APAC Large Wind Turbine Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Large Wind Turbine Market Analysis
The Asia-Pacific large wind turbine market is projected to register a CAGR greater than 3.5% during the forecast period.
The market was negatively impacted by COVID-19. Presently, the market has reached pre-pandemic levels.
Over the medium period, government policies promoting the development of renewables and increasing investment in wind power projects are expected to drive the market studied during the forecast period.
On the other hand, the increasing adoption of other alternative clean power sources, such as natural gas and solar energy, is expected to hinder the market studied.
The declining cost of wind energy and supportive government policies for the future are expected to create good market opportunities in the future.
China is expected to dominate the Asia-Pacific large wind turbine market in the forecast period since the majority of wind projects are from this country.
APAC Large Wind Turbine Market Trends
This section covers the major market trends shaping the APAC Large Wind Turbine Market according to our research experts:
Offshore Wind Turbine to Witness a Significant Growth
- Offshore wind energy is the clean, renewable energy generated by utilizing the wind's force on the open seas, where the lack of impediments causes the wind to travel at a higher and more steady speed than on land. Megastructures are put in place on the seabed and outfitted with the newest technological advancements to make the most of this resource.
- According to the International Renewable Energy Agency (IREA), by 2050, Asia will be a world leader in wind energy and will install more than 60% of the world's installed offshore wind capacity. By 2030, the Asian offshore industry is anticipated to have deployed up to 100 GW of offshore wind capacity, according to the Global Wind Energy Council.
- Moreover, in June 2022, the Indian government revealed the initial steps toward the development of offshore wind energy and provided a plan and timetable for the launch of auctions. India also declared its ambition to install 500 GW of non-fossil fuel energy generation capacity by 2030, with 30 GW of offshore wind power.
- In 2021, the total Asia-Pacific wind generation accounted for 779.2 terawatt-hours. With an annual growth rate of 35.9%, the wind generation capacity is expected to increase during the forecast period, creating opportunities for offshore wind turbine installation in the future.
- The cost of wind energy has decreased as a result of wind turbines getting bigger, proving that it can compete economically with fossil fuel alternatives. Therefore, these recent trends are expected to drive the market studied during the forecast period.
China is Expected to Dominate the Market
- To meet its domestic energy needs, China, the world's largest energy consumer and market for renewable energy, has been quickly increasing its renewable energy capacity. The government has concentrated on increasing its renewable energy capacity to meet its growing energy needs while reducing overall emissions because it has been dealing with air pollution mostly brought on by emissions from fossil fuel-fired power plants.
- China contributed 80% of the new offshore wind capacity installed globally in 2021, raising its total offshore wind capacity to 27.7 GW. This is an astonishing rate of growth, considering that it took Europe three decades to reach a comparable level of offshore wind power.
- In 2021, the total China wind generation accounted for 655.6 terawatt hours. With an annual growth rate of 40.9%, the wind generation capacity is expected to increase during the forecast period, creating opportunities for the large wind turbine market in the future.
- Furthermore, in June 2022, a strategic partnership agreement was inked between KenzFigee and CMIC Ocean En-Tech Holdings Co. to share the technology of key highly engineered and in-demand products, which are essential to the development of offshore renewable energy projects in China.
- Therefore, owing to the above points, China is expected to dominate the market during the forecast period.
APAC Large Wind Turbine Industry Overview
The Asia-Pacific large wind turbine market is moderately fragmented. The key players in the market (not in particular order) include Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE, and Suzlon Energy Limited.
APAC Large Wind Turbine Market Leaders
Vestas Wind Systems AS
Siemens Gamesa Renewable Energy SA
General Electric Company
Nordex SE
Suzlon Energy Limited
*Disclaimer: Major Players sorted in no particular order
APAC Large Wind Turbine Market News
- In November 2022, Chinese CSSC Haizhuang plans to launch an 18 MW wind turbine with an impeller diameter of 827 feet (252 meters), the lightest per megawatt weight, and a 480-foot (146-meter) hub. According to the product's specifications, the turbine is equipped with a medium-speed gear transmission, easily disassembled and integrated features, and a permanent magnet generator.
- September 2022: Wei-Na and Wei-Long, two offshore wind projects with a combined capacity of 1.8 GW, are to be launched by Vena Energy, the top renewable energy business in Asia-Pacific, in order to compete in auctions for Taiwan Phase 3 Offshore Wind Zonal Development. Large wind turbines with a combined capacity of 14 MW to 20 MW are anticipated to be used in the two offshore wind projects.
APAC Large Wind Turbine Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Location
5.1.1 Offshore
5.1.2 Onshore
5.2 Geography
5.2.1 India
5.2.2 China
5.2.3 Japan
5.2.4 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Mergers and Acquisitions
6.3 Company Profiles
6.3.1 Vestas Wind Systems AS
6.3.2 Siemens Gamesa Renewable Energy SA
6.3.3 General Electric Company
6.3.4 Nordex SE
6.3.5 Suzlon Energy Limited
6.3.6 TPI Composites Inc.
6.3.7 Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd
6.3.8 Enercon GmbH
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
APAC Large Wind Turbine Industry Segmentation
The essential component of the wind turbine, the rotor blades, converts wind energy into mechanical motion by blocking the course of the wind flow. Large wind turbine rotor blades are erected as a part of large wind turbines, which are defined as wind turbines with a capacity of more than 1.5 MW.
The Asia-Pacific large wind turbine market is segmented by location of deployment and geography. By location of deployment, the market is segmented into onshore and offshore. The report also covers the size and forecasts for the Asia-Pacific large wind turbine market in China, India, Japan, and Rest of Asia-Pacific. The report offers the market size and forecasts in terms of value in USD billion.
| Location | |
| Offshore | |
| Onshore |
| Geography | |
| India | |
| China | |
| Japan | |
| Rest of Asia-Pacific |
APAC Large Wind Turbine Market Research FAQs
What is the current Asia-Pacific Large Wind Turbine Market size?
The Asia-Pacific Large Wind Turbine Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Large Wind Turbine Market?
Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, General Electric Company, Nordex SE and Suzlon Energy Limited are the major companies operating in the Asia-Pacific Large Wind Turbine Market.
What years does this Asia-Pacific Large Wind Turbine Market cover?
The report covers the Asia-Pacific Large Wind Turbine Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Large Wind Turbine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Large Wind Turbine Industry Report
Statistics for the 2024 Asia-Pacific Large Wind Turbine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Large Wind Turbine analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
