According to a recent report by GlobalData, the Asia-Pacific (APAC) region will make up $93.85bn net value of the global wind turbine market, followed by Europe, Middle East and Africa (EMEA) with a market value of $88.77bn, over the forecast period 2018-2022.
The APAC region will lead the way in onshore wind turbine development, while the EMEA is predicted to generate more revenue from a higher number of offshore wind installations than in the APAC region.
Nirushan Rajasekaram, Analyst at GlobalData, said: “There are growing concerns regarding environmental impacts of industrial activities and geo-political risks, which are prompting governments to utilise clean energy resources available within the country.
The market opportunities are attracting a plethora of potential investors and stakeholders driving down equipment costs, promoting technology development, and thereby creating a conducive market for wind turbines.”
Factors driving growth in the onshore wind sector include increasing demand for electricity, greater access to electricity, and the strength of the industrial market. Especially in China, large-scale development plans using renewable energy are underway, as the country attempts to underline its position as a wind power technology global leader.
The offshore wind turbine market, which is significantly smaller than its onshore counterpart, will continue to be dominated by the EMEA region.
Rajasekaram also said that global efforts to move away from fossil fuels has had a massive impact on the market. “The global commitment to curb emissions, need to circumvent geopolitical risks impacting fossil fuel supply, transition towards low carbon economies, and increasing demand for electricity will drive the wind turbines market,” he explained.