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Intelligent Wind Turbine Market - Forecast(2023 - 2028)
Intelligent
Wind Turbine Market Overview
The global Intelligent Wind Turbine market size
is forecast to reach $25.39 billion by 2026, growing at CAGR 4.38% from 2021 to
2026. The growth is mainly attributed to the increasing demand for electricity in
different sectors across the world. Growing awareness regarding the various
environmental issues, especially caused by the usage of coal and other fossil
fuels, is creating massive opportunities for the renewable energy sources to create energy including wind power. Furthermore, Governments of various
regions are promoting and investing heavily in renewable energy projects, which
accelerates the demand for intelligent wind turbines. Internet of things (IoT)
supported technologically advanced wind turbines offer more efficiency and
better productivity that fuel the growth of intelligent wind turbine industry.
Moreover, the growth in wireless networking system and 5G technology have a
positive impact on this market. Additionally, increasing usage of 3D printing
solution for wind turbine blade reduces the overall development cost, which
affects the market growth positively. In January 2021, U.S. Department of
Energy Office of Energy Efficiency and Renewable Energy awarded the University
of Maine Advanced Structures and Composites Center with $2.8 million fund to
develop a rapid, low-cost additive manufacturing, 3D printing solution for
fabricating large, segmented wind blade molds. Hence, the above-mentioned
factors accelerate the growth of the Intelligent Wind Turbine market during the
forecast period 2021-2026.
Report Coverage
The report: “Intelligent Wind Turbine Market– Forecast (2021-2026)”, by
IndustryARC covers an in-depth analysis of the following segments of the Intelligent
Wind Turbine Market.
Key
Takeaways
- Off-shore segment is anticipated to witness the fastest market growth during the forecast period, due to its various advantages over the on-shore intelligent wind turbines.
- APAC held the major market share in 2020, owing to the growing investments across industries, increasing governments initiatives for the promotion of renewable energy usage and others.
- The market of Intelligent Wind Turbine is estimated to witness a significant upsurge during the forecast period, owing to the increasing electricity demand and rising dependency on renewable energy sources for electricity generation.
- This industry is consolidated with top market players including Siemens Gamesa Renewable Energy, GE Renewable Energy, Vestas Wing Systems A/S, Xinjiang Goldwind Science & Technology Co., Ltd, Suzlon Energy Ltd, among others.
Intelligent Wind Turbine Market Value Share, by Geography, 2020 (%)
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Intelligent Wind Turbine Market Segment Analysis - By Installation Type
By installation type, the Intelligent Wind
Turbine market is segmented into On-shore and Off-Shore. Offshore intelligent wind turbine is analysed to grow at 5.12%, with the fastest CAGR during the forecast period 2021-2026. Offshore
wind farms are more popular for energy production, due to its various benefits
over on-shore, such as no constraints related to space, higher electricity
generation capacity, lack of public pushbacks, higher cost efficiency in
production and others. Such benefits drive the growth of this market over the
on-shore segment. In November
2020, Ericsson partnered with Chunghwa Telecom to build the first Asian 5G
ready network to connect the orsted’s Greater Changhua 1 & 2a Offshore Wind
Farms. In May 2020, Siemens
Gamesa announced the launch of its 14MW offshore wind turbine, SG 14-222 DD. These types of launches of intelligent
wind turbines triggers the growth of the market. Furthermore, government
initiatives in the form of investment for the growth of off-shore projects also
play a major role in the growth of this market during 2021-2026.
Intelligent
Wind Turbine Market
Segment Analysis - By End User Industry
Based on end user industry, Intelligent Wind Turbine market is segmented into Residential, Commercial, Industrial and Public & Government. According to Intelligent Wind Turbine market report of IndustryARC, industrial segment is anticipated to witness a significant amount of growth with a CAGR of 4.87% in the forecast period 2021-2026. Due to exponential growth in industrial sector, the demand for power across the industries for various activities is growing rapidly. According to the U.S Energy Information Administration, in 2020, the industrial sector of the U.S accounted for 36% of the total U.S end-use energy consumption and 33% of total U.S energy consumption. To meet such a high consumption rate of electricity, the dependency on renewable energy sources is increasing, owing to its environmental benefits. This in turn affects the growth rate of wind power generation for industrial purposes, thereby affecting the growth rate of the Intelligent wind turbine market positively in the forecast period 2021-2026.
Intelligent
Wind Turbine Market Segment
Analysis - By Geography
APAC dominated the Intelligent wind turbine
market in 2020 with the highest Intelligent Wind Turbine market share close to 30%
followed by North America and Europe, and this region is estimated to witness a
significant amount of growth during the forecast period 2021-2026, due to high
investment in various industries, presence of emerging economies such as India,
China and others, and increasing government initiatives for the adoption of renewable
energy sources. Another recent report shows that, China alone will account for
almost half of the global increase in renewable electricity in 2021. A report
of IBEF showed that, power generation from renewable energy sources in India
reached 127.01 billion units in FY20. According to the British Business Energy, globally India ranked 3rd in
terms of its renewable energy investments and plans in 2020. Apart from
that, an increase in population, urbanization and increasing growth in purchasing
power creates the demand for electricity, which in turn affects the growth of
this industry. A recent report of IEA states that, the majority of the increase
in electricity demand is expected to come from the Asia Pacific region,
primarily China and India. Apart from that, presence of top market players and
their technologically advanced, IoT connected product launches along with
various strategic steps taken by them for the market expansion in this region are
set to boost the growth of intelligent wind turbine market. Beijing-based wind
turbine manufacturing company, Goldwind announced that, it has
witnessed a net profit of around $292.3 million in the first half of the
financial year 2021. In October 2020, leading wind turbine manufacturing
company, Vestas introduced its new 3.3MW wind turbine in India. Such
developments boost the growth. Hence, the above-mentioned factors will drive
the growth of this market during 2021-2026.
