Wind Turbine Generator Market Highlights 2020-2029
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. 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.
Wind Turbine Generator Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global wind turbine generator market includes the following segments:
By Type
- Synchronous Generator
- Asynchronous Generator
By Application
- Onshore
- Offshore
Growth Drivers
- Rising Wind Energy Consumption
- Supportive Government Policies for Wind Energy Projects
Challenges
- High Cost of Generators
- Complexity in Installation & Maintenance
Top Featured Companies Dominating the Market
- ABB Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- AVANTIS Energy Group
- Bora Energy
- General Electric Co.
- Sany Group Co., Ltd
- Siemens AG
- Sinovel Wind Group Co Ltd
- Suzlon Energy Ltd
- Vestas Wind Systems A/S
