Onshore Wind Energy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 06/05/2015 -- The onshore wind energy market has a strong potential for growth and cost savings if alternative materials are used to manufacture vital components of wind turbines, reveals Transparency Market Research in its latest report. The report, titled "Onshore Wind Energy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", indicates that the global onshore wind energy market is poised for incredible growth from 2014 to 2020. The market value for wind turbines stood at US$89.3 billion in 2013 and this figure is expected to reach US$898.0 billion by 2020, registering a remarkable CAGR of 29.6% over the forecast period. Geographically, the global onshore wind energy market can be segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and South and Central America. Asia Pacific is presently the largest market for onshore wind energy, with India and China emerging as regional leaders. Increasing investments in the market in this region can be attributed to renewable energy installation targets and supportive subsidy schemes by the government. Recording 16,030 MW installations in 2013 alone, China is by far the largest onshore wind energy market.
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Analysts have indicated that the markets in Europe and the U.S. have hit a plateau and the European market in particular is still grappling with the economic crisis. The overall cost of the onshore wind energy market is bifurcated into plant cost and turbine cost. The plant cost comprises costs incurred by grid connections, civil works, and planning and development. Turbine costs consist of the cost of generators, rotor blades, gearbox, towers, transformers, and power converters.The market for onshore wind energy is driven by a number of factors. The increasing adoption of wind turbines can be attributed to the generation of electricity at grid parity levels. The low risk of technology failure has encouraged the confidence of investors, which has further boosted the onshore wind energy market. Favorable legislations have allowed for aggressive renewable energy capacity additions meant for wind energy, which has resulted in the development of the wind turbine market.
The growth of the global onshore wind energy market is largely impeded by issues of project siting. Visual impact of wind turbines, coupled with low tolerance for the noise they generate, has posed several challenges for onshore wind energy projects. The turbine manufacturing market, in particular, is restricted by retracting government support and rising costs, which has resulted in the scaling back of operations and cancellations in expansion plans by many industry leaders. The research report indicates that the global market for onshore wind energy, especially the manufacturing of wind turbines, is rather consolidated in nature, with the top 10 turbine manufacturing companies accounting for a share of almost 80% in the global onshore wind energy market in 2013. Of these 10 companies, the report identifies five in Europe, three manufacturing firms in China, and one each in India and the U.S.
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The leading companies profiled and analyzed in the onshore wind energy market report are Gamesa Corporacion Tecnologica SA, Nordex SE, Goldwind Science and Technology Co., Ltd., Sinovel Wind Group Co., Ltd., China Ming Yang Wind Power Group Limited, Enercon GmbH, Vestas Wind Systems A/S, Siemens Wind Power, GE Wind Energy, and Dongfang Electric Corporation Limited.
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