Increasing Energy Demands to Fuel Growth of Quiet Wind Turbine Market
Major countries, and businesses are keen to adopt renewable energy sources that can offer clean energy, particularly wind power, as energy demand increases. Many countries and businesses have increased their investments in quiet wind turbines because of the implementation of improved offshore wind energy, thereby driving the growth of quiet wind turbine market. Improved materials for quiet wind turbines have enabled businesses to install higher wind turbines, allowing turbines to benefit from wind from higher heights. In addition, the bigger blades on these new turbines allow them to cover a broader area than smaller turbines. Wind energy costs can be reduced by increasing the size of wind turbines. As a result, these turbines are cost-effective when compared to fossil-fuel alternatives. This is likely to accelerate the growth of quiet wind turbine market.
The global initiatives to address climate change, such as the Paris Agreement, renewable energy is seeing significant expansion, with wind energy leading the way. For instance, global wind capacity expanded from 650 GW in 2019 to 743 GW in 2020 despite project delays due to COVID-19. The significant increase in wind energy installations demonstrates its growing demand around the world. However, growth in demand for sustainable energy led to an increase in demand for wind power, which in turn increased demand for wind turbines, functioning as the primary driving factor for quiet wind turbine market.
Wind energy is becoming more economically beneficial due to technological advancements and global policies aiming at combating climate change. China and the United States remain the world's major wind power markets, with the United Kingdom and Europe, North America, and India all driving trends. For instance, as per the U.S. Energy Information Administration (EIA 2021), 8.4% of U.S. electricity was generated from wind energy in 2020.
Rising Adoption of Onshore Wind Turbine Installation Will Foster the Quiet Wind Turbine Market Growth
According to installation, the onshore segment led the global market in 2020 and is expected to remain at the fastest rate throughout the forecast period. This is attributed to its high demand and increasing adoption rate, as the demand for wind energy on land is quite higher than offshore. In 2019, onshore wind electricity generation increased globally by 12%, according to the International Energy Association. After a few years of growth, capacity additions increased by 22%. Moreover, onshore wind power infrastructure is much less expensive than offshore wind power infrastructure. Onshore wind turbines are easy to install and can be built within months, as compared to other energy sources such as nuclear power plants, which can take up to two decades to develop. Onshore wind turbines offer low maintenance expenses when they are in operation.
Increased Consumer Base towards Renewable Energy Sources to Drive Growth of Asia Pacific Quiet Wind Turbine Market
The Asia Pacific region led the global market in 2020 and is expected to grow at the fastest rate throughout the forecast period. This is attributable to various factors, including a large consumer base and a significant increase in demand for renewable energy sources. In addition, in the Asia Pacific, countries such as China, India, South Korea, Japan, and Taiwan have approved many wind turbine projects which are under development and are expected to come up in the future, resulting in substantial growth opportunities in the region over the forecast period. According to the Global Wind Report 2018, Asia Pacific is the world's largest quiet wind turbine market in new wind power development for the ninth consecutive year, with capacity additions totalling 24.4 GW. In terms of annual installations, China maintained in the first place. By the end of 2019, China's wind market has increased to 188 GW, strengthening the country's lead in terms of cumulative installed wind power capacity.
The Indian market is expected to grow rapidly as the government strives to meet its targets of 175 GW of renewable capacity by 2022, with 60 GW coming from wind. For instance, JSW Energy has placed an order for 810 MW of onshore wind turbines from GE Renewable Energy for their upcoming wind farms project in Tamil Nadu, India. The turbines will generate enough green energy to fulfil the country's annual electricity needs for more than 2.1 million households in India. JSW chose GE's 2.7-132 onshore wind turbine, which has been designed and manufactured primarily in India and is ideally suited to the country.
The rapid growth of the quiet turbine market in North America can be ascribed to the high adoption of advanced technology and the presence of large players in the region. For instance, in 2020, a record of 16,836 megawatts (MW) of wind capacity is installed in the United States, bringing the total to 121,955 MW. In 16 states in the United States, wind provides more than 10% of electricity, and in Iowa, Kansas, Oklahoma, South Dakota, and North Dakota, it provides more than 30%. Wind energy capacity additions have been driven by improvements in the cost and performance of wind power technology, and the production tax credit, resulting in low-cost wind energy.
Global Quiet Wind Turbine Market: Competitive Landscape
In 2021, GE Renewable Energy and Toshiba Energy solutions along with Solutions Corporation entered a strategic partnership agreement to localize essential aspects of GE's Haliade-X offshore wind turbine production process in Japan and to promote its commercialization in the country. On the other hand, in 2020, Siemens Gamesa Renewable Energy launched the next-generation wind turbine SG 3.4-145 in the country. The new wind turbine is designed and optimized specially for wind conditions in the country and has a clear goal to deliver the lowest possible Levelized Cost of Energy (LCoE) while maintaining high reliability.
A few of the players in global quiet wind turbine market include GE Wind Offshore, Nordex, Enercon, Vestas, GE Wind Energy, Goldwind, Senvion, Suzlon, and Siemens Gamesa.
Global Quiet Wind Turbine Market is Segmented as Below:
Key Elements Included In The Study: Global Quiet Wind Turbine Market
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