Global & China Wind Turbine Market - by Offshore/Onshore type, Geography, Installed Capacity, Price Trends and Forecast (2010 - 2015)
The global wind turbine market, a rapidly growing segment of global energy market, has recorded double digit annual growth in past five years and is expected to maintain this growth till 2015.
- Dallas, TX (1888PressRelease) October 13, 2011 - Global & China Wind Turbine Market - by Offshore/Onshore type, Geography, Installed Capacity, Price Trends and Forecast (2010 - 2015)
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The global wind turbine market, a rapidly growing segment of global energy market, has recorded double digit annual growth in past five years and is expected to maintain this growth till 2015 by reinstallation and addition of new generation turbines as well as increase in their size and efficiency. Factors responsible for the growth of the global wind turbine market include rising prices of non-renewable energy sources, supportive regulatory environment, growing energy consumption, and utility scale generation. Ever growing consumption of electricity, especially in developing countries such as China, India, Russia, and Brazil has boosted the market for alternative domestic sources of electricity. Wind is absolutely free. It offers low maintenance cost and electricity generated from it can also be cheap, once the turbine installation cost is recovered. Many countries are utilizing electricity from wind power plants. The U.S., Germany, Spain, India, and China are the major countries involved in generation of wind energy.
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The major problem with wind power is that it is capital intensive as compared to traditional non-renewable energy. In case of wind energy, more than 70% cost is associated with the plant setup. Installation of wind turbine alone costs around 75% of the total installation cost and more than 50% of the overall cost. However, with continuous technological innovations, their costs are coming down.
Turbine cost per megawatt has reduced significantly in the past few years. The reduction became possible due to turbine design stability, which improved the efficiency of production lines at turbine manufacturing facilities. Another reason for per megawatt price reduction is cheap resources in the Asia-Pacific region. Companies such as Vestas Wind Systems A/S, Siemens Wind Power A/S, and Gamesa Corporacion Tecnologica have moved their manufacturing towards countries such as India or China to take advantage of low resource costs.
Prices have reduced at greater pace than costs and thus wind turbine industry is facing reductions in profit margins. In 2010, estimated average profit margin was around 10%, which used to be about 27% in 2004. The main reason for the reduced margin is decreasing turbine prices, which is due to oversupply and possibility of per megawatt price reduction.
Offshore wind has tremendous potential and is still unutilized. In 2009, only 1.2% was contributed by offshore wind installations globally. Despite more potential, offshore installations stand at around 27 GW as compared to 132 GW onshore installations. The main reasons behind the slow growth of the offshore wind installations are transportation and installation of heavy machineries, supplying generated power to onshore grids, and possibility of the loss of excess power due to integration issues. Now, these challenges are being taken care of by technological innovations, improvements in grid infrastructure, support from various governments, and co-operation in the field of offshore wind power. In December 2010, Sweden, Denmark, Germany, The Netherlands, Luxembourg, France, UK, Ireland, Norway, and Belgium signed a memorandum of understanding (MoU) for joint development of an offshore electricity grid, which held the responsibility for integration of offshore wind power at North Sea. The grid is expected to maintain 150 GW offshore wind power by 2030. It will contribute 16% of the Europe's electricity consumption by 2030 and 46% by 2050.
China is the fastest growing wind turbine market worldwide. In 2009, China was the largest wind turbine market with 13.8 Gigawatts (GW) of new installations alone in the region out of a 38.3 GW installed globally. China is also the second largest wind power market after the U.S. in terms of cumulative installed capacity. The major factors encouraging the growth of China's wind turbine market are enormous wind resources such as large land mass and long coastline, and strong government support.
Markets covered
This report analyzes the global wind turbine market in terms of cumulative and new installed capacities (MW) in North America, Europe, Asia-Pacific, and Rest of the World (ROW) and in China. The report covers types and sizes of wind turbines and technologies. Recent updates and developments in global and China wind turbine markets are also included in the report.
Stakeholders
The intended audience of this report includes:
Wind turbine component suppliers
Wind farm developers and investors
Raw material suppliers
Government agencies and industry associations
Research methodology
Global & China Wind Turbine Market research report is analyzed and forecasted from 2010 to 2015. The market forecasts are based on primary and secondary research data. The secondary research was based on paid sources such as Factiva and industry associations such as Global Wind Energy Council (GWEC), International Energy Association (IEA), World Wind Energy Association (WWEA), Information Energy Agency (EIA) (U.S.), European Wind Energy Association (EWEA), National Energy Administration (NEA) (China), National Development and Reform Commission (NDRC) (China), Renewable Energy & Energy Efficiency Partnership (REEEP) (Austria), company websites, and news articles.
For future forecast, the global market is divided into four regions: Europe, America, Asia-Pacific, and Rest of the World (ROW). List of countries - region wise is provided in Appendix. Megawatt installations forecasts consider different countries' renewable energy targets, plans, wind potentials, and investments. For value analysis (dollar billion market), the report assumes three things: No major change in steel prices during 2010 to 2015. There is no inflation or value of U.S. dollar is constant during the period and no major change in wind turbine technology that may lead to change in production lines at manufacturing. Also, the cost breakdown by turbine components and by raw material is assumed to be fixed from 2008 to 2015.
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