July 09, 2020
According to the research report titled ‘Global Wind Turbine Market - Analysis By Wind Farms, Components, By Region, By Country (2019 Edition): Opportunities and Forecast (2019-2024) – By Region (Americas, Europe, APAC, Middle East & Africa), By Country, available with Market Study Report LLC, global wind turbine market was worth USD 49,882.36 million in 2018 and is expected to grow rapidly during 2019-2024.
Global wind turbine market is projected to grow pertaining to factors such as initiatives towards reducing CO emissions due to climatic concerns and abundance of renewable resources like wind energy. In addition, widespread adoption of renewable resources for clean energy, alongside introduction of policies which encourage utilization of wind energy to its maximum potential are augmenting the deployment of wind turbines.
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Owing to environmental concerns, developed economies as well as emerging nations are undertaking initiatives like PPA (power purchase agreement), FITs (feed in tariffs), and auctions among others to urge the shift towards renewable resources. This factor, coupled with innovations in wind turbine with propel the market growth.
Based on component type, global wind turbine market is segmented into tower, gearbox, rotor blades, and others. Elaborating on wind farms, the market is categorized into offshore and onshore.
Citing the regional landscape, global wind turbine market is fragmented into Middle East & Africa, Asia Pacific, Europe, and America. The report cites that Asia Pacific held a substantial market share in the recent past and is slated to grow momentously over the anticipated timeline.
The leading organizations in global wind turbine market are Enercon, Envision Energy, Sinovel, Suzlon, Senvion S.A, Goldwind, Nordex SE, GE, Siemens Gamesa Renewable Energy, and Vestas among others.