Authored By: Sarah
27 Dec 2024

Latest News- Wind Turbine Generator Market: Onshore is expected to lead the Application segment during 2024-2028

The Wind Turbine Generator Market is being driven by Rise in wind energy consumption

The Wind Turbine Generator Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8727.5 million. In the wind energy sector, traditionally, gearboxes have been employed in wind turbines to increase the rotational speed of the generator from the low rotations per minute (rpm) of the wind turbine to the required high rpm for efficient power generation. For instance, in an onshore wind turbine, the typical low rotational speed of approximately 14 rpm is escalated to a high rotational speed of 560-1,500 rpm. However, the wind energy industry is currently exploring the adoption of direct-drive generators, which eliminate the need for gearboxes. This innovation results in fewer moving parts, as the turbine operates with the generator and rotor functioning as an integrated unit. Direct-drive wind turbine technology offers several advantages, including increased efficiency, reduced maintenance requirements, and enhanced reliability. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on Application (Onshore, Offshore) Geography (APAC, Europe, North America, South America, Middle East and Africa). 

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

  • Rise in wind energy consumption
  • Decline in LCOE of wind power generation
  • Supportive regulatory policies for wind energy projects

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Key Features in Wind Turbine Generator Market Research Report

  • Comprehensive Market Analysis
  • In-Depth Competitive Landscape
  • Future Market Trends
  • Detailed Market Segmentation.
  • Expert Analysis, and more...

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Wind Turbine Generator Market in Alberta, Canada, is experiencing significant growth due to the province's commitment to renewable energy and the development of projects like the Hilda wind farm by Renewable Energy Systems and Natural Forces Development. This 300 MW wind farm, which includes indigenous partners, is expected to contribute significantly to Alberta's renewable energy goals. Climate change and consumer awareness are driving the demand for clean energy, leading to the expansion of the wind energy sector. In addition to onshore wind, offshore wind is also gaining momentum, with Vestas recently announcing plans to build Canada's first offshore wind farm. Policies supporting renewable energy, such as the Canadian Renewable Energy Innovation Program and the Alberta Renewable Electricity Program, are also contributing to the market's growth. The Wind Energy Council of Canada reports that wind power generated 15% of Canada's electricity in 2020, and this number is expected to increase as more projects come online. Solar energy is also a growing sector in Alberta's renewable energy market, but wind energy remains a key player in the province's energy mix. Central Electricity, Alberta's largest electricity generator, is investing in wind energy to reduce its carbon footprint and meet the province's renewable energy targets. Overall, the wind turbine generator market in Alberta is poised for continued growth as the world transitions to a more sustainable energy future.

Market Research Overview

The global heavy electrical equipment market is a significant sector within the larger electrical equipment industry, catering to the energy sector and other industrial segments, including power, mining, and oil and gas. This market encompasses companies and manufacturers producing equipment for power generation, distribution, and transmission in fixed-use and large-scale electrical systems. According to Technavio, the market size is determined by the consolidated revenue generated by electrical component and equipment manufacturers, such as electric cables, wires, and heavy electrical equipment. Factors driving the growth of the global heavy electrical equipment market include increasing power outages due to natural disasters in regions like MEA, Europe, and APAC, which are prone to extreme weather conditions such as floods, earthquakes, and annual droughts.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.


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