The global wind power generator market was valued at $21.4 billion in 2022, and is projected to reach $35.4 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.
A wind power generator, also known as a wind turbine or wind energy converter, is a device that harnesses the kinetic energy of the wind and converts it into electrical power. Wind turbines are a crucial component of wind power systems, which generate renewable energy from the wind, a clean and sustainable resource. In addition, Wind power generators are available in various sizes, from small turbines used for residential or rural applications to large-scale utility-grade turbines installed in wind farms. The efficiency and energy output of wind turbines depend on factors such as wind speed, turbine size, design, and location.
Increase in awareness about climate change, emergence of innovative technology & business module, and growing demand for energy have enhanced the performance of wind power generators in residential utility sectors. According to a report published by the U.S. Energy Information Admission (EIA) in August 2021, 41% of 402 MW of existing small-scale storage power capacity in the U.S. are installed in the residential sectors. In addition, increase in demand for installation of rooftop solar power station across the U.S., the UK, Germany, Italy, China, and France is witnessed in residential installations, owing to the benefit to the installer. These factors are anticipated to enhance the demand for wind power generator in the residential sector.
Wind turbines can pose risks to birds and bats, especially when located along migratory routes or in critical habitats. Collisions with turbine blades or changes in wind patterns near the turbines can result in bird and bat fatalities. Proper site selection and wildlife monitoring are essential to mitigate these impacts.
The operational costs of wind power are relatively low, the initial investment costs for constructing wind farms can be substantial. The high upfront expenses can make it challenging for some projects to secure financing, particularly in regions with less favorable regulatory and market conditions. These factors are projected to hamper the market growth.
According to the International Energy Agency (IEA), the demand for renewable energy has increased since 2015. For instance, the global solar PV capacity additions were expected to reach nearly 107 GW in 2020 in the main case, representing stable growth from 2019. The increase in demand for PV technology is attributed to rise in need for sustainable energy resources, reduction in dependency on conventional fuels, and minimized carbon emission.
According to the International Energy Agency, a France-based energy policy advisor, Solar PV, has registered a growth rate of 22% in 2019 among all other forms of renewable energy sources, such as wind and hydro energy, owing to rise in demand for energy from developing countries, such as India, China, and Thailand, across the Asia-Pacific region. This is attributed to rapid industrialization and urbanization. In addition, implementation of stringent government regulations to reduce carbon emission produced due to usage of conventional fuels has led to increase in adoption of photovoltaic technology for electricity generation. The demand for wind power generator is anticipated to increase with rise in demand for renewable energy. This factor is projected to offer new avenues for the wind power generator market.
A wind power generator, also known as a wind turbine or wind energy converter, is a device that harnesses the kinetic energy of the wind and converts it into electrical power. Wind turbines are a crucial component of wind power systems, which generate renewable energy from the wind, a clean and sustainable resource. In addition, Wind power generators are available in various sizes, from small turbines used for residential or rural applications to large-scale utility-grade turbines installed in wind farms. The efficiency and energy output of wind turbines depend on factors such as wind speed, turbine size, design, and location.
Increase in awareness about climate change, emergence of innovative technology & business module, and growing demand for energy have enhanced the performance of wind power generators in residential utility sectors. According to a report published by the U.S. Energy Information Admission (EIA) in August 2021, 41% of 402 MW of existing small-scale storage power capacity in the U.S. are installed in the residential sectors. In addition, increase in demand for installation of rooftop solar power station across the U.S., the UK, Germany, Italy, China, and France is witnessed in residential installations, owing to the benefit to the installer. These factors are anticipated to enhance the demand for wind power generator in the residential sector.
Wind turbines can pose risks to birds and bats, especially when located along migratory routes or in critical habitats. Collisions with turbine blades or changes in wind patterns near the turbines can result in bird and bat fatalities. Proper site selection and wildlife monitoring are essential to mitigate these impacts.
The operational costs of wind power are relatively low, the initial investment costs for constructing wind farms can be substantial. The high upfront expenses can make it challenging for some projects to secure financing, particularly in regions with less favorable regulatory and market conditions. These factors are projected to hamper the market growth.
According to the International Energy Agency (IEA), the demand for renewable energy has increased since 2015. For instance, the global solar PV capacity additions were expected to reach nearly 107 GW in 2020 in the main case, representing stable growth from 2019. The increase in demand for PV technology is attributed to rise in need for sustainable energy resources, reduction in dependency on conventional fuels, and minimized carbon emission.
According to the International Energy Agency, a France-based energy policy advisor, Solar PV, has registered a growth rate of 22% in 2019 among all other forms of renewable energy sources, such as wind and hydro energy, owing to rise in demand for energy from developing countries, such as India, China, and Thailand, across the Asia-Pacific region. This is attributed to rapid industrialization and urbanization. In addition, implementation of stringent government regulations to reduce carbon emission produced due to usage of conventional fuels has led to increase in adoption of photovoltaic technology for electricity generation. The demand for wind power generator is anticipated to increase with rise in demand for renewable energy. This factor is projected to offer new avenues for the wind power generator market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wind power generator market analysis from 2022 to 2032 to identify the prevailing wind power generator market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the wind power generator market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global wind power generator market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Installation
- On-shore
- Off-shore
By Application
- Horizontal axis wind power
- Vertical axis wind power
By End Use Industry
- Commerical and Industrial
- Utility and Power Generation
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Vestas
- Siemens
- Goldwind
- Samsung Electronics
- ENERCON GmbH
- Senvion
- General Electric
- United Power, Inc.
