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The onshore wind will slow its growth to 0.8%, while the marine will soar 23.9% until 2023

The wind turbine market will grow at an annual rate (CAGR) of 2.9% between 2019 and 2023. Favourable government policies and growing environmental concerns are underscoring the growth in the wind energy market, according to the analysis firm GlobalData.


During the forecast period, the onshore market will represent a large number of installations, despite its relatively small growth of 0.8%. The offshore market is expected to witness significant growth of 23.9%, largely supported by facilities in China, Germany and the UK.

Regionally, Asia-Pacific (APAC) will continue to lead the overall market, installing 157.61 gigawatts (GW) of wind turbines, followed by Europe, Middle East and Africa (EMEA), with 88.41 GW, and America, with 66.36 GW.

The company’s latest report, ‘Wind Turbine Towers Market 2019: Global Market Size, Competitive Scenario and Key Country Analysis to 2023, reveals that governments are prioritising low-carbon and renewable energy sources to address the challenges affecting the electricity sector. The adoption of clean energy technologies, such as wind, aims to improve energy security, self-sufficiency and maintain growing energy demand, while addressing the problems of climate change.

Nirushan Rajasekaram, GlobalData energy analyst, comments: “There are variations in the deployment of wind technology by regions. APAC will continue to report large-scale onshore wind installation in contrast to EMEA, which will witness relatively high offshore installations. During the forecast period, onshore facilities added to APAC are estimated at 146.87 GW.

“The large-scale deployment in China and India, as the respective governments push to integrate more renewable energies into their energy mix, along with the facilities expected in other countries such as Australia, Japan and South Korea, are seen as the main contributors to the large regional market. The EMEA market is likely to account for 25.1% of the aggregate global market and will witness the strongest growth of 4.8% during the forecast period, driven by France, Germany and Spain.

By 2023, offshore installations are estimated to account for 32% of the annual market in EMEA, while the Americas and APAC are likely to see approximately 10% of installations each. EMEA will be at the forefront of the offshore market, with aggregate facilities estimated at 17.6 GW during the forecast period. The regional market is strongly influenced by market trends in Germany and the UK, which are some of the largest offshore wind markets and are estimated to have approximately 49% of the regional market by 2023. Other countries such as Denmark, the Netherlands and France are also giving a strong boost to the market.

Rajasekaram concludes: “Although there is strong activity in the development of the wind market, a number of uncertainties remain. Obstacles to growth include the lack of sound regulations in secondary markets, political risks, underdeveloped network infrastructure and a shortage of skilled labour. However, continued investment of resources and support from governments will help alleviate most of the challenges and continue to drive the wind energy market.

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