WIND TURBINE COMPONENTS GLOBAL MARKET 2016-2020
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This market research study presents a detailed segmentation of the global wind turbine components market by wind turbine components (tower, rotor blade, gear box, generator, and others), and by geography (Americas, APAC, and EMEA). The key vendors identified in the market are GE Renewable Energy, Goldwind, Siemens, Suzlon Energy, and Vestas.
Outlook of the wind turbine components market
Technavio’s market analysts have predicted the global wind turbine components market to grow impressively at a CAGR of nearly 12% during the forecast period. The rising concern for the environment is one of the key factors driving the growth of this market. Combusting fossil fuels for power generation results in CO2 emissions that cause global warming, which is hazardous to the environment. Currently, the energy sector accounts for nearly 40% of the global CO2 emissions. Therefore, several countries are encouraging the use of renewable energy sources for power generation. Moreover, wind power generation has many environmental benefits, such as low air pollution and no water consumption, associated with it. Furthermore, wind energy is the cheapest among all renewable sources of power generation. A wind turbine operates completely emission-free for almost 20 years, making it one of the most feasible alternatives to fossil fuels. This recent shift toward the use of renewable and sustainable forms of energy will propel the growth prospects of the wind turbine components market during the forecast period.
In this industry report, the analyst has estimated that the presence of eminent factors like the augmented focus on research and development will bolster the prospects of growth of this market. Companies around the world are striving to bring to innovative products to the global wind turbine components market. Vendors are investing heavily in R&D to reduce the weight of the motor blades and increase the height of the wind turbine tower. For example, Siemens has manufactured a blade made of glass fiber-reinforced epoxy resin and balsa wood. These blades are devoid of glued joints, seams or adhesives, reducing the overall weight of the blade. The increasing focus on R&D by the government and vendors worldwide and the urgency to adopt eco-friendly technologies will aid in the growth of this market until the end of 2020.
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Segmentation by components and analysis of the wind turbine components market
- Rotor blade
In 2015, the tower segment dominated this market and accounted for close to 25% of the market share. The turbine tower designs have undergone many technological advancements in terms of size and type, such as tubular, lattice, concrete, and guyed pole. An increase in height of the tower could result in gains of 20%-45% additional power production. Therefore, the increasing focus on the production of taller turbines will spur the prospects of growth in this segment over the forecast period.
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Geographical segmentation and analysis of the HSRG market
During 2015, APAC dominated the wind turbine components market and accounted for more than 45% of the market share. The market is expected to grow significantly with countries like China, India, Japan, Pakistan, and South Korea accounting for significant shares of the market.
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