Technavio analysts forecast the global wind turbine components market to grow at a CAGR of nearly 5% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the global wind turbine components market to grow at a CAGR of nearly 5% by 2022. (Graphic: Business Wire)
The advent of wind-solar hybrid plants with battery storage is one of the major trends being witnessed in the global wind turbine components market 2018-2022. Numerous countries have been promoting the establishment of wind-solar hybrid plants. Such plants hare solar panels and windmills. They generate power throughout the day, which eliminates the complications associated with the intermittency of renewable sources of energy.
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According to Technavio analysts, one of the key factors contributing to the growth of the global wind turbine components market is the rapid growth of the global wind power market:
Global wind turbine components market: Rapid growth of the global wind power market
As per IEA, the global economy is growing at 3.4% each year, and the global population is forecast to grow from 7.4 billion in 2017 to 9 billion by 2040. Hence, the demand for energy is increasing across the world. For example, the demand for energy increased by 2.1% in 2017, which was a two-fold rise from 2016. In 2017, renewable sources of energy addressed about 25% of the increase in demand for energy, which was the highest growth rate among all sources of energy compared with 2016. The amount of power generated from renewable sources also increased by 6.3% in 2017 due to the installation of several hydro, solar, and wind power plants.
According to a senior analyst at Technavio for research on power, “The growth of the global wind power market is driven by Europe and China and the growth of the offshore sector. Onshore wind development has provided several avenues for commercialization owing to the advent of sophisticated and innovative electronics and efficient planning and management, which have improved reliability and reduced costs. Offshore wind development has become viable due to the availability of machines that support a capacity of more than 1 MW. The emergence of floating wind turbines has also paved the way for the commercialization of offshore wind power.”
Global wind turbine components market: Segmentation analysis
The global wind turbine components market research report provides market segmentation by the application (onshore and offshore), by product (wind turbine towers, wind turbine rotor blades, wind turbine gearboxes, and wind turbine generators), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The onshore segment held the largest market share in 2017, accounting for over 80% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of over 47%. This region is expected to dominate the market through 2022, with over 1% increase in its market share.
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