Wind Turbine Generator Market to Grow with a CAGR of 6.19% through 2028
Increasing demand for renewable energy and technological
advancements in wind turbine technology are likely to drive the market in the
forecast period.
According to TechSci Research report, “Wind Turbine
Generator Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Wind Turbine Generator
Market stood at USD 22.08 billion in 2022 and is anticipated to grow with a
CAGR of 6.19% in the forecast period. One of the primary drivers of the global
Wind Turbine Generator market is the urgent need to mitigate climate change and
transition to renewable energy sources. The world is facing the consequences of
anthropogenic climate change, including rising temperatures, extreme weather
events, and environmental degradation. To combat these challenges, there is a
global consensus on the necessity of reducing greenhouse gas emissions, with a
particular focus on the energy sector, a major contributor to carbon emissions.
Wind turbine generators, harnessing the kinetic energy of wind to generate
electricity, offer a clean and sustainable solution to meet the world's growing
energy demands. As countries strive to meet their climate commitments under
international agreements like the Paris Agreement, wind power stands out as a
key component of their strategies. Governments worldwide are implementing
ambitious renewable energy targets and policies that incentivize the adoption
of wind turbine generators. These policies include feed-in tariffs, tax
incentives, renewable energy mandates, and research and development funding. Furthermore,
public awareness and concern about climate change are driving consumer and
corporate demand for clean energy sources. Corporations are increasingly
committing to renewable energy goals to reduce their carbon footprint and
demonstrate environmental responsibility. This demand further stimulates
investment in the Wind Turbine Generator market, leading to technological
advancements and cost reductions, making wind energy even more competitive with
fossil fuels.
Another crucial
driver of the global Wind Turbine Generator market is the continuous
advancement of wind turbine technology and the realization of economies of
scale. Over the years, wind turbine generators have undergone significant
improvements in terms of design, materials, and efficiency. One notable
advancement is the development of larger and more powerful wind turbines. These
megawatt-scale turbines capture more wind energy and generate electricity more
efficiently, making them particularly attractive for utility-scale wind farms.
As turbines have grown in size, they have also become more cost-effective,
thanks to economies of scale in manufacturing and installation. Larger turbines
produce more energy per unit, reducing the overall cost per megawatt-hour
generated. Additionally, innovations in blade design, gearbox technology, and
control systems have enhanced the reliability and performance of wind turbine
generators. The integration of digital technologies, such as sensors and data
analytics, has improved operational efficiency and allowed for predictive
maintenance, reducing downtime and maintenance costs. The ongoing research and
development efforts in the wind energy sector continue to drive technological
innovation, making wind turbine generators more competitive and accessible in
the global energy market. These advancements contribute to the market's growth
by increasing the appeal of wind energy as a reliable and cost-effective source
of electricity generation.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Wind Turbine Generator Market.”
The Global Wind Turbine Generator Market is segmented
into generator type, drive, speed and region. Based on generator type, The
Alternating Current Asynchronous Generator segment held the largest market
share in 2022 & expected to maintain it in the forecast period. One of the
primary reasons for the widespread use of AC Asynchronous Generators is their
compatibility with the electrical grid. These generators produce electricity at
a frequency that is synchronized with the grid (typically 50 Hz or 60 Hz),
making them well-suited for direct connection to the existing power
infrastructure without the need for complex power conversion systems. This
synchronization ensures that the electricity generated can be seamlessly
integrated into the grid, which is essential for delivering power to
consumers. AC Asynchronous Generators
have a long history of use in various applications, including wind turbines.
Their reliability and durability have been well-established through years of
operation. They can withstand the mechanical stresses and environmental
conditions associated with wind turbine operation over an extended lifespan.
This track record makes them a trusted choice for wind turbine manufacturers
and operators. AC Asynchronous Generators are designed to perform efficiently
across a wide range of wind speeds, from low to high. They can adapt to varying
wind conditions, allowing wind turbines to capture energy effectively and
generate power under different wind speeds. This versatility makes them
suitable for a variety of geographical locations and wind profiles.
Asynchronous Generators are cost-effective to manufacture and maintain. Their
design is relatively straightforward, resulting in lower production costs
compared to more complex generator types. This cost-effectiveness contributes
to the economic viability of wind energy projects, making them an attractive
choice for investors and project developers. Based on drive, The Geared Drive segment held the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. Geared Drive systems are generally more cost-effective to
manufacture and install compared to Direct Drive systems. The gearboxes used in
Geared Drive turbines are simpler and less expensive to produce than the large
permanent magnets and direct drive mechanisms required in Direct Drive systems.
This cost advantage is particularly important in a competitive industry where
cost reduction is a significant focus. Geared Drive systems have a long history
of successful use in the wind energy sector. The technology is mature and has
been continuously refined and optimized over many years. This track record of
reliability and performance has built confidence among wind turbine
manufacturers and operators. Geared Drive systems are known for their
efficiency in converting wind energy into electricity. The presence of a
gearbox allows for the optimization of the rotational speed of the generator,
ensuring that it operates within the desired range for maximum energy
production. This efficiency contributes to the overall performance and
cost-effectiveness of wind turbines. Geared Drive systems are adaptable to a
wide range of wind conditions and turbine sizes. They are capable of
efficiently harnessing wind energy across varying wind speeds and environmental
conditions. This versatility makes them suitable for various geographical
locations and wind profiles. Geared Drive systems are often considered easier
to service and maintain compared to some of the complex and integrated
components in Direct Drive systems.
Major companies operating in the Global Wind
Turbine Generator Market are:
- Vestas
Wind Systems A/S
- Siemens
Gamesa Renewable Energy
- GE Renewable
Energy
- Xinjiang
Goldwind Science & Technology Co., Ltd
- Envision
Energy Corporation
- Ming Yang
Smart Energy Group Ltd
- Suzlon
Energy
- Nordex SE
- Senvion
S.A.
- Enercon
GmbH
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“The Global Wind Turbine Generator market is expected
to rise in the upcoming years and register a significant CAGR during the
forecast period. Renewable energy mandates and heightened market demand are key
drivers of the global Wind Turbine Generator market. Governments worldwide,
driven by environmental concerns, are implementing stringent renewable energy
targets and incentives. This compels businesses to invest in wind energy
solutions, meeting compliance requirements and capitalizing on the growing
demand for clean energy. Concurrently, corporations are increasingly committing
to renewable energy sourcing to meet sustainability goals and meet consumer
expectations for eco-friendly practices. This confluence of government policy
and market forces fosters a robust Wind Turbine Generator market, offering
growth opportunities for manufacturers and investors alike. Also, The Asia
Pacific region is expected to be the largest and fastest-growing market for
wind turbine generators during the forecast period. This is due to the region's
strong economic growth, increasing energy demand, and favorable government
policies for renewable energy development. Therefore, the market of Wind
Turbine Generator is expected to boost in the upcoming years.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Wind Turbine Generator Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Generator Type (Direct Current
Generator, Alternating Current Asynchronous Generator, Switched Reluctance
Generator), By Drive (Direct Drive, Geared Drive), By Speed (Fixed, Variable), By
Region, By Competition”, has evaluated the future growth potential of Global
Wind Turbine Generator Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers make sound investment
decisions., The report also identifies and analyzes the emerging trends along
with essential drivers, challenges, and opportunities in the Global Wind
Turbine Generator Market.
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