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Wind Turbine Industry Market Research & Statistics

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Global Wind Turbine Industry

The global wind turbine industry, part of the wind power business, encompasses all manufacturer revenue generated through wind turbine production.

Energy demand is the key factor fuelling market growth. While high-capacity wind turbines have been gaining a foothold, their high cost may prove an obstacle to growth. Leading companies currently operating in the global wind turbine component industry include Xinjiang Goldwind Science & Technology, Vestas Wind Systems, GE Energy and Sinovel Wind Group.

Market Segments

  • Small wind turbines refer to turbines with a power rating equivalent to or less than 100 kilowatts. These turbines are increasingly popular for the generation of renewable electricity as they involve lower outlay costs than large wind turbines. Small wind turbines also have a size advantage of the massive structure of large wind turbines and their lightweight character means they function in light winds. Small wind turbines can be used on rooftops, and are low on noise.

  • Horizontal Axis Wind Turbines provide the most widely used technology for small wind turbines, through other technologies such as Loopwing Turbine are also used. The latter has the added advantage of producing less noise. Traditionally, small wind turbines have been employed for power generation for charging batteries. This sector has benefited from technical innovation that has boosted turbine efficiency, and turbines have been integrated into both home and places of business. State subsidies and general consumer awareness as to the importance of promoting renewable sources of energy are among the factors fuelling the small wind turbine market.

  • The global offshore wind sector continues to witness a steady rate of growth. EU nations including the UK and Denmark are at the forefront of the industry, with China close behind. The market is fuelled by increasing awareness as to the importance of cutting back on emissions harmful to the environment and rising oil prices. Potential obstacles to offshore wind market expansion include costly installation and the complex nature of the technology used.

Regional Market Share

  • Turbines and turbine-related product demand is expected to remain high in China. The Asia-Pacific region is expected to increase its global demand share. The highest increases in share of global demand will be in Africa/Mideast as well as Central and South America. 

Market Outlook

Growth in the global wind turbine market is subject to state subsidies. Government policy and legislation will continue to dictate market development to an extent over coming years.

In the EU, the offshore wind turbine market will continue to grow in importance, reports Yolé Development. Green energy is gaining ground in emerging markets like Asia and South America, with turbines and related converters representing markets that continue to grow in tandem.

To promote efficiency and cut operating and maintenance costs, industry players are likely to opt for a combination of no-gearbox, permanent magnets and full converters. Increasing demands on converters means that they require greater power electronics. The global converters market is currently worth around $4.5 billion. The market is expected to reach $5.5 billion in 2017. Growth over the five-year period ending 2017 will be fuelled by technological innovation. Leading industry players will continue to invest in improving their technological know-how to promote market growth and remain competitive.

Leading Industry Associations

 

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