The Asia-Pacific region (APAC) will be the one that will lead the wind turbine market with an annual installation capacity of 33.14 GW by 2023, largely driven by the deployment of offshore wind, according to a new report published by GlobalData . The EMEA (Europe, Middle East and Africa) and America regions, with capacities of 19.9 GW and 11.7 GW, will be in second and third place in the onshore wind market.
GlobalData reveals in its report ‘Wind Turbine, Update 2019 – Global Market Size, Competitive Landscape and Key Country Analysis to 2023’ that market dynamism is largely due to global trends in renewable energy investment to meet the challenges of the energy sector.
According to Bhavana Sri Pullagura, an energy analyst at GlobalData “the need to address the demand for electricity, government support policies, support rates (FiT) and other financial incentives, the increasing size of wind turbines and the decrease in Operation and maintenance costs are mainly driving the wind turbine market, and market opportunities are attracting a plethora of potential investors and stakeholders, which drives the reduction of equipment costs, fosters technological development and creates a viable market for wind power. “
Wind turbine installations are expected to reach a total of 312.39 GW in the 2019-2023 period. The Asia-Pacific region 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 land 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 that drive the market for wind turbines on land.
China is the main driver of this growth, thanks fundamentally to the comprehensive development plans it has established, focusing on the use of renewable energy and its ambitions to become a world leader in the development of wind technology.
However, in the offshore market the domain corresponds to EMEA and will continue to do so, reaching 4.77 GW in 2023. This domain is largely driven by the European market: the strong technological base in Europe, favorable wind conditions and The increasing efficiency of marine wind turbines has contributed to the large-scale deployment of offshore wind technology to capitalize on this resource, significantly greater.
“The use of renewable energy is considered an adequate 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 the geopolitical risks that affect to the supply of fossil fuels, the transition to low carbon economies and the increase in the demand for electricity will boost the wind turbine market, “said GlobalData.