The global wind turbine generator market is expected to grow by USD 7.22 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 4%.
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Technavio has announced its latest market research report titled Global Wind Turbine Generator Market 2020-2024 (Graphic: Business Wire)
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Read the 120-page report with TOC on "Wind Turbine Generator Market Analysis Report by Application (Onshore and Offshore), Geography (APAC, Europe, North America, South America, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the rise in wind energy consumption. In addition, R&D in direct-drive generators for wind turbines is anticipated to boost the growth of the wind turbine generator market.
The depletion of conventional sources of energy and rising GHG emissions are fueling the adoption of renewable energy sources across the world. Wind energy is one of the most abundant and efficient source of power generation compared to other renewable energy sources. In 2018, China added a wind capacity of 23,000 MW. Similarly, countries such as Denmark, Spain, Germany, and the UK produce more than 10% of their power from wind energy. The growing use of wind energy worldwide is increasing the demand for wind turbine generators, thereby driving the growth of the market.
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Major Five Wind Turbine Generator Companies:
ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company offers generators for all drivetrain concepts such as gearless or geared, and also for both doubly-fed and full converter type and all power and voltage levels up to 20 MW and 15 kV.
Alxion operates its business through a unified segment. The company offers AC frameless permanent magnet generators which include 6 sizes from 145 mm up to 800 mm available in four different lengths per size and two standard rated speeds.
AVANTIS Energy Group
AVANTIS Energy Group operates its business through a unified segment. The company offers water-cooled permanent magnet synchronous generator with 690 V and 120 poles per phase (3 phases) to operate at low revolution speeds.
Bora Energy operates its business through a unified segment. The company develops a series of wind turbine generators specifically made for remote, industrial, and community wind, simulating large wind farm turbines features.
General Electric Co.
General Electric Co. operates its business through segments such as Power, Renewable energy, Aviation, and Healthcare. The company offers medium and large generators (3.2-3.8 MW at 50 or 60 Hz).
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Wind Turbine Generator Market Application Outlook (Revenue, USD Billion, 2020-2024)
Wind Turbine Generator Market Geography Outlook (Revenue, USD Billion, 2020-2024)
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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