The Asia-Pacific (APAC) region is expected to lead the global wind turbine market value through to 2022, according to a GlobalData report.
Over the forecast period 2018-2022, APAC will make up $93.85bn net value of the global wind turbine market, followed by Europe, Middle East and Africa (EMEA) with a market value of $88.77bn.
The APAC region will lead the way in onshore wind turbine development, while the EMEA is predicted to generate more revenue from a higher number of offshore wind installations than in the APAC region.
The global wind turbine market value is forecast to be $47.83bn in the year 2022, up from $44.75bn last year.
The report discovered that strong performance in the market is due to the global investment trends in all forms of renewables, including solar and wind power. Domestic power markets are prioritising self-sufficiency, energy security, and the need to address issues surrounding climate change.
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GlobalData power analyst Nirushan Rajasekaram said: “There are growing concerns regarding environmental impacts of industrial activities and geo-political risks, which are prompting governments to utilise clean energy resources available within the country.
“Furthermore, the market opportunities are attracting a plethora of potential investors and stakeholders driving down equipment costs, promoting technology development, and thereby creating a conducive market for wind turbines.”
The APAC market for onshore wind turbines is estimated to grow at a compound annual growth rate (CAGR) of 2.4% during the 2018-2022 period, adding $17.24bn value to the sector in 2022 alone.
Factors driving growth in the onshore wind sector include increasing demand for electricity, greater access to electricity, and the strength of the industrial market. Especially in China, large-scale development plans using renewable energy are underway, as the country attempts to underline its position as a wind power technology global leader.
The offshore wind turbine market, which is significantly smaller than its onshore counterpart, will continue to be dominated by the EMEA region, according to Rajasekaram’s estimations.
The CAGR for the EMEA region is expected to climb at a rate of 4.6%, adding $5.16bn to the market value in 2022. Europe’s offshore wind power technology base will encourage bigger and more frequent wind farm development projects in the near future.
“The utilisation of renewables is seen as a suitable mechanism to wean away from the widespread resilience on fossil fuels, which has contributed to a myriad of environmental and economic challenges,” said Rajasekaram.
“The global commitment to curb emissions, need to circumvent geopolitical risks impacting fossil fuel supply, transition towards low carbon economies, and increasing demand for electricity will drive the wind turbines market.”