Quiet Wind Turbine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

As the demand for clean energy increases, major countries and businesses are showing a keen interest in adopting renewable energy sources, particularly wind power. This surge in demand has led to increased investments in quiet wind turbines, especially in the implementation of improved offshore wind energy, thereby driving the growth of the quiet wind turbine market. The utilization of improved materials for these turbines has enabled businesses to install taller wind turbines, benefiting from higher wind speeds at greater heights. Additionally, the larger blades on these turbines allow them to cover a broader area, making them cost-effective and environmentally friendly alternatives to fossil-fuel-based energy sources.

Global Initiatives to Combat Climate Change Boosting Wind Energy Growth

With global initiatives such as the Paris Agreement focusing on combatting climate change, renewable energy, particularly wind energy, is witnessing significant expansion. Despite project delays due to the COVID-19 pandemic, global wind capacity expanded from 650 GW in 2019 to 743 GW in 2020, demonstrating the growing demand for wind power worldwide. The increasing demand for sustainable energy has led to a rise in the adoption of wind power, subsequently fueling the demand for wind turbines and driving the growth of the quiet wind turbine market.

Onshore Wind Turbine Installations Leading the Market Growth

In terms of installation, the onshore segment dominated the global market in 2020 and is expected to maintain the fastest growth rate throughout the forecast period. Onshore wind energy demand is higher than offshore, leading to increased adoption of onshore wind turbines. The cost-effectiveness and faster installation process of onshore wind turbines make them a popular choice among businesses and governments. The International Energy Association reported a 12% increase in global onshore wind electricity generation in 2019, with capacity additions increasing by 22% in subsequent years.

Asia Pacific Emerging as the Fastest Growing Quiet Wind Turbine Market

The Asia Pacific region led the global market in 2020 and is expected to witness the fastest growth rate during the forecast period. The region's large consumer base and increasing demand for renewable energy sources are significant factors contributing to this growth. Countries like China, India, South Korea, Japan, and Taiwan are actively investing in wind turbine projects, creating substantial growth opportunities in the region. Asia Pacific accounted for the largest share of new wind power development globally for nine consecutive years, with China leading in annual installations.

Competitive Landscape

Several key players in the quiet wind turbine market are driving growth through strategic partnerships and innovations. GE Renewable Energy and Toshiba Energy Solutions, for instance, entered a strategic partnership agreement to localize essential aspects of GE's offshore wind turbine production process in Japan. Siemens Gamesa Renewable Energy launched the next-generation wind turbine SG 3.4-145 specially designed for wind conditions in the country, aiming to deliver the lowest possible Levelized Cost of Energy (LCoE) while maintaining high reliability.