APAC Wind Turbine Market Size 2020, Growth Analysis Report, Forecast to 2024
Category: #energy-and-environment  By Ronak Bora  Date: 2021-05-03
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APAC Wind Turbine Market Size 2020, Growth Analysis Report, Forecast to 2024

The Asia Pacific wind turbine market size is set to accrue significant revenue through 2024 every year, driven by the favorable government incentives toward promotion of wind and solar energy. The demand for power across the countries in Asia Pacific has been surging in the residential and commercial sectors due to rising density of population, growing urbanization, and the thriving industries in the region. The rising degree of preference for sustainable technologies and clean energy has been inciting investments toward wind power generation in Asia Pacific.

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The following five factors have been assisting the expansion of the APAC wind turbine market forecast:

Horizontal axis wind turbines to register considerable demand

Vertical wind turbine and horizontal wind turbine are the two major types that constitute the major segments of the industry in terms of axis type. Horizontal wind turbines are slated to display rising deployment owing to their high efficiency index, alongside their cost competitiveness. The expansion of the APAC wind turbine industry size is certain due to the improved operational productivity of this technology. These turbines are also designed with a self-start feature, further boosting adoption.

Vertical wind turbine segment to soar

The vertical wind turbine vertical in the Asia Pacific wind turbine market outlook is likely to account for a prominent industry share through 2024, fostered by the capability of these turbines to function efficiently and smoothly even during extreme and adverse climatic conditions in the residential sector. Vertical wind turbines are also easy to install and cost effective in terms of maintenance. Smooth operations ensured by these turbines is a primary factor enhancing the APAC wind turbine market share from this segment.

< 250 kW to 500 kW rated wind turbines to gain traction

In terms of rating, the < 250 kW to 500 kW wind turbines in Asia Pacific wind turbines industry are expected to witness high utilization through the forecast timeline. The frequent upgradations across technologies associated with wind turbines aimed at fulfilling the power requirements in the region has been impelling the expansion of the segment.

Government initiatives toward higher access to electricity

One of the major drivers of the Asia Pacific wind turbines industry outlook is the rising government efforts toward offering easy and higher access to electricity across the region. Governments of several nations in the region have been promoting the adoption of clean energy through incentives.

For instance, China has been leading the global market with an installed capacity of 221 GW due to government incentives. The authorities been offering subsidies for wind power generation to stakeholders. As many as 25 new wind bases are under construction in China and the power plants are soon to materialize to avoid phase out of subsidies for wind power generation.

India to emerge as a prominent regional industry

Wind power plants across India attained over 2.07 GW during the financial year 2019-20, which accounts for over 31% increase when compared to financial year 2018-19. Even during the crisis of COVID-19 pandemic, India has been adopting wind energy across several regions.

Gujarat and Tamil Nadu added to their wind capacity during the third quarter of 2020, ensuring consistent ascendance of the market value through the forecast years. Due to the immense potential of Karnataka, Maharashtra, and Rajasthan states for installation of wind power projects in the next few years, the Indian industry is set to attain a considerable demand by 2024.

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MHI-Vestas, Siemens, Suzlon, Senvion, General Electric, Gamesa, Envision Energy, United Power, Goldwin, and Nordex are some leading manufacturers of wind turbines in Asia Pacific.

Table of Contents (ToC) of the report:

Chapter 1.  Methodology and Scope

1.1.   Methodology

1.2.   Market definitions

1.3.   Market estimates and forecast parameters

1.4.   Data sources

1.4.1.  Primary

1.4.2.  Secondary

1.4.2.1.      Paid Sources

1.4.2.2.      Public Sources

Chapter 2.  Executive Summary

2.1.   Asia pacific wind turbine market 3600 synopsis, 2013 – 2024

2.1.1.  Business trends

2.1.2.  Axis trends

2.1.3.  Installation trends

2.1.4.  Connectivity trends

2.1.5.  Rating trends

2.1.6.  Application trends

2.1.7.  Component trends

2.1.8.  Country trends

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1318/asia-pacific-wind-turbine-market

About Graphical Research:                              

Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

 

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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