Global Wind Turbine Market is projected to grow at a CAGR of 5.34%

Global Wind Turbine Market is projected to grow at a CAGR of 5.34%

By Knowledge Sourcing Intelligence Press Releases

Knowledge Sourcing Intelligence announces the publication of a new report on “Global Wind Turbine Market - Forecasts from 2020 to 2025” to their offering.

Growing commitment to mitigate climate change, favorable government support as well as market-based mechanisms, rapid supply-side consolidation, hybridization among others, are poised to result in healthy market growth.

As per the report, the global market pertaining to Wind Turbines is expected to reach US$123.154 billion in 2025, from US$90.114 billion in 2019

A variety of developments in the global wind turbine market during the past few years which has resulted in the upward direction of the market growth are being mentioned below.

February 2020 – Partnership

A partnership between RWE Renewables which is a known energy generator and part of RWE (FWB: RWE) and the Saitec Offshore based in Spain was announced to test new means of installing and operating offshore wind farms in deep waters that will involve the testing of a floating platform for wind turbines off Spain’s Basque coast in 2021. The project will run for 3 and ½ years with the rationale of obtaining data and actionable knowledge from the construction, operation, and maintenance of the unit.

May 2020 – Product Launch

The launch of the new SG 14-222 DD Offshore Direct Drive wind turbine with an unparalleled power generation capacity of 14 MW was announced by Siemens Gamesa Renewable Energy, S.A.

June 2020 – Securer of wind farm project

It was reported that Vestas (CPH: VWS) has secured an order which includes supply, transport, install and commission twenty of its V150-4.2 MW wind turbines for an 84 MW wind farm in Vietnam. This order marks the Danish manufacturer, seller, installer, and servicer of V150-4.2 MW wind turbines to reach over 600 MW in Vietnam since securing its first order in March 2019.

June 2020 – Receipt of Conditional Order

The conditional receipt of an order for 100 units of SG 14-222 DD Offshore Direct Drive wind turbine by Siemens Gamesa Renewable Energy, S.A. was announced where investment decision including service agreement are under consideration and is intended for Innogy's 1.4 GW Sofia Offshore Wind Farm in the UKcommencing 2024. The project has been reported to supply electric power to more than 1.2 million British house-holds post-completion.

July 2020 – Product Development

Central China’s CRRC Zhuzhou Electric Co. Ltd based in Zhuzhou, Hunan Province had announced the development of a semi-direct-drive wind turbine that is based on permanent magnet technology and extends several benefits like low vibration and noise, high efficiency and power density, and convenient maintenance. It is expected to generate 30 million kWh of electricity per annum.

September 2020 – Investment Announcement

Construction investment in two of the world’s largest onshore wind turbines, near the Danish town of Esbjerg which are expected to produce 63GWH per annum was announced by Apple Inc (NASDAQ: AAPL)

October 2020 - Securer of 40 MW wind power project

Inoxwind (NSE: INOXWIND) had announced that it has secured new orders for the supply and installation of wind turbine generators aggregating a generation capacity of 40 MW from retail customers across diverse industries and over various locations in Gujarat and Karnataka the projects are slated to be executed on a turnkey basis.

October 2020 - Wind Turbine Upgrade

Haliade-X prototype which is reportedly the world’s most powerful wind turbine operating to date was announced to be General Electric’s (NYSE: GE) and is now operating at a 13 MW power output evolving to The Haliade-X 13 MW offshore wind turbine. It has also been announced that it would be used in the first two phases of the UK’s Dogger Bank Wind Farm, with a total of 190 units to be installed commencing in 2023. GE’s Haliade-X offshore wind platform was launched in 2018.

October 2020 – Acquisition of Controlling Share in Power Generation Project                                                      

The acquisition of a controlling share of one of Europe’s largest wind projects located in central Sweden, called Björnberget project with 60 planned wind turbines based on Siemens Gamesa's new 5.X technology was announced by Israel-based Enlight Renewable Energy (TASE: ENLT).

As a part of the report, the major players operating in the global wind turbine market, which have been covered are Bergey Windpower Co., ENESSERE S.r.l., ENVISION GROUP, GENERAL ELECTRIC, goldwind.com.cn, IMPSA, NORDEX SE, Renewables First, Senvion S.A., Siemens Gamesa Renewable Energy, S.A., Sinovel, Wind Group Co., Ltd., Suzlon Energy Limited, VENSYS Energy AG, and Vestas.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-wind-turbine-market

This report segmented the global wind turbine market on the basis following terms

Segmentation

  • By Type
    • Horizontal-axis Wind Turbine
    • Vertical-axis Wind turbine
  • By Size
    • Small
    • Medium
    • Large
  • By Location
    • Onshore
    • Offshore
  • By Application
    • Utility
    • Non-Utility
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Chile
      • Others
    • Europe
      • Germany
      • France
      • The United Kingdom
      • Italy
      • Spain
      • The Netherlands
      • Denmark
      • Sweden
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • South Africa
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Australia
      • Others