Robust Expansion of Global Wind Turbine Generator Market Forecasted Through 2028 with Impressive CAGR of 6.19%

DUBLIN, Jan. 9, 2024 /PRNewswire/ -- The "Wind Turbine Generator Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to  ResearchAndMarkets.com's offering.

The Wind Turbine Generator Market is experiencing a significant surge, with an anticipated compound annual growth rate (CAGR) of 6.19% from 2018 to 2028, as noted in a new research publication.

The industry has seen a substantial valuation of USD 22.08 billion in 2022 and is expected to maintain this robust growth trajectory through the forecast period.

Swift Growth in Asia Pacific with Over 50% Market Share

The Asia Pacific region, led by growth in China and India, is witnessing swift expansion in the Wind Turbine Generator Market. This surge can be attributed to the regions' accelerated economic development, increasing energy demand, and favorable governmental policies supporting renewable energy initiatives.

Renewable Energy Mandates Propel Market Growth

The global market is significantly fueled by a broad range of factors, including stringent renewable energy mandates and climate goals set by governments worldwide. Countries are heavily investing in renewable energy portfolio standards and incentives such as feed-in tariffs and tax credits to encourage wind power development and facilitate the market's rapid expansion.

• Technological Advancements and Efficiency Lead Market Drivers
• Falling Production Costs Enhance Market Appeal
• Energy Security Concerns Increase Wind Energy Investments

Integration Challenges and Environmental Considerations Emerge

Despite the market's substantial growth, challenges such as intermittency and grid integration present obstacles alongside environmental and aesthetic concerns about wind farms. Addressing these issues is vital to sustaining the Wind Turbine Generator Market growth and leveraging the wind sector's full potential.

Geared Drive Systems Maintain Dominance in Market

Among the different segments within the market, Geared Drive systems hold a prominent position and are projected to undergo rapid growth. Their affordability, established supply chain, and ease of maintenance contribute significantly to their continued market dominance.

Competitive Landscape Fosters Innovation

The market's competitive landscape is characterized by continuous innovation and strategic endeavors by leading industry players. These companies are geared toward addressing the increasing demand for renewable energy sources and are key contributors to the market's expansion.

This research offers in-depth segmental insights into the Wind Turbine Generator Market, providing valuable data on the following:

• Generator Types: Direct Current Generator, Alternating Current Asynchronous Generator, and Switched Reluctance Generator
• Drive Types: Direct Drive and Geared Drive
• Operational Speeds: Fixed and Variable - Geographical Segments: North America, Europe, Asia-Pacific, South America, and Middle East & Africa

The intense focus on sustainability and green energy solutions continues to catalyze growth within the Wind Turbine Generator Market, as the world increasingly shifts towards environmentally friendly and renewable energy sources.

Report Scope:

In this report, the Global Wind Turbine Generator Market has been segmented into the following categories:

Wind Turbine Generator Market, By Generator Type:

• Direct Current Generator
• Alternating Current Asynchronous Generator
• Switched Reluctance Generator

Wind Turbine Generator Market, By Drive:

• Direct Drive
• Geared Drive

Wind Turbine Generator Market, By Speed:

• Fixed
• Variable

Companies Profiled

• Vestas Wind Systems
• Siemens Gamesa Renewable Energy
• GE Renewable Energy
• Xinjiang Goldwind Science & Technology
• Envision Energy Corporation
• Ming Yang Smart Energy Group
• Suzlon Energy
• Nordex SE
• Senvion
• Enercon

For more information about this report visit https://www.researchandmarkets.com/r/swixnd

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SOURCE Research and Markets