Steady growth for global wind turbine manufacturing
The global wind turbine manufacturing industry continues to grow substantially in 2019, driving demand for wind turbine components to new heights. According to the latest industry data from BloombergNEF (BNEF), the world’s major wind turbine manufacturers commissioned over 45GW of onshore wind turbines globally in 2018, compared with 47GW one year earlier.
“The world’s top four wind turbine companies, including Denmark’s Vestas, China’s Goldwind, GE Renewable Energy of the U.S. and Spain’s Siemens Gamesa, accounted for over 57% of the world’s wind turbine manufacturing sector in 2018. The steady growth of the global wind turbine manufacturing industry is also expected to drive the soaring demand for wind turbine components over the near future,” commented the analyst
Wind power is currently one of the fastest-growing renewable energy segments in the world. Since it is one of the most abundantly available and cost-effective energy resources, wind turbines have been widely installed around the world to generate electricity. A major boost in wind turbine investments is expected due to an increase in the capacity of installations, led by countries such as China (which is also the world’s largest wind energy market by capacity). Other major wind energy and wind turbine markets include the U.S., Germany, India, France and the UK.
“Governments across the world are supporting wind turbine manufacturing projects through favourable policies such as feed-in tariff (FiT) and tax incentives to encourage investments in technologies relating to renewable energy generation. Governments are also looking at the potential and long-term welfares of utilising wind energy, which will drive onshore and offshore wind turbine market growth,” added the analyst.
According to a market report from Technavio, the global wind turbine components market size was projected to grow by US$ 16.87 billion from 2018-2022, representing a strong CAGR of nearly 5% during the forecast period. Currently, the global wind turbine manufacturing industry is focusing on developing direct drive generators.