View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. Comment
November 14, 2018updated 14 Feb 2022 6:02am

Global wind turbine market set to reach $47.83bn in 2022

The global wind turbines market registered a market value of $44.74bn in 2017 and is expected to grow to $47.83bn in 2022.  According to GlobalData, a leading data and analytics company, the growth of the global wind turbines market is largely due to the increased activity within the APAC and EMEA regions.

By GlobalData Energy

The global wind turbines market registered a market value of $44.74bn in 2017 and is expected to grow to $47.83bn in 2022.  According to GlobalData, a leading data and analytics company, the growth of the global wind turbines market is largely due to the increased activity within the APAC and EMEA regions. The onshore deployment of wind turbines across countries is expected to be the primary contributor to the market growth accounting for 83% share of the market value in 2022. Substantial thrust in the offshore market can be attributed to the EMEA region, which contributed to 74.6% of the global offshore wind turbines installations in 2017. At the end of the forecast period, the EMEA region is expected to continue holding the largest share of installations, despite the dip in its share, due to increasing deployment in other regions.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

The company’s latest report Wind Turbines, Update 2018 – Global Market Size, Competitive Landscape, Key Country Analysis, and Forecast to 2022 reveals that the global market is projected to grow in the forecast period due declining cost of wind power generation, technology advancement, declining prices of turbine components, supportive government regulations, incentives and market structure which promotes transparent and intense competition amongst stakeholders, growing environmental concerns, and increasing demand for electricity. The challenges for the wind turbines market arise primarily from lack of grid infrastructure which leads to curtailment of power, lack of skilled labour and capital in certain markets, local community acceptance challenges, and government inclination towards established power generation models based on fossil fuels.

The wind turbines market is poised to be a significant contributor to the changing electricity matrix in countries, across the world; despite market hindrances. The drive towards achieving universal electricity access and low carbon economies are expected to contribute to the market value of wind turbines during the forecast period. Although the preferred mode of deployment is onshore, the offshore market is expected to grow; albeit at a slower pace than the onshore market. The negligent turbulence’s in wind flow, low community opposition, and its large untapped power generation potential are driving stakeholders to capitalise on the offshore market, despite greater cost differential.

Wind turbines, global, onshore and offshore market value ($bn), 2017 and 2022

Source: GlobalData, 2018

GlobalData’s report also finds that in the forecast period, APAC region will continue to lead the global onshore market. The need to improve access to electricity, increasing consumption of electricity, rapid industrialisation and progressive climate change policy frameworks are primary driving factors for wind turbines deployment. The market in APAC is projected to grow with a CAGR of 2.4%, during the forecast period reaching $17.25bn in 2022.

The growth within the APAC market is contributed significantly by China, supported by its extensive plans for large scale renewable and gas utilisation. In 2017, China added 19.5GW of new capacity. China has cancelled most of its new coal power projects and aims to control its coal-fired capacity. In the 13th Five-Year Plan (FYP), the government has prioritised the promotion of low carbon emitting fuel sources and clean energy technologies to support economic growth and development. The curtailment of coal, drive to address energy security, intentions of being the largest market for wind turbines development and growing need to address emission issues are some of the primary drivers of the market.

The offshore market represents a different scenario. The EMEA region is and will continue to dominate the market, despite a decline in its share of the market. The Europe is a hotbed for offshore wind turbines development, which has contributed to the market significantly. The market is projected to grow with a CAGR of 4.6%, reaching $5.1bn in 2022. The UK represents the largest market for offshore wind turbines, with a market value of $1.7bn and capacity addition of 1.54GW in 2017. The controversial nature of onshore development has forced the UK government to adopt offshore development. The stiff opposition from local communities with regards to onshore installations and lapse of onshore wind subsidies will contribute to the offshore market. However, in the forecast period, the market is expected to minutely decline, due to recently established wind farms and increasing role of other generation technologies in the power mix.

Related Companies

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology