Global Wind Turbine Market 2024-2030

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    Wind energy is the extension of new generation technology implementation in the Energy industry wherein decades of implementation and manufacturing abilities have brought upon the full time usage of the Wind energy to produce high volumes of energy with one of the lowest atmospheric emissions pertaining to a low valued carbon footprint.


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    The essential working component of Wind energy production is the Wind turbines which differ in concepts of production capacities and manufacturing organization specifications.


    The growth in the wind turbine market has been a part of the various environmental policies and concerns being brought as part of the international initiative taken up by various countries and collaborative authorities at an international perspective so as to move in through the environmental concern and plots of the 20th century.





    Sr. No. Timeline Company Updates
    1 November 2021 Siemens Gamesa Siemens Gamesa Renewable Energy signed an order with Renewable Energy Systems (RES) in Canada to supply the 100-MW Hilda wind project in Alberta. The deal strengthens the company’s global partnership with RES in North America while taking a step forward to help Alberta, and Canada as a whole, meet their 30% goal of renewable energy generation by 2030.
    2 November 2021 Siemens Gamesa and Vattenfall Siemens Gamesa and Vattenfall partnered for the 3.6 GW Norfolk offshore wind power projects in the UK. The agreement includes the potential deployment of the new SG 14-236 DD offshore wind turbines and a multi-year Service agreement.
    3 October 2021 Suzlon Energy The Indian Institute of Tropical Meteorology (IITM) and Suzlon Energy Limited collaborated and undertook joint projects in mesoscale modelling and wind forecasts required for wind energy purposes.
    4 January 2019 Suzlon Energy Suzlon Energy announced the commissioning  of its second 8.4 MW wind energy project located at Kushtagi, Bagalkot district in Karnataka for Hindustan Aeronautics Ltd (HAL)


    The presence of low-cost material and technological advancements alongside lower market technology transfer purchases has made the wind turbine systems achieve the required enhancements and technological changes in mechanical engineering aspects to provide better and higher efficiency in comparison to the previous concepts of wind turbine systems.


    The market of wind turbines extends in the direction of Power electronics and custom generators as part of electricity generation technology.


    Driven by falling offshore wind prices, federal action, and state-level commitments, the U.S. offshore wind pipeline grew 24% over the previous year, with 35,324 MW now in various stages of development. With the installation of the Coastal Virginia Offshore Pilot project, this pipeline now includes two projects, totaling 42 MW in operation. 


    The Bureau of Ocean Energy Management created five new Wind Energy Areas in the New York Bight with a total capacity of 9,800 MW, representing a large portion of the 2020−2021 pipeline growth. 


    Massachusetts’ Vineyard Wind I became the first approved, commercial-scale offshore wind energy project in the United States. There are 15 projects in the U.S. offshore pipeline that have reached the permitting phase, and eight states have set offshore wind energy procurement goals for a total of 39,298 MW by 2040.



    Wind Turbines can be part of electricity generation in various fabrication shapes and technologies with the usage characteristics and stakeholder requirement, thereby categorizing the wind turbines into 3 based upon the blade formation and geometric shape and design. The 2 Categories include Vertical Axis Wind Turbine and Horizontal Axis Wind Turbine abbreviated as VAWT and HAWT, respectively.


    The VAWT is a class of wind turbine which is one of the first technologies to be used in 2000’s for wind energy propulsion with a low efficiency and power generation capacity alongside low wind capturing ability.


    These are placed along the Vertical Axis and the main components involved in mechanical aspects of the turbine are placed at the bottom section of the turbine making the arrangement feasible for generator and gearbox placement for better servicing and maintenance coordination.


    The major advantage of VAWT is the non-regulatory requirements of wind sensing and orientations mechanisms.


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    HAWT class of wind turbines are usually used in both offshore and onshore prospects with major usage being limited to onshore capabilities with land usage mainly aimed in Long and Distributed areas of wind flow. It usually is a Three-bladed mechanism placed upright and in the direction of wind flow rather than in the transverse direction.


    These turbines have the main rotor shaft and generator placed at the top of the wind turbine placement tower with appropriate calculations to analyze the yaw and wind sensor arrangement. The gearbox enables faster and more efficient rotor rotation for electricity generation at higher efficiencies.


    These gearboxes are avoided in a few systems due to the presence of permanent magnetic drive-based generators which require rare earth materials usage and high maintenance costs alongside high fatigue possibilities.


    The Concepts of Wind Turbine technologies include 4 Concepts of developmental usage of turbines that are defined in varied speed control and power control abilities which forms the baseline for wind energy generation in the industrial sector.


    These concepts include the Fixed Speed Wind Turbine Concept, Variable Speed wind turbine concept with variable rotor resistance, Variable-speed wind turbine with partial scale frequency converter, and Full-scale frequency converter.


    The generators used in each of the aforementioned concepts vary in their capacities and generation capabilities giving rise to Stall Control or pitch control changes in terms of their power control ability in the wind turbines alongside their usage of Speed control as Fixed speed and varied speed characteristics in the generator and turbine design capabilities.


