LONDON--(BUSINESS WIRE)--The new wind turbine generator market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the rise in wind energy consumption”, says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the wind turbine generator market size to grow by USD 7.22 billion during the period 2020-2024.
Wind Turbine Generator MarketSegment Highlights for 2020
- The wind turbine generator market is expected to post a year-over-year growth rate of 1.72%.
- Based on the application, the global wind turbine generator market saw the maximum demand for wind turbine generators from the onshore segment.
- The growth of the market in the onshore application segment is driven by the declining cost of power generation across the globe.
- 57% of the growth will originate from the APAC region.
- The growth of the market in APAC will be driven by the rising emphasis on renewable energy.
- China and India are the key markets for wind turbine generators in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The wind turbine generator market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The wind turbine generator market is segmented Application (Onshore and Offshore) and Geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Alxion, AVANTIS Energy Group, Bora Energy, General Electric Co., SANY Group Co. Ltd., Siemens AG, Sinovel Wind Group Co. Ltd., Suzlon Energy Ltd., and Vestas Wind System AS
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