Asia Pacific Wind Turbine Generator Market Forecast to 2030
Asia Pacific Wind Turbine Generator Market Forecast to 2030 – Regional Analysis – by Type (Direct Current and AC Synchronous) and Deployment Type (Onshore and Offshore)
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Description
Government Initiatives to Promote Wind Energy Boost Asia Pacific Wind Turbine Generator Market
The rise in demand for renewable energy and its advantages in protecting the environment are expected to promote wind energy projects globally. Governments of various countries are supporting the construction of wind energy projects in terms of policies and investments. For instance, the government of India is providing financial incentives such as concessional custom duty exemption and accelerated depreciation benefits on the components of electric wind generators, which is further promoting wind power projects in the country. In addition, in January 2022, the People’s Bank of China (PBOC) announced providing low-cost loans to fund decarbonization activities. Also, the current policy initiatives of Beijing are focusing on tax advantage and low-interest loans to companies developing low-carbon projects, power market reforms, and grid enhancement.
Thus, as various countries are taking initiatives for the adoption of wind energy, the demand for wind turbine components for the construction of wind projects is projected to increase. This will further push the component manufacturers to produce more efficient components to cater to the growing market demand, thus creating a lucrative opportunity for the wind turbine generator and other components market growth.
Asia Pacific Wind Turbine Generator Market Overview
Moreover, in the Asia Pacific region, China accounted for the largest share in terms of wind turbine generator deployment and manufacturing of different wind turbine components across the world. According to the Wood Makenzie projections, Asia Pacific is expected to add 122 GW of new wind capacity by 2030, surpassing Europe and the US’s estimated new capacity. As per the report, Taiwan, South Korea, Japan, Vietnam, and India will rank among the world’s top 20 largest offshore wind markets, with a combined net capacity of 27 GW from 2022 to 2030. Wind power currently accounts for 10% of Asia Pacific’s power capacity mix, coal accounts for 45%, and petrol contributes 12%. This is expected to change in 2050, as the shares of wind and solar will account for 50% of the region’s power capacity.
Such factors are driving the growth of wind turbine industry across different regions. Also, the different targets set by the government authorities of different countries for deployment of renewable sources of power generation are likely to drive the demand for wind turbine generator market during the forecast period.
Asia Pacific Wind Turbine Generator Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific Wind Turbine Generator Market Segmentation
The Asia Pacific wind turbine generator market is segmented based on type, deployment type, and country.
Based on type, the Asia Pacific wind turbine generator market is bifurcated into direct current and AC synchronous. The AC synchronous segment held a larger Asia Pacific wind turbine generator market share in 2022.
In terms of deployment type, the Asia Pacific wind turbine generator market is bifurcated into onshore and offshore. The onshore segment held a larger Asia Pacific wind turbine generator market share in 2022.
Based on country, the Asia Pacific wind turbine generator market is segmented into Australia, India, China, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific wind turbine generator market in 2022.
Envision Energy USA Ltd, Mingyang Smart Energy Group Co, Nordex SE, Siemens Gamesa Renewable Energy SA, Xinjiang Goldwind Science & Technology Co Ltd, Vestas Wind Systems AS, General Electric Co, Suzlon Energy Ltd, ENERCON GmbH, and Zhejiang Windey Co Ltd are some of the leading companies operating in the Asia Pacific wind turbine generator market.
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According to the Research Team’ research, the Asia Pacific wind turbine generator market was valued at US$ 1,908.34 million in 2022 and is expected to reach US$ 4,576.20 million by 2030, registering a CAGR of 11.6% from 2022 to 2030. Government initiatives to promote wind energy and rising wind farms are among the critical factors attributed to the Asia Pacific wind turbine generator market expansion.
There is an increase in demand for a clean energy source as it eliminates greenhouse gases, reduces dependence on imported fuels, and diversifies the energy supply. This is fueling government investments in the construction of wind farms globally.
