Asia-Pacific (APAC) is expected to lead the wind turbine market with an annual installation capacity of 33.14 GW by 2023, largely driven by onshore deployment; followed by EMEA and Americas with capacities of 19.9GW and 11.7GW, respectively, according to GlobalData.
The company’s latest report ‘Wind Turbine, Update 2019 – Global Market Size, Competitive Landscape and Key Country Analysis to 2023’ reveals that the buoyancy in the market is largely due to the global investment trends in renewable energy to address power sector challenges.
In the forecast period (2019–2023), wind turbine installations are expected to reach an aggregate of 312.39GW. APAC will continue to lead the market, with an aggregate of 157.61GW of installed capacity, followed by EMEA and Americas with 88.41 GW and 66.36 GW, respectively.
The APAC region led the onshore wind turbine market by registering an aggregate capacity of 138.20GW between 2014 and 2018, and will continue to do so in the future. The need to improve access to electricity, increasing consumption trends and strong industrial market are primary driving factors for onshore wind turbines market.
The growth in the APAC region is largely contributed by China, which has established comprehensive development plans focused on using renewable energy to sustain its growth and ambitions of becoming a global leader in wind technology development.
In the offshore market, EMEA (Europe, the Middle East and Africa) dominated the market and will continue to do so reaching 4.77GW in 2023. EMEA’s dominance is largely driven by the European market. The strong technology base in Europe, favorable wind conditions and increasing effectiveness of offshore wind turbines have contributed to the large scale deployment of offshore wind technology to capitalize on the significantly larger resource.