- NORDEX SE
- Ming Yang Smart Energy Group Limited
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: WIND POWER GENERATOR MARKET, BY INSTALLATION
CHAPTER 5: WIND POWER GENERATOR MARKET, BY APPLICATION
CHAPTER 6: WIND POWER GENERATOR MARKET, BY END USE INDUSTRY
CHAPTER 7: WIND POWER GENERATOR MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the wind power generator market was valued at $21.4 billion in 2022, and is estimated to reach $35.4 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.A wind power generator, also known as a wind turbine or wind energy converter, is a device that harnesses the kinetic energy of the wind and converts it into electrical power. Wind turbines are a crucial component of wind power systems, which generate renewable energy from the wind, a clean and sustainable resource. In addition, Wind power generators are available in various sizes, from small turbines used for residential or rural applications to large-scale utility-grade turbines installed in wind farms. The efficiency and energy output of wind turbines depend on factors such as wind speed, turbine size, design, and location.
Factors such as increase in disposable income, technological upgrades, and rise in original equipment manufacturers (OEMs) have led the automotive & transportation sector to witness a significant growth. For instance, according to a report published by the India Brands Equity Foundation, the domestic automobile production increased by a compound annual growth rate (CAGR) of 2.36% from 2016 to 2020 with 26.36 million vehicles being manufactured in India in 2020.
Wind power generators possess excellent significant properties such as high mechanical strength, adhesion to metals, thermal resistance, chemical resistance, and corrosion resistance that make them best suited for automotive coating applications. Furthermore, they serve the requirement for high gloss, superior smoothness, and beautiful aesthetics of luxury cars. Moreover, wind power generators are highly preferred for interior coating applications of under hood parts and engine components, owing to their scratch resistance property. These factors together are anticipated to foster the growth of the wind power generator market during the forecast period.
Wind turbines can pose risks to birds and bats, especially when located along migratory routes or in critical habitats. Collisions with turbine blades or changes in wind patterns near the turbines can result in bird and bat fatalities. Proper site selection and wildlife monitoring are essential to mitigate these impacts.
The operational costs of wind power are relatively low, the initial investment costs for constructing wind farms can be substantial. The high upfront expenses can make it challenging for some projects to secure financing, particularly in regions with less favorable regulatory and market conditions. These factors are projected to hamper the market growth.
On the contrary, Onshore wind installations generally have lower upfront costs as compared to offshore installations. The costs associated with transporting and installing offshore wind turbines in water are often higher, making onshore projects more financially feasible. This factor is expected to enhance the wind power generator market for onshore segment during the forecast period
According to the International Energy Agency (IEA), the demand for renewable energy has increased since 2015. For instance, the global solar PV capacity additions were expected to reach nearly 107 GW in 2020 in the main case, representing stable growth from 2019. The increase in demand for PV technology is attributed to rise in need for sustainable energy resources, reduction in dependency on conventional fuels, and minimized carbon emission. According to the International Energy Agency, a France-based energy policy advisor, Solar PV, has registered a growth rate of 22% in 2019 among all other forms of renewable energy sources, such as wind and hydro energy, owing to rise in demand for energy from developing countries, such as India, China, and Thailand, across the Asia-Pacific region. This is attributed to rapid industrialization and urbanization. In addition, implementation of stringent government regulations to reduce carbon emission produced due to usage of conventional fuels has led to increase in adoption of photovoltaic technology for electricity generation. The demand for wind power generator is anticipated to increase with rise in demand for renewable energy. This factor is projected to offer new avenues for the wind power generator market.
The wind power generator market is segmented on the basis of installation, application, end-use industry, and region. On the basis of installation, the market is categorized into on-shore and off-shore. On the basis of application, the market is categorized into horizontal axis wind power generator and vertical axis wind power generator. On the basis of end-use industry, it is divided into commercial and industrial, utility and power generation, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The report covers the strategies adopted by key players in the market to sustain the competitive environment and increase their market share. The global wind power generator market profiles leading players that include Siemens, GE, Vestas, Goldwind, Enercon, Samsung Electronics, United Power, Inc., Ming Yang, Senvion, and Nordex Group.
Other key players include, Mitsubishi Heavy Industries, Repower, Alstom, Sinovel Wind Group Co Ltd., and Orano. The global wind power generator market report provides in-depth competitive analysis as well as profiles of these major players. In addition, the market drivers, restraints, and opportunities are explained in the report.
Companies Mentioned
- Vestas
- Siemens
- Goldwind
- Samsung Electronics
- ENERCON GmbH
- Senvion
- General Electric
- United Power, Inc.
- NORDEX SE
- Ming Yang Smart Energy Group Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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