According to a recent report by GlobalData, the global wind turbines market is set to be valued at $47.83bn annually by 2022, with the Asia-Pacific region leading the way.
This marks a global increase from 2017’s figure of $44.75bn and according to the report will largely be driven by onshore deployment.
The report is entitled ‘Wind Turbines, Update 2018 Wind Turbines, Update 2018 – Global Market Size, Competitive Landscape and Key Country Analysis to 2022’ and states that solar and wind will continue to be the most prevalent among established renewable energy technologies.
The APAC region will lead market growth, with an aggregate value of $93.85bn predicted for the period 2018-22, following a compound annual growth rate of 2.4%. EMEA is set to follow, with a value of $88.77bn.
Nirushan Rajasekaram, Analyst at GlobalData, said: “There are growing concerns regarding environmental impacts of industrial activities and geo-political risks, which are prompting governments to utilise clean energy resources available within the country.
“The market opportunities are attracting a plethora of potential investors and stakeholders driving down equipment costs, promoting technology development, and thereby creating a conducive market for wind turbines,” he added.
Rajasekaram also said that global efforts to move away from fossil fuels has had a massive impact on the market. “The global commitment to curb emissions, need to circumvent geopolitical risks impacting fossil fuel supply, transition towards low carbon economies, and increasing demand for electricity will drive the wind turbines market,” he explained.