The global wind turbine market was valued at US$XX Mn in 2017 and is expected to reach US$XX Mn by 2022 growing at a CAGR of XX% during the forecast period.
A wind turbine is a device which converts the kinetic energy of the wind into electrical energy.
The energy in the wind turns two or three propeller-like blades around a rotor. The rotor is connected to the main shaft which spins a generator to create electricity.Wind is a renewable form of energy which is available abundantly and extensively in nature.
Wind turbines are directly connected to the network of electricity transmission.
The end users are mainly industries, residential complexes, farmhouses etc.
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In the current global scenario there are many factors which are significant in deciding the fate of the industry.
It is the most viable alternative to fossil fuels which are fast depleting. Wind energy is also one of the cleanest sources of energy since it does not emit any toxic or greenhouse gas. Ecological awareness and world nature summits have recognised wind energy to be one the saviours in the near future besides solar energy.
Moreover the concept of green cities’ has led to significant investments in this sector. Many companies have also managed to secure the necessary long term contracts for financially supporting their development projects.
The offshore and onshore wind that is trapped is a cheap, competitive and significant source of energy.
A large number of promising projects and innovations have been boosting the industry.
Due to the growing demand of electricity especially in the developing countries like India and China the wind industry has received a significant forward momentum.
The wind turbine setups have high initial installation costs which often make it uneconomical especially for the smaller companies.
Another major hindrance is that the setup of the wind turbine machinery also includes the usage of some rare earth metals.
Till the fossil fuels become sparse, it will continue to be the cheaper source of energy.
The existing power grids are incapable of handling future transmission and distribution demands. Modernisation of the power grids need to be done prior to further development in this field.
The recent American president had promised a return to the fossil fuel development in his election manifesto. In that case the global wind industry might need to do without the US sector for the time being.
Finally, the wind turbine projects are also associated with a few ecological issues viz. land use and wildlife habitat. As a result, the development of these projects face some strict restrictions and often lawsuits.
Many companies are upgrading their wind turbines and researching on increasing the power outputs. The promising global eco-summits like the ‘The Paris climate change pact’ is encouraging all the nations to harness the untapped energy of the wind for a sustainable future.
The market can be broadly segmented into the following parts:
Based on amount of power generated:
Based on its technology time:
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Based on geography(demand end):
Middle East & Africa
Europe enjoys the largest consumer base in the world. But China tops the chart for harnessing the most of the wind energy.US boasts some of the most advanced technologies in this sector. One of its nearest neighbours Brazil is considered to have a lot of untapped potential.
Some of the global leaders in this sector are as follows:
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