GlobalData’s latest report ‘Wind Turbines Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast, 2022-2027’ reveals that with the focus shifting to renewable energy, the wind power sector offers tremendous growth opportunities and is expected to increase its share to 13.11% in the global cumulative installed capacity by 2027, from 10.61% in 2022.
In 2022, the annual global installation of wind turbines stood at 77.37GW (68.85GW onshore and 8.53GW offshore).
Image Source: GlobalData
In 2022, Asia-Pacific led the market with annual turbine installation of 43.06GW in 2022, followed by EMEA and the Americas with annual installation of 19.56GW and 14.76GW, respectively.
Asia-Pacific has the largest market share in global wind turbine installations, surpassing the EMEA and Americas regions. The growth in the APAC region is largely contributed by China, which has established comprehensive development plans focused on utilizing renewable energy to sustain its growth and ambitions of becoming a global leader in technology development.
Other countries such as India, Australia, Republic of Korea, and Japan have set specific renewable generation targets for the next decade, making the region a major market for wind turbines and other associated equipment, and services.
Onshore wind power generation is the prominent mode in Asia-Pacific, with an 88.4% share in the total installed capacity in 2022. Asia-Pacific also led the market with an annual offshore installation of 5GW in 2022, followed by EMEA with 3.52GW.
During the forecast period, wind turbine installations are expected to reach an aggregate of 590.90GW. Asia-Pacific will continue to lead the market, with 378.67GW aggregate installed capacity, followed by EMEA and the Americas with 122.75GW and 89.48GW, respectively.
In 2022, China accounted for 47.6% of the wind turbine installations, followed by the US with 10.6%. China is expected to retain its dominant position during the forecast period.
The major factors for the growth of the global wind turbine market include renewable energy auctions, growing concerns about environmental impact, increasing global demand for electricity, favourable government policies, feed-in tariffs (FiTs) and other financial incentives, turbines with increased efficiency, and declining operation and maintenance costs.
However, challenges such as regulatory uncertainty and geopolitical conflicts, technological challenges and underdeveloped grid infrastructure, shortage of skilled workforce, and resistance from local communities continue to hinder the market growth.
