According to a market research study published by Contrive Datum Insights, 42.1% of the market in Asia-Pacific will come from the wind turbine components area.
The global market for wind turbine components currently holds a value of USD 54.03 billion, with an estimated worth of USD 82.34 billion by 2022 and USD 2030. This market is anticipated to experience a compound annual growth rate (CAGR) of 7.27% throughout the forecast period.
Wind Turbine Components Market Dynamics:
Wind turbines have emerged as a key source of renewable energy across various industries. With growing awareness and preference for sustainable technologies, the demand for renewable energy is expected to witness a surge. In the years to come, green fuel initiatives and efforts towards conserving renewable energy are likely to boost adoption of wind power. Environmental groups and agencies promoting renewable energy to reduce pollution are also fuelling the expansion of the wind turbine market.
This growth can be attributed to the benefits offered by wind power, including a long lifespan, low development and maintenance costs, and high working efficiency. As per OEC, the wind energy industry is projected to expand by more than 42%, generating a revenue of $980 million in 2020 and exhibiting a yearly growth rate of 20-25%.
The global wind turbine market is being propelled by the increasing demand for electricity and a growing preference for renewable energy sources. The rise in environmental consciousness has led to greater adoption of wind energy systems for generating electricity in green buildings, contributing to market expansion. Effective government policies, promotion of sustainable infrastructure development, and extensive research and development efforts are other factors driving the growth of the wind turbine components market.
In Europe, countries such as Austria, Germany, Norway, Sweden, Denmark, and Portugal are striving to meet a significant portion of their energy needs from clean sources. In fact, in 2019, wind turbines provided 145% of Denmark's domestic energy requirements, underscoring the role of these initiatives in driving the growth of the wind turbine parts market in the region.