WELLESLEY, Mass., Jan. 18, 2018 (GLOBE NEWSWIRE) -- Fluctuating oil prices, strong government support, and growing demand for energy are key factors driving the market for wind turbines. In a new report, Wind Turbines: Technologies, Applications and Global Markets, BCC Research estimates the global market for wind turbines to reach $51.5 billion and $71.2 billion in 2017 and 2022, respectively, indicating a compound annual growth rate (CAGR) of 6.7%.

Increasing energy demands, especially in emerging economies such as India, China, Brazil and Russia, will further boost market growth. Power costs from wind generation have decreased through better technology, efficiency and capacity scaling. The uptick in fuel prices has rendered wind energy costs increasingly competitive with costs are now approaching those of fossil-fuels.

Vestas,a leader in the wind turbine market, held a 9.9% share (by value) in 2016. Other large wind turbine manufacturers (by value) include GE with 6.6%, Gamesa with 4.3% and ENERCON with 4.2%. The 10 major suppliers in the wind turbine industry collectively hold about 40% of market share by value. Other key wind turbine manufactures mentioned in this report include Goldwind, Envision, Ming Yang, Nordex, Guodian United Power and Siemens, among others.

Research Highlights

  • Asia-Pacific is the major market in the onshore wind energy sector, with China and India spearheading growth in the region.
  • Horizontal-axis wind turbine technology dominates the global wind turbine market with a $46.3 billion by value and 54.6 GW by volume (2016).
  • Longyuan Power, Huaneng Renewable, Huadian Fuxin, CGN Group, and CR Power are the top five independent power producers in China.

“In the overall energy market, acceptance and installation of other forms of electricity generation, particularly alternative ‘clean-generating’ technologies, could negatively impact industry profitability. Hydroelectric, biomass, and solar energy systems could be seen as competing for the investment dollars of energy companies and/or governments,” said Sanjana Gupta, BCC Research analyst and author of the report. “Conversely, the recent volatility in fossil-fuel costs, coupled with the environmental problems associated with burning these fuels, could increase the acceptance of alternative technologies—especially an eco-friendly technology like wind.”

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