Global Wind Turbine Components Market 2016-2020: Technavio Report
London, 14 March 2016: Technavio, the independent tech-focused global research firm, has published a report on the global wind turbine components market, which is estimated to grow at an impressive CAGR of 12% by 2020.
Cost breakdown of wind turbine components
Source: Technavio
Due to a rise in emission levels and their effect on climate changes, the level of awareness regarding the benefits of using renewable energy sources, such as harnessing the solar and wind power, has increased. Countries worldwide are now promoting the use of alternative energy sources by providing tax benefits and incentives. In addition, government support and investments have also led to increased wind power installations. Therefore, with a rise in wind energy globally, the demand for wind turbine components will also increase.
“Rising environmental concerns worldwide are compelling various countries to switch to renewable resources. For instance, in India, the government has provided incentives to increase the annual capacity to five times of its current level of wind energy produced. The introduction of PTC and other tax benefits will also benefit the wind turbine developers as it will allow them to sell power at a lower price, which in turn will reduce the cost of clean and renewable electricity,” says Vishu Rai, Lead Analyst, Energy, Technavio Research.
“Carbon emission trading is a procedure, wherein, central governmental bodies fix a limit on the amount of CO₂ that can be emitted. Companies that emit less CO₂ than the allowed limit may sell their credits in the market and these credits can be bought by companies that emit more CO₂. Carbon emission trading will allow companies to switch to wind power generation, as it will help them reduce carbon emissions and earn more credits.”
Market drivers –
- Expansion of offshore wind installations
- Rise in the wind energy consumption
- Growing environmental concerns
Market trends –
- Increased R&D
- Impact of government incentives on wind turbine installations
- Increased adoption of carbon emission trading
Key market drivers –
- GE Renewable Energy
- Goldwind
- Siemens
- Suzlon
- Vestas
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global Wind Turbine Components Market 2016-2020, please send an e-mail to media@TechNavio.com.
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