     From the economic point of view, the Variable speed wind turbine concept with partial scale frequency converter are most economical in terms of their considered high usage in industrial manufacturing and yield outputs.



    The Offshore turbine Installation market is one of the booming and potential usage areas for countries in Asia Pacific and the North America similar to the offshore presence of installations in the European region which holds around 84% of the Total offshore installation on the planet i.e. 15,000 Megawatts of Energy Capacity.


     The Increasing efficient design specifications, Size of Wind Turbine blades and Subsidizing cost of technological transfer have been part of the economic development of offshore wind farms and are considered to be one of the most viable platforms of electricity and power generation with the cost decreasing to approximately 45 GBP per MWh of Electricity generation from the wind turbine from 120 GBP per MWh in 2016 due to the improved logistics support technologies and operation and maintenance costs.


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    The Studies in India have shown the capacity of offshore commissioning limited to Shores of Gujarat and Tamil Nadu considering all efficiency and economic factors of profit and power generation from the wind farms installed.


    The Government has planned the country’s first Wind farm with commissioning capacity of 1 GW in offshore platform off the coast of Gujarat to be started in the year 2020 with the expression of interest being placed in for the Government of India by National institute of Wind energy.


    This thereby gives rise to a much possible wind farm market in the country in the offshore platforms alongside the onshore installations giving rise to a possibility of one of the highest renewable energy generation countries in the region in comparison and tight competition with global leader of wind energy installation and manufacturing at the country of Republic of China.



    The Wind Turbine market is one of the potential growing technological resource and development sector wherein the renewable energy resources-based energy production has been brought into action considering the decreasing technological costs and transfer potentials alongside the environmental effects and low carbon footprint generation in comparison to the solar and nuclear power generations.


    In the year 2019, the Wind turbines production globally amounts close to 65 Gigawatts of Commissioned capacity and the top manufacturers of these turbines stand to be from Denmark, Spain, China, and USA which account for about 55% of the total commissioned capacity. Vestas Wind Systems A/S with the headquarters in Demark are the leading global wind turbine manufacturer with a revenue of 13 Billion Euros.


    The turbines installed as part of onshore facility consumption amounts to about 88% of the total commissioned capacity and had noticed a jump in usage of offshore facility installation of Wind turbines by 4% to have a better energy usage and consumption facilities for offshore industrial locations.


    Asia Pacific is the lead Installation site for the Wind turbines as compared to the global comparison with 31 Gigawatts of commissioning being done in this part of the planet which is around 48% of the total production.


    The Forecast for the year 2020 was focused to be approximately 76 GW of New commissioning capacity installed in various parts of the planet and the market size estimated and valued was around 120 Billion US Dollars with the expected projectile of 134.6 Billion US Dollars by 2023 having a strong compound annual growth rate estimated to be 7.2% in the world.



    Sr. No. Timeline Company Updates
    1 September 2021 Siemens Gamesa Siemens Gamesa launched world’s first recyclable wind turbine blade for commercial use offshore. With this technology, separation of the materials in the blade is possible at the end of its lifetime, enabling recycling into new applications and thereby defines the next milestone in sustainability.
    2 May 2020 Siemens Gamesa Siemens Gamesa launched offshore Direct Drive turbine with an unprecedented 14-megawatt (MW) capacity – reaching up to 15 MW using the company’s Power Boost function, a 222-meter diameter rotor, 108-meter long blades, and an astounding 39,000 m2 swept area,
    3 March 2016 General Electric GE launched its Digital Wind Farm solution in India. It is a dynamic, connected and adaptable wind energy ecosystem that leverages big data and analytics and pairs a world-class turbine with a digital infrastructure.


    • The Turkish electricity mix rapidly shifts towards renewables which now account for 43% of total electricity production, while coal and gas account for 34% and 23%, respectively.
      • As of September 2021, wind energy is 10% of Turkey’s electricity mix, making it the second biggest source of renewable energy after hydro power. 
    • Turkey reaches 10 GW of wind energy installations,
    • The critical components of the permanent magnets used in the generators of wind turbines, such as neodymium and dysprosium sourcing are an issue therefore VALOMAG recycles permanent magnets. But the overall application of these practices needs to increase.
    • Today between 85% and 90% of a wind turbine can be recycled. Therefore, companies such as Geocycle recycles concrete used in turbines. 
    • Vestas presents technologies that will make turbine blades completely recyclable within three years. 
    • Zebra project produces a completely recyclable turbine blade.
    • Companies such as Modvion, SuperNode and Greenspur are building wooden towers, and using superconducting materials and ferrite magnets were some of the original ideas presented during the ETIPWind workshop. 



    A knock-on effect of a slowdown in China’s manufacturing output is already visible in other countries. The wind industry is, of course, not the only industry feeling the pinch from quarantines, travel restrictions and closed factories. Vehicle and vessel manufacturers, solar-PV panel and battery producers are being similarly affected. 


    With COVID-19 we are likely to see delays in the development of new wind farm projects which could cause developers to miss the deployment deadlines in countries’ auction systems and face financial penalties. Governments should be flexible on how they apply their rules. And if ongoing auctions are undersubscribed because developers can’t bid in time, governments should award what they can and auction the non-awarded volumes at a later stage. 


