According to a new market report published by Credence Research, Inc., “Global Wind Turbines Generator Market By Type (Synchronous, Asynchronous), By Capacity (Less than 3 MW, 3 MW – 7 MW, More than 7 MW), By Deployment (Onshore, Offshore) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global wind turbine generator market is expected to touch US$ 9.77 Bn in 2027, witnessing a growth of 9.76% CAGR across the forecast period of 2019 to 2027.
Wind industry players are innovating their current technologies such as larger turbines, more capacity, hybrid and co-located projects and floating wind turbines. Innovation has helped not only in increasing turbine efficiency but also lowered the cost of energy (LCOE). This has facilitated to raise the number of wind turbines installations which in turn helped to grow the wind turbine generator market in 2018. Moreover, auction policies of countries such as India, Germany, Taiwan and Brazil where competitive pricing were threw, have established wind energy as an alternative to conventional sources. This has further aided to grow the market upward, reaching the total capacity of over 50 GW in 2018.
Based on type, wind turbine generator market was dominated by synchronous type segment, accounting for over 55% of the total market revenue worldwide. Synchronous generators are more efficient and gives higher annual power output. Also, this type of generators requires less rotor maintenance. Higher output of electricity results into reduction of levelized cost of energy (LCOE).
In terms of geography, Asia Pacific was the largest market for the wind turbine generator market in 2018. The region accounted for over 45% of global installed capacity in 2018. Strong backing from government with clear government policies have helped the region to rise as the largest market for the wind turbine industry. This results into an increase in number of installations in the region. In 2018, China had approximately 40% of total installed capacity of the world.
Some of the major players profiled in the wind turbine generator market include Siemens AG, Suzlon Energy Limited, Vestas Wind Systems A/S, ABB, SANY, Leitner AG, ReGen Powertech, EWT, Nordex SE, General Electric Company, and Goldwind among others. These companies are upgrading their technology for capturing larger market share. Also, players are focusing towards private and public investment to fuel their future projects.
For instance, in May 2019, Siemens Gamesa Renewable Energy has awarded with BBB – long term credit rating from S&P and Baa3 from Moody’s recognized as investment grade rating for wind turbine manufacturer. This recognition will help the company to attract more investment in their future projects.
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