Wind Turbine Generators Market Intelligence

Industry Outlook & Drivers

Global Market Outlook on Wind Turbine Generators

• Growing at 4.83 percent CAGR from 2013 to 2023, it is estimated that the global wind energy equipment manufacturing market will reach a value of $94 billion approximately
• The top 6 players – Vestas, Siemens, Goldwind, GE Energy, Enercon and Suzlon, together account for more than 50 percent of the global market share
• Top wind energy equipment manufacturers have global geographical presence and have manufacturing base in most of the large markets like Asia, Europe and North America

Global Wind Energy Installed Capacity Forecast (2014-2019)

• China, US and Germany together contribute close to 60 percent of the globally installed wind energy, installed as of 2017. This percentage does not represent the projects that are underway or are awaiting commissioning in these regions
• The total wind energy installed capacity globally is forecasted to reach more than 666 GW by 2019, registering a growth of 10.32 percent CAGR
• New projects in regions like India and Latin America are expected to propel this growth

 Regional Market Analysis – Asia

Asia

• Asia has been the largest market for wind energy for 7 consecutive years with additional capacity installations
• There is good political and regulatory support for wind energy across major Asian markets. Asia's dominance is expected to continue for the next 4-5 years
• China has crossed the 100,000 MW mark. Mostly driven by China installed capacity, Asia has overtaken Europe in terms of deployment of wind energy

India 

• India is the 2nd largest wind energy market in Asia. This presents substantial opportunity for international and domestic players
• Indian wind energy sector has been struggling for the last couple of years but 2016 seemed to signal the onset of recovery
• Total grid connected renewable energy installations in the country has been approximated to reach 33,792 MW. Wind energy accounted for about 66.5 percent of it
• It is also estimated that wind energy contributes about 8.5 percent of the total installed capacity of 260.8 GW
• Recently, Government of India has made a commitment to a target of 170 GW of renewables by the year 2022, of which 100 GW is solar capacity while 60 GW is wind
• Indian government has also expressed its support for rapid growth of the power sector, keeping renewable energy at the core of its strategy
• Their goal is to make renewables account for 15 percent share of their energy mix in the coming decade

Regional Market Analysis – Africa

Africa

• Africa and Middle East is realizing the opportunity of the enormous wind power potential in that region, adding more than 1 GW (933 MW)
• Morocco, Egypt, Algeria and Tunisia, adding new capacity, thus making the total installed wind capacity over 1.6 GW. Wind energy currently contributes nearly 2 percent to electricity system of the total installed capacity in North Africa

South Africa

• South Africa installed 560 MW of new capacity in 2014, for a cumulative capacity of 570 MW.
• South Africa's Integrated Resource Plan (IRP), has given a significant allocation to wind power, about 8,400 MW of new installed capacity by 2030
• Currently, South Africa is looking to generate about 5 GW of wind energy by 2019. South Africa is considered to be one of the leading new wind power markets globally

Morocco

• Morocco has surpassed Egypt to takeover the top position in North Africa in terms of total installed wind power capacity, with around 787 MW. This is majorly due to the commissioning of a new 300 MW plant
• Also, there are new projects for 370 MW under construction and a pipeline of 1,150 MW in Morocco

Egypt

• Egypt is expected to cross 800 MW of installed capacity by the end of 2015. About 1 GW of state-owned projects are currently under development and more than 2.6 GW of projects have been called for through various private incentive schemes like feed-in tariff and competitive bidding