The Global Market for Wind turbine expected to attain market size of USD 93.1 billion in 2016 while wind energy cumulative capacity will rise to 1,750,000 MW by 2030.
Albany NY (PRWEB) November 13, 2012
The wind energy technology started paving its path approximately 20 years back and since then has continuously expanded its base all across the world. With the generation cost declining dramatically, this technology is becoming more affordable and hence is increasing its entry even in previously unexplored markets.
With the increase in understanding about a sustainable alternate source of energy worldwide, wind power is gaining stimulus importance across the globe. The global wind energy market is estimated to have a growth rate of 25% CAGR over the last 5 years. Till 2010, Europe was considered to be the largest market for wind energy followed by the Asia-Pacific and North American markets. However, owing to the increase in investments, its long coastline and large land mass, China is expected to attain the worldwide top rank in this market.
Due to steady evolution in the segment, the development of modern wind technology can now be operated effectively at a wider range of sites suitable to high as well as low wind speeds. Further, the development of light weight material has helped in phasing out bulky turbines and in introduction of more sleek and effective turbine designs.
As per estimates, the wind turbine market has experienced an approximate growth rate of 28% globally and is expected to grow at an increasing double-digit growth rate. Wind power, being the fastest growing alternate source of energy is witnessing an increase in investment globally.
The Horizontal Axis Wind Turbine (HAWT) and Vertical Axis Wind Turbine (VAWT) together form the two major segments for wind turbine market globally. However, the HAWT generate the major chunk of revenue to the turbine market capturing approximately 90% share. The Wind turbine market is characterized as highly competitive market and includes GE Energy, Gamesa, Vestas, Suzlon, Siemens, Mitsubishi etc. as few major players.
In the present scenario, the onshore technology is leading with approximately 95% share and offshore technology owing to its nascent stage is making its move with 5% market share. The cost propositions with offshore technology rise because of their high O&M costs. Hence, the offshore wind turbine market occupies only 5% share in the global wind turbine market.Particularly in onshore wind energy market, U.S. was the largest onshore wind energy market in 2010 followed by Germany and China. However, China is expected to rank ahead of U.S thereby becoming a market leader by 2016.