The report provides information about the major players of wind turbine market across the geographies and the respective competition analysis in that region. The technology wise and product wise segment market sizing of wind turbine market, which provides more clear perspective about the market, have been discussed in this report. The report captures the major developments in the market and information about the mergers & acquisitions along with the company profiles of major players across the globe.
With the increase in understanding about a sustainable alternate source of energy worldwide, the wind power is gaining its stimulus across the globe. The global wind energy market is estimated to have a growth rate of 25% CAGR since last 5 years. Till 2010, Europe was considered to be the largest market for wind energy followed by Asia-Pacific and North American market. However, owing to the increasing investment, long coastline and large land mass in China, the country is expected to attain the top rank in this market worldwide.
As per the estimates, the wind turbine market has experienced an approximate growth rate of 28% globally and is expected to grow at an increasing double-digit growth rate. Wind power, being the fastest growing alternate source of energy is witnessing an increase in investment worldwide.
According to the present scenario, the Onshore technology is leading with approximately 95% share and offshore technology owing to its nascent stage is making its move with current 5% market share. Also the cost proposition with Offshore technology are too high because of its high O&M costs. Hence, the Offshore wind turbine market occupies only 5% share in the global wind turbine market.
Particularly in Onshore wind energy market, U.S. was the largest Onshore wind energy market in 2010 followed by Germany and China. However, China is expected to rank ahead of U.S thereby becoming a market leader by 2016.
The Horizontal Axis Wind Turbine (HAWT) and Vertical Axis Wind Turbine (VAWT) together form the two major segments for wind turbine market globally. However, the HAWT generate the major chunk of revenue to the turbine market capturing approximately 90% share.
The Wind turbines market is characterized as highly competitive market and includes GE Energy, Gamesa, Vestas, Suzlon, Siemens, Mitsubishi etc. as few major players.