator market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Wind turbines are widely installed across the globe as a sustainable and clean source of energy. The use of a wind turbine generator is rapidly growing in renewable energy generation due to its high efficiency and reliability. The rise in awareness concerning environmental protection acts has increased the demand for wind turbine generators. Wind turbine generator production is also increasing globally, with Europe registering high growth for the wind turbine generator market. Higher demand for clean energy across the world is leading to power demand, thus driving the growth of the wind turbine generator market.
The governments in many countries are strongly supporting wind energy projects through favourable policies such as feed-in tariffs, which will encourage investments in technologies related to renewable energy generation, positively affecting the global wind turbine generator market. Also, factors such as the increasing awareness of the potential of utilizing wind energy, the emergence of hydropower as a source of renewable energy, and drastic weather changes across various countries will drive the market’s growth.
The market is segmented on the basis of applications into offshore and onshore, out of which the wind turbine generator market vendors focus on clutching business opportunities from the onshore segment since it requires less capital investment than the offshore segment. It will be the primary factor driving the growth of the onshore segment.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increased focus of the countries in the APAC region towards wind power is one of the significant factors driving the market's growth. Countries such as China and India will be the primary revenue donors to the APAC wind turbine generator market in the coming years. CLICK TO DOWNLOAD SAMPLE REPORT
The global wind turbine generator market is further classified on the basis of region as follows:
Our in-depth analysis of the global wind turbine generator market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising wind energy consumption and supportive government policies for wind energy projects are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
High cost of generators and complexity in installation & maintenance are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increased focus of the countries in the region towards wind power.
The major players dominating the wind turbine generator market are ABB Ltd., AVANTIS Energy Group, Vestas Wind Systems A/S, and Suzlon Energy Ltd among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and region.
With respect to application, the onshore segment is anticipated to hold the largest market share due to the lesser investment needed for the onshore wind generators compared to the offshore generators.
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