Offshore wind expansion in Asia is a rapidly growing sector that has gained momentum in recent years. Several Asian countries are investing in offshore wind projects to harness the potential of wind energy from the sea. China, for instance, stands as a global leader in offshore wind development with notable projects such as the Shanghai Donghai Bridge Offshore Wind Farm and the Jiangsu Rudong Offshore Wind Farm. Taiwan is making substantial strides in offshore wind energy, exemplified by projects like Formosa 1 and Formosa 2, supported by the Taiwanese government’s clear targets and incentives. South Korea is also rapidly growing its offshore wind sector with projects like the Jeju Sindo Offshore Wind Complex. The Global Wind Energy Council is working on a net zero target by 2050. It is seen that the international offshore wind capacity has grown from 34.4 GW in 2020 to 64.3 GW in 2023 due to the new installations and developments in China and the US. Thus, to achieve the target of net zero emissions by 2050, significant investments are being made globally for the new construction and expansion of wind farms.
On the contrary, dependence on Chinese wind turbine component manufacturers hampers the growth of Asia Pacific wind turbine generator market.
Based on type, the Asia Pacific wind turbine generator market is bifurcated into direct current and AC synchronous. The AC synchronous segment held 71.2% share of the Asia Pacific wind turbine generator market in 2022, amassing US$ 1,359.57 million. It is projected to garner US$ 3,407.29 million by 2030 to expand at 12.2% CAGR during 2022–2030.
In terms of deployment type, the Asia Pacific wind turbine generator market is bifurcated into onshore and offshore. The onshore segment held 75.4% share of the Asia Pacific wind turbine generator market in 2022, amassing US$ 1,439.34 million. It is projected to garner US$ 3,416.15 million by 2030 to expand at 11.4% CAGR during 2022–2030.
Based on country, the Asia Pacific wind turbine generator market is categorized into Australia, India, China, Japan, South Korea, and the Rest of Asia Pacific. China held 85.1% share of Asia Pacific wind turbine generator market in 2022, amassing US$ 1,623.52 million. It is projected to garner US$ 3,654.56 million by 2030 to expand at 10.7% CAGR during 2022–2030.
Key players operating in the Asia Pacific wind turbine generator market are Envision Energy USA Ltd, Mingyang Smart Energy Group Co, Nordex SE, Siemens Gamesa Renewable Energy SA, Xinjiang Goldwind Science & Technology Co Ltd, Vestas Wind Systems AS, General Electric Co, Suzlon Energy Ltd, ENERCON GmbH, and Zhejiang Windey Co Ltd, among others.
In October 2023, Mingyang Smart Energy has announced plans for a new offshore wind turbine that, at 22 M.W., will be the world’s largest offshore wind turbine. According to the business, the typhoon-resistant MySE 22MW is appropriate for both fixed-bottom and floating applications. The turbine will be built between 2024 and 2025, according to the business.
In August 2020, Siemens Gamesa Renewable Energy has launched its next-generation wind turbine, the SG 3.4-145, in India.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in Asia Pacific wind turbine generator market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific wind turbine generator market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Wind Turbine Generator Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Asia Pacific Wind Turbine Generator Suppliers
5. Asia Pacific Wind Turbine Generator Market – Key Industry Dynamics
5.1 Asia Pacific Wind Turbine Generator Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increasing Product Launches
5.2.2 Rising Wind Farms
5.3 Market Restraints
5.3.1 Dependence on Chinese Wind Turbine Component Manufacturers
5.4 Market Opportunities
5.4.1 Government Initiatives to Promote Wind Energy
5.5 Future Trends
5.5.1 Rising Demand for Floating Wind Technology
5.6 Impact of Drivers and Restraints:
6. Wind Turbine Generator Market – Asia Pacific Market Analysis
6.1 Asia Pacific Wind Turbine Generator Market Revenue (US$ Million), 2020 – 2030
6.2 Asia Pacific Wind Turbine Generator Market Forecast and Analysis
7. Asia Pacific Wind Turbine Generator Market Analysis -By Type
7.1 Overview
7.1.1 Asia Pacific Wind Turbine Generator Market, By Type (2022 and 2030)
7.2 Direct Current
7.2.1 Overview
7.2.2 Direct Current: Asia Pacific Wind Turbine Generator Market Revenue and Forecast to 2030 (US$ Million)
7.3 AC Synchronous
7.3.1 Overview
7.3.2 AC Synchronous: Asia Pacific Wind Turbine Generator Market, Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Wind Turbine Generator Market Analysis – By Deployment Type
8.1 Overview
8.1.1 Asia Pacific Wind Turbine Generator Market, By Deployment Type (2022 and 2030)
8.2 Onshore
8.2.1 Overview
8.2.2 Onshore: Asia Pacific Wind Turbine Generator Market Revenue and Forecast to 2030 (US$ Million)
8.3 Offshore
8.3.1 Overview
8.3.2 Offshore: Asia Pacific Wind Turbine Generator Market, Revenue and Forecast to 2030 (US$ Million)
9. Asia Pacific Wind Turbine Generator Market – Country Analysis
