Wind Conversion System Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Turbine Type (Low Power, Medium Power, High Power), By Application (Generating Electricity, Pumping Water), By Axis (Horizontal, Vertical), And By Geography - Forecasts From 2023 To 2028

The wind conversion system market is projected to show steady growth during the forecast period.

The process of generation of energy using the kinetic energy of wind through technology and infrastructure is known as a wind conversion system. Rotational energy is generated by making use of wind turbines to capture wind energy. This energy is then converted into electrical energy and stored in cells. According to the International Energy Agency, in 2021, wind energy was the leading source of renewable energy generation with 1870 TWh of energy generated.

The rising need to find renewable and clean sources of energy is a driving factor for the market growth of wind conversion systems.

According to reports from the International Energy Agency, the global final energy consumption increased to 418 EJ in 2019 from 194 EJ in 1973. This is an increase of almost 115.46%. Out of 418 EJ energy consumed in 2019, 40.4% (169.0 EJ) came from oil and 16.4% (68.4 EJ) came from natural gas. These are non-renewable sources of energy and are soon to be completely exhausted. Energy generation through renewable sources is increasing throughout the world. According to the International Energy Agency, 28% of global energy generation was from renewable sources including wind energy in 2021. IEA reports also show that wind energy as a source of renewable energy generation increased from 342.6 TWh in 2010 to 1870.3 TWh in 2020. It is estimated to reach 7932.5 TWh in 2027 by IEA’s Net Zero Scenario. Also, the amount of energy generated in 2021 from wind energy increased by almost 273 TWh. This was a 45% increase since 2020. Thus, this increase in finding new renewable and clean sources of energy will boost the growth of the wind conversion systems market.

The constant rise in prices of energy generated using non-renewable sources will lead to the growth of this market

Gasoline is used as the primary source of energy generation throughout the world. It is burned to produce heat which powers a turbine used for energy generation. Since it is a non-renewable source of energy its price keeps on increasing. For example, according to IEA reports, gasoline prices in the U.S. was 0.8 USD per litre in January 2020 and 1.0 USD per litre in January 2022. Similarly, prices in Italy rose from 1.8 USD per litre in January 2020 to 2.0 USD per litre in January 2022. Prices in India rose from 1.1 USD per litre to 1.4 USD per litre between January 2020 and January 2022.

Asia Pacific region shows maximum market growth potential for wind conversion systems.

According to the International Energy Agency, the share of renewable energy sources in the total supply of energy rose from 3.2% in 2010 to 5.2% in 2020. These sources include wind, solar, and hydro energy sources. Also, IEA reports show that, in 2020, wind and solar energy amounted to 4,474,057 TJ out of 146,516,255 TJ of total energy supply in China. Similarly, India, Japan, and Australia produced 516,549 TJ, 437,142 TJ, and 167,636 TJ of energy respectively from wind and solar sources. The Indian Wind Energy Association has estimated the country’s wind energy potential is 30+ GW. According to the reports by the Indian Ministry of New and Renewable Energy, the installed wind energy capacity in the country was 39.2 GW in 2021. According to IEA, the amount of wind and solar energy resources in the total energy supply of Japan increased from 143,969.0 TJ in 2010 to 471,820.0 TJ in 2021. According to the Australian Government, in 2021, out of the total electricity generated in the country, 29% was from renewable sources and 10% from wind energy sources. Wind energy is one of the main sources of power generation through renewable sources and meets around 7.1% of the total electricity demand of the country. According to the Wind Energy Association of New Zealand, the country has 17 wind farms, and the combined installed capacity of these farms is around 690 MW. Thus, these factors prove that the growth potential of wind conversion systems in the Asia Pacific region is very promising.

Market Key Developments

• In December 2022, the Japanese government resumed the second round of auctions for selecting new operators for around 4 new areas which will be capable to generate around 1.8 GW of offshore wind power.
• In November 2019, GE Renewable Energy signed an agreement with China Huaneng Group Co. Ltd. to build a 715 MW wind farm in Puyang, China.
• In February 2020, the EFD–SITAC joint venture ordered the supply and installation of 112 units of the 2.7 MW wind turbines from GE Renewable Energy. These turbines will be installed in the Sitac Kabini wind farm in Gujarat, India.

Wind Conversion System Market Scope:

Segmentation

• By Turbine Type
  • Low Power
  • Medium Power
  • High Power
• By Application
  • Generating Electricity
  • Pumping Water
• By Axis
  • Horizontal
  • Vertical
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others