Wind Turbines Market to Reach $116.6 Billion by 2027, Unveils Latest BCC Research Study

Discover the intricate world of Wind Turbines as we unravel the complexities surrounding their cutting-edge Technologies, Applications, and the ever-evolving Global Markets. Explore the forefront of sustainable energy in this insightful exploration of wind turbine advancements.

BOSTON, Feb. 23, 2024 /PRNewswire/ -- "According to the latest BCC Research study, the demand for Wind Turbines: Technologies, Applications and Global Markets is estimated to increase from $85.3 billion in 2022 to reach $116.6 billion by 2027, at a compound annual growth rate (CAGR) of 6.5% from 2022 through 2027."

This comprehensive report navigates through the intricate landscape of wind turbines, analyzing diverse factors such as turbine types, installation methods, grid connectivity, end-use applications, capacity ratings, and regional market developments. Notably, the study delves into major markets like the U.S., China, Germany, and others, offering a lucid exploration of lucrative opportunities. Presented in a user-friendly format, the report utilizes tables and figures to illustrate historical, current, and future market scenarios. It meticulously covers leading companies, including product types and financial insights, and extends its reach to encompass a list of other global and regional market players. Investors will find valuable insights in the patent analysis dedicated to the wind turbines market. Moreover, the report addresses the profound impacts of COVID-19 and the Russia-Ukraine war on global and regional markets. With 2021 as the base year, estimated values for 2022, and forecasts spanning 2022 to 2027, all market figures are expressed in millions of dollars, while market shares and CAGRs are provided in percentages.

Wind energy, harnessed through wind turbines, plays a pivotal role in electricity generation by utilizing the wind's power to turn turbine blades attached to a rotor, subsequently spinning a generator and producing electricity. The Global Wind Energy Council (GWEC) envisions wind energy systems contributing 20% to the global electricity demand by 2030. Wind turbines come in various sizes, from small turbines generating 100 kW suitable for home use to large turbines reaching heights of 240 meters and producing 4.8 to 9.5 MW of power. Researchers at the National Renewable Energy Laboratory (NREL) are exploring sustainable practices by developing wind turbine blades using a thermoplastic resin system, enabling recyclability and reducing energy consumption in manufacturing. Despite environmental impacts associated with materials and fossil fuel use, wind energy is recognized for its potential to significantly reduce carbon emissions. With a projected 20% contribution to global electricity production by 2030, the wind energy sector is bolstered by increasing investments, favorable regulations, and growing consumer awareness, emphasizing the future role of offshore wind turbines, including the promising technology of floating wind turbines.

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Key Drivers of Wind Turbines: Technologies, Applications and Global Markets

Growing Demand for Renewable Power Sources Propels the Market for Wind Turbines: The increasing global population and economic expansion have amplified the demand for electricity, fostering a necessity for more sustainable power options. Wind energy, as one of the most abundant and clean renewable sources, offers a solution to reduce greenhouse gas emissions and diminish reliance on fossil fuels. Wind turbines efficiently harness the kinetic energy of the wind, converting it into electricity applicable across residential, commercial, industrial, and grid-connected sectors. Additionally, wind energy contributes to energy security, rural development, and environmental benefits.

Supportive Government Regulations & Policies for Wind Energy are Fueling the Market Growth: Governments worldwide are recognizing the potential of wind energy and responding with a range of policies and regulations to support its development and deployment. These initiatives encompass feed-in tariffs, auctions, tax incentives, renewable portfolio standards, carbon pricing, and grid access policies. The objective is to establish a conducive market environment for wind energy by offering financial incentives, mitigating risks, ensuring fair competition, and facilitating integration.

Increasing Demand for Electricity Fuels Market Growth: With the global demand for electricity projected to surge by 80% by 2030, driven by urbanization, industrialization, electrification, and digitalization, wind energy emerges as a pivotal solution. Beyond providing a reliable, affordable, and sustainable electricity source, wind energy is well-suited to meet peak demand, aligning with periods of high electricity consumption like winter and summer. Additionally, wind energy can collaborate with other renewables, such as solar and hydro, creating a diversified and resilient energy mix.

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Report Synopsis 

Wind Turbines Technologies, Applications and Global Markets Segmentation:

Turbine Types Segmentation

Within this report, the global wind turbine market undergoes segmentation based on turbine type, distinguishing between horizontal-axis turbines and vertical-axis turbines. The former rotates on an axis parallel to the ground, requiring a yaw mechanism for wind direction alignment. Major components include blades, hub, gearbox, generator, tower, nacelle, and yaw control. Notably complex and costlier due to a top-placed gearbox and generator, horizontal-axis turbines offer intricate design. In contrast, vertical-axis turbines feature an axis perpendicular to the air stream, with a simpler and more cost-effective design placing the gearbox and generator at the base. While vertical-axis turbines have a lower power coefficient and require a starting mechanism, both turbine types present distinct advantages and disadvantages in design, construction, and operational features for effective wind energy harnessing.

Installation Types Segmentation

This segment meticulously divides the global wind turbine market into onshore and offshore segments, where the underlying technology for electricity generation remains fundamentally similar. The distinction lies in their positioning, size, scale, and the transmission of electricity, accompanied by variations in installation costs and supply chain restrictions. The strategic selection of wind farm installation sites hinges upon the mean or average wind speed of the area, with the rated wind speed set at 1.4 times the annual speed for turbine design. Areas with an annual wind speed of 5 m/s or more are deemed suitable for wind turbine installation, considering factors such as land topography, geology, grid structure and distance, and turbine size.

