Wind turbine is a device used to generate electricity with the help of wind by converting kinetic energy into electricity energy. It is a clean renewable and easily available energy with no adverse effect on environment. There are two types of turbines- horizontal-axis variety and vertical-axis variety.
Increasing industrial growth and increasing price of non-renewable energy sources is a major factor driving growth of the global wind turbine market. In addition, increasing energy consumption from developed and developing countries and need for an alternative clean, cost effective renewable & sustainable energy source having no adverse effect on environment is expected to boost growth of the global wind turbine market.
However, high manufacturing and installation cost of turbine are major factors hamper growth of the global wind turbine market. In addition, infrastructure development for transmission and distribution of electricity is major factor expected to hamper growth of the global wind turbine market.
Recent trends observed in wind turbine are active pitch controller to maintain energy capture at a very high wind speed and systems wired for turnkey interconnection is expected to drive growth of the global wind turbine market over the forecast period.
The global wind turbine market is segmented on the basis of type, application, and region. On the basis of region, the global wind turbine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market is a dominant player in the global wind turbine market and accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to well-developed commercial, residential, and industrial application segment. Europe market accounts for the second largest revenue share contribution to the global wind turbine market followed by markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to have the fastest growth in terms of CAGR, owing to increasing government initiatives for infrastructure development for onshore wind turbine and shifting preference to renewable energy in emerging economies in this region.
Prominent market players operating in the global wind turbine market include Vestas Wind Systems A/S, Sinovel Wind Group Co., Ltd., Goldwind USA, Inc., Siemens Corporation, General Electric Company, Suzlon Energy Ltd., Enercon GmbH, Ming Yang Wind Power Group Limited, Gamesa Corporacion Tecnologica, S.A., and Guodian United Power Technology Company Ltd.
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