9.1 Asia Pacific
9.1.1 Asia Pacific Wind Turbine Generator Market Overview
9.1.2 Asia Pacific Wind Turbine Generator Market Revenue and Forecasts and Analysis – By Country
9.1.2.1 Australia Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.1.1 Australia Wind Turbine Generator Market Breakdown by Type
9.1.2.1.2 Australia Wind Turbine Generator Market Breakdown by Deployment Type
9.1.2.2 China Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.2.1 China Wind Turbine Generator Market Breakdown by Type
9.1.2.2.2 China Wind Turbine Generator Market Breakdown by Deployment Type
9.1.2.3 India Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.3.1 India Wind Turbine Generator Market Breakdown by Type
9.1.2.3.2 India Wind Turbine Generator Market Breakdown by Deployment Type
9.1.2.4 Japan Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.4.1 Japan Wind Turbine Generator Market Breakdown by Type
9.1.2.4.2 Japan Wind Turbine Generator Market Breakdown by Deployment Type
9.1.2.5 South Korea Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.5.1 South Korea Wind Turbine Generator Market Breakdown by Type
9.1.2.5.2 South Korea Wind Turbine Generator Market Breakdown by Deployment Type
9.1.2.6 Rest of Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.2.6.1 Rest of Asia Pacific Wind Turbine Generator Market Breakdown by Type
9.1.2.6.2 Rest of Asia Pacific Wind Turbine Generator Market Breakdown by Deployment Type
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 New Product Development
10.4 Merger and Acquisition
11. Company Profiles
11.1 Envision Energy USA Ltd
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Mingyang Smart Energy Group Co
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Nordex SE
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Siemens Gamesa Renewable Energy SA
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Xinjiang Goldwind Science & Technology Co Ltd
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Vestas Wind Systems AS
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 General Electric Co
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Zhejiang Windey Co Ltd
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Suzlon Energy Ltd
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 ENERCON GmbH
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About the Research Team
LIST OF TABLES
Table 2. List of Vendors in the Value Chain
Table 3. Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million)
Table 4. Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million) – Type
Table 5. Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million) – Deployment Type
Table 6. Australia Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 7. Australia Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 8. China Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 9. China Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 10. India Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 11. India Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 12. Japan Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 13. Japan Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 14. South Korea Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 15. South Korea Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
Table 16. Rest of Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Type
Table 17. Rest of Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment Type
LIST OF FIGURES
Figure 2. Ecosystem: Asia Pacific Wind Turbine Generator Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Asia Pacific Wind Turbine Generator Market Revenue (US$ Million), 2020 – 2030
Figure 5. Asia Pacific Wind Turbine Generator Market Share (%) – Type, 2022 and 2030
Figure 6. Direct Current: Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million)
Figure 7. AC Synchronous: Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Asia Pacific Wind Turbine Generator Market Share (%) – Deployment Type, 2022 and 2030
Figure 9. Onshore: Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. Offshore: Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. Asia Pacific Wind Turbine Generator Market Breakdown by Country (2022 ) (US$ Mn)
Figure 12. Asia Pacific Wind Turbine Generator Market Breakdown by Country (2022 and 2030)
Figure 13. Australia Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 14. China Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 15. India Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 16. Japan Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 17. South Korea Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 18. Rest of Asia Pacific Wind Turbine Generator Market Revenue and Forecasts to 2030 (US$ Mn)
1. ENERCON GmbH
2. Envision Energy USA Ltd
3. General Electric Co
4. Mingyang Smart Energy Group Co
5. Nordex SE
6. Siemens Gamesa Renewable Energy SA
7. Suzlon Energy Ltd
8. Vestas Wind Systems AS
9. Xinjiang Goldwind Science & Technology Co Ltd
10. Zhejiang Windey Co Ltd
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