Biden administration plans to re-enter the Paris Climate Accord
The global wind turbine generator market is expected to grow at a Compound annual growth rate (CAGR) of almost 4% and register an incremental growth of 7.22 billion during 2020-2024.
The new president-elect of the USA, Joe Biden, has announced his plans to re-enlist the United States to the Paris climate agreement of 2015 within first 100 days in office. Also, he has officially announced to make significant investments in clean energy technologies.
In his manifesto, Joe Biden had presented his plans of investing about USD 400 billion over the next ten years. These developments are expected to drive investments in clean energy technologies, including wind energy. This will open significant opportunities for market players over the forecast period.
Globally, the annual investment in wind energy has increased steadily over the past few years. During 2010-2020, the annual investments in both onshore and offshore wind energy projects grew at a CAGR of 4%. The market is witnessing the widespread adoption of new wind energy plants in both developed and developing economies.
In 2019, the market in the US witnessed 9,143 new onshore wind power installations compared to 7,588 installations in 2018. Similarly, in 2019, the market saw 23,760 new onshore wind power installations in China.
The market is majorly dominated by European wind turbine manufacturers such as Vestas Wind System AS, ABB Ltd., Siemens Gamesa, and others. For example, Vestas Wind System AS, a Danish manufacturer, seller, installer, and servicer of wind turbines emerged as the world’s largest wind turbine supplier in 2018 with a market 20.3% market share.
Global Wind Turbine Generator Market Growth Across Regions
APAC currently leads the global wind turbine market. In 2019, the region generated USD 16.69 billion in revenue, and by the end of the forecast year, the market value is expected to increase to almost USD 21 Billion in revenue.
The market is also registering progressive growth in other regions such as North America, Europe, and South America. Although the market saw a slight dip in the Middle East region in 2020, healthy growth is expected to happen over the analysis period, and the market value in the region is estimated to increase over USD 591 million by 2024.