The APAC Wind Turbine Market was valued at USD 46.39 billion in 2023 and is expected to grow at a CAGR of 5.6% during the forecast period.
Market Overview:
As global populations continue to expand, there has been significant growth in urbanization and industrialization, particularly across Asia-Pacific. This rapid development has resulted in an increased demand for reliable energy sources to sustain industrial activities. Wind energy has emerged as a key solution for power generation, with wind turbines being installed in wind farms to harness this renewable energy. However, these turbines are complex and expensive machines, requiring regular maintenance and integration with essential components like controllers, anemometers, and brakes to ensure optimal performance.
Larger wind turbines tend to be more cost-effective and are often installed in groups to produce energy on a large scale, whereas smaller turbines are commonly used in proximity to industrial areas or residential homes where power needs are more localized. Due to technological advancements, countries are increasingly investing in wind turbine component manufacturing and maintenance to provide a reliable source of clean energy.
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Market Dynamics:
The demand for Original Equipment Manufacturer (OEM) components is currently driving the wind turbine market, and this trend is expected to continue over the forecast period. In 2020, the OEM segment held the largest market share, accounting for 45.14%. The surge in technological innovations has led to an increase in turbine component production, contributing to the growth of the Wind Turbine Association Market.
Countries are facing growing environmental challenges due to rising greenhouse gas emissions and other pollutants. This has prompted both governments and industries to seek alternative energy sources that are more environmentally friendly. Wind energy, in particular, is a highly sustainable source of power, as it does not produce harmful emissions or pollutants. Moreover, wind energy does not consume or contaminate water, making it a crucial solution in regions where water scarcity is a concern. As a result, wind turbines are increasingly being used as a clean and sustainable method of power generation.
Segment Analysis:
- By Type: In 2023, the vertical wind turbine segment led the APAC market and is expected to remain the fastest-growing segment throughout the forecast period. This is attributed to its key features, such as higher efficiency and lower costs.
- By Installation Type: The market is segmented into onshore and offshore installations. The onshore wind turbine segment is expected to remain the dominant installation type, while offshore installations are projected to grow at a faster rate over the next five years. This is due to the numerous advantages that offshore wind turbines offer over onshore installations.
- By Components: The wind turbine market includes various components such as rotor blades, generators, gearboxes, and nacelles. The rotor blade segment held the largest share of the market in 2023, driven by rapid industrialization and increasing demand for energy.
- By Application: The wind turbine market is segmented into utility, industrial, commercial, and residential applications. The industrial segment is expected to remain the largest application during the forecast period, owing to the growing use of renewable energy for industrial production and power generation.
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Regional Insights:
The Asia-Pacific region is projected to experience substantial growth in wind turbine installations between 2024 and 2030. According to a report by the International Renewable Energy Agency (IRENA), by 2050, Asia is expected to account for more than half of the world’s onshore wind power installations and over 60% of global offshore wind capacity. Countries such as China, India, South Korea, and those in Southeast Asia are anticipated to see significant growth during this period. For instance, South Korea’s government recently announced plans to increase the nation’s offshore wind power capacity by 100 times by 2030 to accelerate the shift toward renewable energy.
APAC Wind Turbine Market Key Players:
- ACCIONA
- Aeolos Wind Energy Ltd
- Aeronautica Windpower, LLC
- Bergey Windpower Co.
- Clipper Windpower, LLC
- NORDEX SE
- Siemens Gamesa Renewable Energy, S.A.,
- Suzlon Energy Limited
- VERGNET
- Vestas
- MITSUBISHI HEAVY INDUSTRIES, LTD.
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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