Intelligent Wind Turbine Market Drivers
Growing Demand for
Electricity and inclination towards renewable energy to meet the demand is
fuelling the growth of the market
The demand
for electricity is increasing over the years due to rapid industrialization,
urbanization, economical growth and others. According to International Energy
Agency (IEA), the demand for electricity across the world is set to grow around
5% in 2021 and 4% in 2022. To meet such demand of electricity without causing
any harm to the environment, the adoption rate of renewable energy for
producing electricity is rapidly growing. Another report of IEA states that, renewable
electricity generation in 2021 is set to increase by more than 8% to reach
8 300 TWh, in order to meet growing electricity demand and Solar PV and
wind will contribute two-thirds of renewables electricity growth. Wherein, Wind
power witnessed the largest increase in renewable power generation, approximately
17%, which is significantly greater than 2020 levels. Such growth in
electricity demand and usage rate of renewable energy sources will accelerate
the growth of intelligent wind turbine market,
Governments’
Initiatives and increasing investment in renewable energy sources will boost
the growth
Government and
various organizations are taking initiatives to successfully promote the usage
of renewable energy sources to achieve the emission reduction goals. This in
turn, is fuelling the industry growth, as the demand wind turbines is
increasing along with the investments on renewable energy projects including
wind energy projects. Till March 2021, State Bank of India had invested $ 4.28
billion in renewable energy projects in India. Ministry of New and Renewable
Energy (MNRE) launched a scheme years ago, for setting up of 1000 MW Wind Power
Project connected to transmission network of Central Transmission Utility (CTU)
to supply wind power to the non-windy states, which is still valid till date. Furthermore,
such initiatives and increasing awareness regarding environmental issues
provide incentives to the market players to invest more in this technology. According
to BEIS, wind energy has become a crucial alternative to fossil fuel, as
an energy source. UK renewable energy generation increased by 11% in
2020, outstripping fossil fuel energy production. In May 2021, AC Energy Corp.
(ACEN) invested worth $3 billion on renewable energy (RE) projects to fulfil
the goal of hitting 5,000 megawatts (MW) of RE capacity by 2025. Such
initiatives and high investments in renewable energy sources will accelerate
the demand for wind power, which in turn will drive the growth of intelligent
wind turbine market during 2021-2026.
Intelligent Wind Turbine Market Challenges
Wild-life damage and noise pollution
created by this technology are harming the growth
Even though the Intelligent
Wind Turbine market is growing rapidly, but its negative affects on the
wild-life and environment is hampering the growth of this market. Wind-turbines
creates environmental issues by creating noise pollution. Apart from that, it
harms the wild-life by killing the birds. These factors are creating challenges
for this market. The U.S. Fish and Wildlife Service estimates that 140,000 to 500,000
bird deaths occurred at wind farms each year. Hence, these challenges are
poised to impede the growth of Intelligent Wind Turbine market during the forecast
period 2021-2026.
Intelligent Wind Turbine Industry Outlook
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Intelligent Wind Turbine Market. As of 2020, the market for Intelligent Wind Turbine industry outlook is consolidated with the top market players. Intelligent Wind Turbine top 10 companies include:
- Siemens Gamesa Renewable Energy
- GE Renewable Energy
- Vestas Wing Systems A/S
- Xinjiang Goldwind Science & Technology Co., Ltd
- Suzlon Energy Ltd
- Guodian United Power Technology Company Ltd.
- Enercon GmbH
- Nordex SE
- Senvion S.A.
- Ming Yang Smart Energy Group Limited
Acquisitions/Technology Launches/Partnerships
In January 2021, Goldwind signed a new
contract with Mainstream Renewable Power of wind turbine supply and operation
and maintenance services of Camán Wind Farm Project. This helps Goldwind to add
another 148.5 MW capacity to build in Chile.
In April 2021, Loma Blanca VI wind farm
in Argentina was approved by the Argentine National Electricity Market
Management Agency (CAMMESA) and entered the 20 years commercial operation
period. All five wind power projects of Goldwind in Argentina are equipped with
GW 3S smart wind turbines.
In September 2020, China based offshore
oil and gas major CNOOC Ltd announced its first offshore wind power
project equipped with 67 wind turbines, which is being connected to the grid
and began the power generation.
In March 2020, the large wind farm
installed at the Southern Netherlands municipality at the port of Moerdijk
selected Kerlink, a specialist in solutions dedicated to the Internet of
Things, to provide the gateways for the LoRaWAN project.
Relevant Report Titles:
Offshore Wind Energy Market – Forecast (2021 -
2026)
Report Code: EPR 50283
Report Code: EPR 15474
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