Grid Connectivity Segmentation

This segment introduces a segmentation of the wind turbine market based on connectivity, distinguishing between on-grid and off-grid segments. The on-grid segment is anticipated to dominate the global market during the forecast period, driven by the ongoing deployment of wind turbines connected to the grid. However, the off-grid segment is poised for rapid growth, propelled by increasing investments in off-grid wind projects. Off-grid connectivity emerges as a crucial alternative in locations where connecting to the grid is impractical due to factors like distance or cost. Serving as a reliable backup in areas with inconsistent power utility supply, off-grid wind power offers the significant advantage of independence from the electric grid. It proves to be a valuable solution in locations where utility service is unfeasible or cost prohibitive.

End Users Segmentation

Within this report, the wind turbine market undergoes segmentation based on end use, categorizing into independent power producers, investor-owned utilities, public power utilities, and rural electric cooperatives. Notably, the public power utilities and investor-owned utilities segments collectively command approximately three-quarters of the market share. Independent Power Producers (IPPs), distinct from public utilities, play a significant role by owning facilities for electric power generation, selling their output to utilities and end-users. IPPs, acting as entities responsible for the development and operation of power plants, along with independent marketers engaged in buying and selling power predominantly produced by others, contribute dynamically to the landscape of wind energy utilization.

Capacity Rating Segmentation

This Segment on the wind turbine market employs a segmentation based on rating, classifying turbines into below 2 MW, 2 MW to 4 MW, and above 4 MW categories. The surge in wind energy installations since 2000 can be attributed to substantial investments in research and development along with supportive government policies. Technological advancements and scalability have led to cost reductions and increased capacity factors. Notably, between 2010 and 2020, the global weighted average levelized cost of electricity (LCOE) for onshore wind plummeted by 56%, reaching $0.039/kWh. The report highlights the evolution of turbine capacity, emphasizing the shift from 1985's typical 0.05 MW turbines to 2022's onshore installations boasting 3 to 4 MW ratings and offshore turbines ranging from 8 to 12 MW. The increasing height of turbine towers, larger rotor diameters, and the deployment of higher-rated turbines globally contribute to the enhanced efficiency of wind projects, reflecting the industry's continuous evolution.

End-Use Sector Segmentation

Within the confines of this report, the wind turbine market is methodically segmented by end-user categories, encompassing residential, industrial, commercial, and utility segments. Foreseeing a sustained dominance, the utility segment is poised to maintain its leading position globally, attributed to the escalating number of wind projects specifically catering to utilities. Notably, Independent Power Producers (IPPs) play a pivotal role by producing wind energy and entering into long-term agreements to sell it to utilities. The power generated undergoes transmission through the utilities' grid, subsequently supplying industrial and commercial users. This strategic interplay between IPPs and utilities underscores the dynamic ecosystem within the wind energy landscape.

By Region Segmentation

Wind energy emerges as a pivotal force in advancing global clean energy initiatives, with both onshore and offshore wind projects poised for substantial growth. The success of wind turbine installations hinges on strategic site selection, considering factors such as wind speed, meteorological patterns, and terrain. Leading economies, including the U.S., European Union, the United Kingdom, China, and India, underscore their commitment to transitioning away from coal dependency toward green energy deployment. This shift is facilitated by government support, aligning efforts to implement green technologies worldwide. The momentum away from fossil fuel consumption aligns with ambitious climate goals, facilitated by declining renewable energy costs, stringent emission regulations, enhanced energy security, and improved universal energy access. Despite a dip in wind capacity installations in 2020 due to the COVID-19 pandemic, major economies like the U.K., Germany, France, Sweden, and the Netherlands are anticipated to drive the wind turbines market, reflecting a global push towards renewable energy adoption. Government subsidies and wind energy targets continue to drive investments, particularly in the onshore wind energy industry, with Europe standing out as a major hub for onshore wind development. Global wind power capacity reached 837 GW by the end of 2021, with China, the U.S., Germany, India, and Spain accounting for 72% of installations. The industry's recovery is evident, with new installations and investments expected to surge, demonstrating the resilience and future potential of the wind energy sector.

This report on Wind Turbines Technologies, Applications and Global Markets provides comprehensive insights and analysis, addressing the following key questions:

1. What is the projected market size and growth rate of the wind turbine market? 
   The wind turbines market is projected to grow from $81.4 billion in 2021 to $116.0 billion in 2027 at a compound annual growth rate (CAGR) of 6.4% during the forecast period.
2. What are the key factors driving the growth of the wind turbine market?
   1. Growing demand for renewable power sources.
   2. Supportive government regulations & policies for wind energy.
   3. Increasing demand for electricity.
   4. Increasing investment in wind energy projects.
3. What segments are covered in the wind turbine market?
   The wind turbine market is segmented based on turbine type, Installation, grid connectivity, end-use, capacity rating, end-user, and region.
4. By turbine type, which segment will dominate the market by the end of 2027?
   Horizontal-axis turbine segment will dominate the market by the end of 2027.
5. Which region has the highest market share in the wind turbine market?
   Asia-Pacific holds the highest share of the global market.

Some of the Key Market Players Are:

•  Vestas Wind Systems A/S
•  Goldwind
•  Siemens Gamesa
•  Envision Energy USA Limited
•  General Electric
•  Mingyang Smart Energy Group Co., Ltd.
•  Nordex SE
•  Seawind Ocean Technology Holding B.V.
•  Sany Renewable Energy Co., Ltd.
•  ENERCON GmbH.

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