The global wind power generator market is experiencing growth due to several factors such as, global shift towards cleaner and more sustainable energy sources to combat climate change and a growing demand for renewable energy, including wind power.
PORTLAND, Ore., Sept. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Wind Power Generator Market by Installation (On-Grid and Off-Grid) by Application (Horizontal Axis Wind Power Generator and Vertical Axis Wind Power Generator) by End-Use Industry (commercial and industrial, utility and power generation, and others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, 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.
Wind power generator, also known as a wind turbine, use wind to make electricity. This consists of the rotor blades, which work like an airplane wing or helicopter rotor blade.
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Prime determinants of growth
A wide range of application of wind power generator in the renewable energy sector, electrical, commercial, industrial, and others is the key market trend for the wind power generator market. However, the high cost of production hinders market growth to some extent. Moreover, Wind power generators installed in tourist destinations can provide renewable energy and educational opportunities for visitors which will offers remunerative opportunities for the expansion of the wind power generator market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $21.4 billion |
Market Size in 2032 | $35.4 billion |
CAGR | 5.2 % |
No. of Pages in Report | 247 |
Segments covered | Installation, Application, End-Use Industry, and Region. |
Drivers | Rise in demand from building and construction sector? |
Robust use of wind power generator in automotive industry | |
Opportunities | Innovative solution for renewable energy storage systems |
Restraints | High cost of production and environmental impact?? |
Impact of Russia Ukraine War on the Wind power generator Market
- Sanctions or trade restrictions have affected the international trade of wind power equipment and components, potentially leading to price fluctuations and supply chain challenges.
- Geopolitical events often draw significant media attention. Increased coverage of conflicts could also raise public awareness about the importance of transitioning to sustainable and renewable energy sources have enhanced the wind power generator market during the forecast period.
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The on-shore segment is expected to grow faster throughout the forecast period.
Based on installation, the on-grid installation segment held the highest market share in 2022, accounting for more than two-thirds of the global wind power generator market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment also held the major CAGR of 5.4% in 2032. Many regions have significant onshore wind resources that can be harnessed for electricity generation. Favorable wind conditions make onshore installations a practical choice for producing renewable energy. As countries and regions seek to transition to cleaner and more sustainable energy sources, onshore wind power provides a readily available option to replace fossil fuels and reduce carbon emissions.
The horizontal axis wind power generator segment is expected to lead the trail by 2032
Based on the application, the horizontal axis wind power generator segment held the highest market share in 2022, accounting for more than two-thirds of the global wind power generator market revenue and is estimated to dominate during the forecast period. This segment also held the major CAGR of 5.3% in 2032. This can be attributed to the fact Advances in manufacturing, materials, and design have led to cost reductions in HAWT production and installation, enhancing their cost competitiveness as compared to other renewable energy sources.
The utility and power generation segment is expected to grow faster throughout the forecast period.
Based on the end-use industry, the utility and power generations segment held the highest market share in 2022, accounting for nearly half of the global wind power generator market revenue and is likely to retain its dominance throughout the forecast period. This segment also held the major CAGR of 5.4% in 2032. This can be attributed to the fact that utility-scale wind farms consist of multiple wind power generators, grouped together in a specific area. These wind farms can produce a substantial amount of electricity that is fed into the grid and distributed to consumers. Wind power generators contribute to the generation of renewable energy, helping utilities meet their renewable energy targets and reduce carbon emissions.
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Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global wind power generator market revenue, and is expected to rule the roost in terms of revenue throughout the forecast timeframe. This region also held the major CAGR of 5.7% in 2032. Promoting renewable energy as part of its efforts to reduce pollution and carbon emissions and supportive policies, such as feed-in tariffs, subsidies, and renewable energy targets, boost wind power development.
Leading Market Players: -
- GENERAL ELECTRIC
- SIEMENS
- VESTAS
- GOLDWIND
- ENERCON GMBH
- NORDEX SE
- SENVION
- MING YANG SMART ENERGY GROUP LIMITED
- UNITED POWER, INC.
- SAMSUNG ELECTRONICS
The report provides a detailed analysis of these key players in the global wind power generator market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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