Wind Turbine Generator Market 2024-2028: Size and Competition from fossil fuels; growth driven by the Application, Some of key Companies Positioned Strategically

The wind turbine generator market size by Application (Onshore and Offshore) and Geography (APAC, Europe, North America, South America, and Middle East and Africa), is forecast to increase by USD 8727.5 million. The market is expected to grow at a CAGR of  almost 4.5% between 2024 and 2028.

• In the global power generation landscape, fossil fuels continue to hold a dominant position, accounting for approximately 61% of the total electricity generation in 2021. Renewable energy sources, including wind power, have made strides in recent years, but their combined share remains relatively low. In countries rich in fossil fuel reserves, there is reluctance to transition away from these resources due to the significant cost advantage they offer. Conversely, many developing nations express a desire to expand their wind power generation capabilities, but are hindered by limited investments. The absence of clear and consistent government policies in these countries fosters a lack of competition, resulting in elevated costs for wind power.
• The Wind Turbine Generator Market represents a significant business opportunity for energy companies and manufacturers. With the global shift towards renewable energy sources, the demand for wind turbine generators is surging. This market is characterized by continuous technological advancements, increasing competition, and regulatory support. Companies must stay informed of market trends, government policies, and customer preferences to remain competitive. The market size is projected to grow at a robust CAGR, driven by factors such as declining costs, increasing energy demand, and favorable government incentives.

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Some of the Key Companies:

• ABB
• Alxion
• AVANTIS Energy Group
• Bergey Wind Power Co.
• Bora Energy
• Doosan Corp.
• Emergya Wind Technologies BV
• ENERCON GmbH
• Equinor ASA
• General Electric Co.
• Hitachi Ltd.
• Nordex SE
• Principle Power Inc.
• ReGen Powertech Pvt. Ltd.
• Sany Group
• Siemens Gamesa Renewable Energy SA
• Sinovel Wind Group Co. Ltd.
• Suzlon Energy Ltd.
• Vestas Wind Systems AS
• Xinjiang Goldwind Science and Technology Co. Ltd.

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