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Vertical Axis Wind Turbine Market - Forecasts from 2023 to 2028

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  • 134 Pages
  • June 2023
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5847431

The vertical axis wind turbine market was valued at US$14.913 billion in 2021.

A specific type of wind turbine known as a vertical-axis wind turbine (VAWT) has its primary rotor shaft pointed perpendicular to the direction of the wind and its major components located at the base of the turbine. This configuration makes it possible for the generator and gearbox to be situated near the ground, making maintenance and repairs easier. The development of highly effective wind turbines has increased wind production, resulting in profitability and a holistic solution for the installation of wind turbines which is expected to boost the market growth. The installed wind energy capacity worldwide has significantly expanded, from 180,846 MW in 2010 to 622,408 MW in 2019, according to the International Renewable Energy Agency (IRENA), which indicates a trend in the future expansion of the vertical axis wind turbine market. Additionally, the market is being driven by the growing awareness of the use of renewable energy, as wind power generators are one of the quickly deploying sources due to their advantages over other energy sources, such as the cost-effectiveness of wind power and land-based utility-scale wind which will boost the vertical axis wind turbine market growth.

Increasing investments in wind energy are augmenting the turbine demand. 

Wind energy is produced at a fixed price over an extended period, decreasing the price turbulence fuel adds to conventional energy sources. The demand for wind energy has increased due to production tax incentives and improvements in the efficiency of wind power technologies, which have made wind energy very affordable. Wind energy installation has expanded, improving wind energy production, thereby rapidly boosting the demand for vertical-axis wind turbines. For instance, according to the IEA, wind energy production increased by 273 TWh (up 17%) in 2021. It grew at the fastest rate of any renewable energy technology, 55% faster than in 2020. Also, as per the same source, wind energy is the most prevalent non-hydro renewable energy source, with 1870 TWh produced in 2021. Wind technologies' operational costs are lower than competing technologies, due to which turbines and generators run in an automated mode with minimum maintenance required during their lifetime. Such factors are majorly driving the demand for wind energy and boosting the vertical axis wind turbine market growth.

The rising vertical axis wind turbine projects will boost market growth.

The vertical axis wind turbines are built so that they do not require wind-sensing or orientation devices since they do not need to be pointed in the direction of the wind. These turbines are increasingly being used to provide localized power, particularly for new projects, and can be installed much closer to the ground, making them ideal for rooftop arrays. The rising vertical axis wind turbine projects by the market players will boost market growth at a rapid pace. In January 2020, a new project was launched by two Turkish universities, Karadeniz Technical University (KTÜ) in Trabzon and Kahramanmara Sütçü mam University (KSÜ), which allowed mosques to generate energy using wind turbines. The vertical axis wind turbines were installed on the minarets and rooftops of mosques to generate electricity. In September 2019, SeaTwirl launched the S2 floating wind turbine project, which the European Commission funded for €2.48 million. SeaTwril is a vertical-axis wind turbine with a tower mounted on an underwater construction that includes a buoyancy component and a keel at its base.

During the forecast period, the Asia Pacific region will dominate the market.

Asia Pacific is expected to dominate the vertical axis wind turbine market during the forecast period. The demand for wind turbines particularly industrial and residential-scale models, has enormous growth potential. For instance, according to IEA, China has an installed capacity of 288.3 GW as of 2020 and was responsible for around 70% of the growth in wind output in 2021. It has the largest wind power-producing capacity worldwide. In 2020, the nation installed 25.65 MW more SWTs, bringing its total installed capacity to 610.6 MW. According to the Press information bureau, the fourth-largest installed wind power capacity in the world is in India, with total capacity addition of 1761.28 MW which has been achieved from January to October 2022. This shows the potential of the Asia Pacific region in the wind energy sector. Due to the increase in wind energy production, the requirement for vertical axis wind turbines will rise, which is expected to boost the overall market growth during the forecasted period.

Market Developments:

  • In June 2022, Mumbai's Chhatrapati Shivaji Maharaj International Airport (CSMIA) launched a unique Vertical Axis Wind Turbine & Solar PV hybrid (Solar Mill) as India's first airport to test the viability of using wind energy at the airport.
  • In March 2022, Norway's Ministry of Energy approved the collaboration project between the SeaTwirl and Norwegian offshore wind test center Marine Energy Test Centre to pilot the vertical-axis floating wind prototype for five years at a former fish farm in Boknafjorden, northeast of Lauplandsholmenoff.

Market Segmentation:

By Model Type

  • Savonius Model
  • Darrieus Model

By Application

  • Small Wind Projects
  • Residential Application
  • Pumping Water

By Geography

  • North America
  • USA
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • Germany
  • UK
  • France
  • Spain
  • Others
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Others
  • Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Others

Table of Contents

1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
2.1. Research Data
2.2. Assumptions
3.1. Research Highlights
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porter’s Five Force Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis
5.1. Introduction
5.2. Savonius Model
5.3. Darrieus Model
6.1. Introduction
6.2. Small Wind Projects
6.3. Residential Application
6.4. Pumping Water
7.1. Introduction
7.2. North America
7.2.1. USA
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. Germany
7.4.2. UK
7.4.3. France
7.4.4. Spain
7.4.5. Others
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. UAE
7.5.3. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. Japan
7.6.3. South Korea
7.6.4. India
7.6.5. Australia
7.6.6. Others
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9.1. IYSERT Energy
9.2. VWT Power Ltd.
9.3. ArborWind
9.4. LuvSide GmbH
9.5. Leading Edge
9.6. Lux Wind Power
9.7. Vertogen Ltd.

Companies Mentioned

  • IYSERT Energy
  • VWT Power Ltd.
  • ArborWind
  • LuvSide GmbH
  • Leading Edge
  • Lux Wind Power
  • Vertogen Ltd.