Report : Asia Pacific Wind Turbine Generator Market Forecast to 2030 - Regional Analysis - by Type (Direct Current and AC Synchronous) and Deployment Type (Onshore and Offshore)
At 11.6% CAGR, Asia Pacific Wind Turbine Generator Market is Projected to be Worth US$ 4,576.20 Million by 2030, Says Business Market Insights
According to Business Market Insights' 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.
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