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    An instrument to improve wind turbine inspections has been launched by Israeli software developer vHive.By eliminating the need to rotate the blades repeatedly in order to inspect each one separately, the technology’s utilization decreases downtime and increases operational efficiency.


    Prior to this, gathering field data from wind turbines required climbing, manual drone operation, and zoom photography taken from the ground.Wind farm owners are constantly looking for innovative solutions to improve their efficiency, and they have plenty of space to grow in this quickly developing industry.


    Wind farm operators can deliberately digitise their assets, increase operational efficiency, and reduce output degradation using their own Digital Twin platform and autonomous data collecting, which provide a considerable advantage over previous techniques.

    A novel technique for inspecting wind turbine blades from the ground up has been offered by GE Renewable Energy.To find anomalies on the blades of every wind turbine in the fleet, including both GE and non-GE models, the system integrates wide-band acoustic spectral analysis with thermal imaging tools.


    By not requiring wind assets to be powered down for an extended period of time, the patented technology lessens the requirement for up-tower inspections. This technology has allowed for the inspection of over 1,500 turbines to date. Within fifteen minutes is the average inspection time per unit.

    The equipment, which is positioned at the base of a wind turbine, records several images of the blades spinning while an active load is applied. This generates an instantaneous picture of a blade’s subsurface condition, along with sophisticated digital image analysis tools that can identify and interpret a variety of irregularities. Apart from that, when some blade anomalies occur when the blade is rotating, they make a unique sound that the system hears and interprets to know exactly where the anomaly is.



    Examinations of wind turbine blades have advanced significantly. Some of the techniques operators have employed to guard against minor and major malfunctions include ground scopes, drones, and tap testing.




    Sr. No. Timeline Company Sales
    1 Q3-2021 General Electric General Electric’s consolidated revenues were $18,429 million, reflecting a year-over-year decline of 0.5%. The quarterly sales suffered from weakness in the Healthcare and Renewable Energy segments, partially offset by gains in Aviation.
    2 Q2-FY 2022 Suzlon Energy Limited Suzlon Energy Limited reported net revenue of ₹13.47 billion ($180.80 million) for the second quarter (Q2) of the financial year (FY) 2022, an increase of 18% compared to ₹11.35 billion ($152.87 million) in Q1. The company installed 113 MW of wind projects in 1H FY22.
    3 Q1-2021 (Ending March 2021) Siemens Gamesa Siemens Gamesa reported revenues of €2,336m, 6% growth year-on-year, despite the negative impact from currencies, without which revenue would have increased by 11%


    In the year 2020, The Wind turbine market has been completely dominated in manufacturing pace by the Asia Pacific Region being the largest manufacturing hub in the world and China being the top Wind power market on the planet.


    Wind energy commissioning and turbine manufacturing is completely revolutionized in India with the main player being Suzlon Energy Limited leading the market share in the country but has been hit in the global market with decreasing shares in the International manufacturing capability


    Siemens Gamesa stands to be at the second position in manufacturing and commissioning wind turbines with its key location of installation being focused upon European union. General Electric which stands at the 4th position in global contribution is the lead commissioner in the home country with around 14 Gigawatts commissioned from the global contributions.


    Considering the present rate of investment and manufacturing efficiency in the country, India can be part of the exporting and manufacturing hub of Wind turbines since it has a potential market of 500 Million US Dollars per annum through exports of wind turbines form various private sector manufacturing firms and has plans to release incentives to exporters under MEIS Scheme which was done as per law in 2015.


    The present wind energy potential present in the country is around 1000 Gigawatts at various hub heights but the achieved commissioning capacity to the present day is 40 Gigawatt which is less than 1% of the total potential thereby forming to be a proper efficient market hub for installation of Wind Turbines systems under various incentives and schemes of the Government of India as the country is pacing towards being an exporting nation in the next few days with the aim of Self-reliance and environmental protection legislations.


    In the US, Improvements in the cost and performance of wind power technologies, along with the Production Tax Credit, have driven wind energy capacity additions, yielding low-priced wind energy. Wind turbines continued to grow in size and power, with the average nameplate capacity of newly installed wind turbines at 2.75 MW—up 8% from 2019 and 284% since 1998−1999. The combined health, climate, and grid-system benefits of wind are almost 3 times its levelized cost of energy.


    According to the latest WindEurope data, Europe raised €26.3bn to finance 7.1 GW of new offshore wind capacity in 2020. The UK, Netherlands, Germany and France all saw final investment decisions for major new offshore wind farms.



    1. Wind Turbine Market Size and Forecast, by region, by application
    2. Average B-2-B price for Wind Turbine Market, by region, per user
    3. Technology trends and related opportunities for new Wind Turbine Market tech suppliers
    4. Wind Turbine Market share of leading vendors, by region,
    5.  Coronavirus impact on Wind Turbine Market earnings
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2024-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2024-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2024-2030
    21 Product installation rate by OEM, 2023
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
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