Wind energy is a form of renewable energy. Renewable energy is growing rapidly as many countries implement programmes to address climate change. When compared to many other energy sources, wind energy has a lower environmental effect. Wind turbines, with a few exceptions, do not generate pollutants that are harmful to the environment. Wind turbines may also reduce the quantity of fossil fuels utilized to create energy, lowering total air pollution and carbon dioxide emissions.
Wind turbines are mechanical devices used in wind power facilities. Wind turbines convert wind energy into electricity by using the aerodynamic force of rotor blades, which act similarly to an aeroplane wing or a helicopter rotor blade. The global wind turbine market is expected to be worth US$79.21 billion in 2023, witnessing growth at a CAGR of 5.97%, during the forecasted period.
Top Impacting Factors:
Growth Drivers
• Declining Levelized Cost of Energy (LCOE)
• Increasing Investments
• Federal and State Policy Support
• Wind Turbine Financing
Challenges
• High Entry Barriers
• High Maintenance
Trends
• Increasing Average Turbine Size
• Power To X and Green Hydrogen
• Increasing distance to Shore and Greater Water Depths
• Technological Advancements
Analysis of Key Players:
The global wind turbine market is moderately concentrated. Market players have implemented sustainable growth techniques in the market. To strengthen their position in the market, some of the leading competitors are pursuing various growth methods such as mergers, acquisitions, collaborations, and agreements. The key players in the global Wind turbine market are:
• Siemens Gamesa Renewable Energy
• General Electric Company (GE) (GE Renewable Energy)
• Vestas Wind Systems A/S
• Suzlon Energy Ltd.
• Nordex SE
• XinJiang Goldwind Science & Technology Co., Ltd.
• Guodian Technology & Environment Group Corporation Ltd. (Guodian United
Power Technology Ltd.)
• Shanghai Electric Group Company Ltd.
• Enercon GmbH
• Envision Energy
• Zhejiang Windey Co., Ltd.
• Ming Yang Smart Energy Group Ltd.
To achieve competitive advantage, businesses are placing a strong emphasis on research and development (R&D). For instance, Siemens Gamesa took steps in March 2020 to maintain the high level of activity across the business segment for the manufacturing, installation, and service of wind turbines. The companies are working assiduously to ensure continuity and to reduce risk in the sophisticated supply chain that underpins the wind turbine market. Additionally, organizations' installation and service-providing teams oversee the intricate international logistics, keep an eye on all borders, and uphold travel restrictions to ensure safer delivery.

For more Information:

https://www.konceptanalytics.com/report/energy-utilities/global-wind-turbine-market-by-location-axis-component-application-region-insights-and-forecast-with-potential-impact-of-covid-19-2022-2026

Koncept Analytics
Vikas Gupta
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