A new GlobalData report forecasts that the Asia-Pacific region (APAC) will lead the wind turbine market with an annual installation capacity of 33.14 gigawatts (GW) by 2023, largely driven by ground deployment. Second and third will be EMEA (Europe, Middle East and Africa) and America, with capacities of 19.9 GW and 11.7 GW, respectively, according to the analysis company.
GlobalData’s latest report (Wind Turbine, Update 2019 – Global Market Size, Competitive Landscape and Key Country Analysis to 2023 /’Wind Turbines, Update 2019 – Global Market Size, Competitive Landscape and Key Country Analysis to 2023) reveals that market dynamism is largely due to global trends in investment in renewable energy to meet the challenges of the energy sector.
Bhavana Sri Pullagura, GlobalData energy analyst, comments: “The need to address electricity demand, supportive government policies, supportive tariffs (FiTs) and other financial incentives, the growing size of wind turbines and declining operating and maintenance costs are mainly driving the wind turbine market. In addition, market opportunities are attracting a plethora of potential investors and stakeholders, pushing down equipment costs, fostering technological development and creating a viable market for wind.
In the period under review (2019-2023), wind turbine installations are expected to reach a total of 312.39 GW. APAC will continue to lead the market, with a total of 157.61 GW of installed capacity, followed by EMEA and America with 88.41 GW and 66.36 GW, respectively.
The APAC region has been leading the onshore wind turbine market for years with a total capacity of 138.20 GW between 2014 and 2018, and will continue to do so in the future. The need to improve access to electricity, increasing consumption trends and the strength of the industrial market are the main factors driving the onshore wind turbine market.
China is the main engine of this growth, thanks mainly to the comprehensive development plans it has established, focused on the use of renewable energy and its ambitions to become a world leader in the development of wind technology.
Wind turbines at sea
In the offshore market, EMEA dominates, and will continue to do so, reaching 4.77 GW in 2023. This dominance is largely driven by the European market: the strong technological base in Europe, favourable wind conditions and the increasing efficiency of offshore wind turbines have contributed to the large-scale deployment of offshore wind technology to capitalise on this significantly greater resource.
“The use of renewable energies is seen as an appropriate mechanism to eliminate resistance to fossil fuels, which have contributed to a multitude of environmental and economic problems. The global commitment to reduce emissions, the need to avoid geopolitical risks affecting the supply of fossil fuels, the transition to low-carbon economies and increased demand for electricity will drive the wind turbine market,” concludes the GlobalData analyst.