A report provides the status of global, country, and future wind-energy installations. The executive summary says that influencing factors for the wind market, including drivers, restraints, and opportunities, are discussed for probing the current and expected trends. The report focuses on the wind energy outlook across major countries such as U.S, China, India, Spain and Germany with market forecast till 2016. The report provides information about the major players of wind turbine market across the geographies and the respective competition analysis in that region. The report captures major developments in the market and information about the mergers and acquisitions along with company profiles of major players across the globe.
With the increase in understanding about a sustainable alternate source of energy worldwide, 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 five years. Till 2010, Europe was considered the largest market for wind energy followed by Asia-Pacific, and then North America. 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 a growth rate of about 28% globally and is expected to grow at an increasing double-digit growth rate. Wind power, the fastest growing alternate source of energy, is witnessing a worldwide investment increase.
According to the present scenario, the onshore technology is leading with about 95% share and offshore technology, owing to its nascent stage is making its move with current 5% market share. Also the cost proposition of offshore technology is 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.
The 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 most revenue to the turbine market capturing about 90% share.