May 20, 2020

APAC set to lead global growth of wind turbines market through to 2022

Renewable Energy
Sustainability
Energy
market growth
2 min
APAC set to lead global growth of wind turbines market through to 2022
GlobalData has released its projection for the growth of the global wind turbine market through 2022 in its report entitled ‘Wind Turbines, Update 2018 – Global Market Size, Competitive Landscape and Key Country Analysis to 2022’
 
Analysts predict the global market will grow to a value of US$47.83bn, growing by $44.75bn from 2017’s figure.
 
The APAC region is set to lead the charge, with an aggregate value of $93.85bn for the 2018-22 period with a CAGR of 2.4%.
 
EMEA is predicted to follow close behind, with an aggregate value of $88.77bn over the same period.
 
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“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,” said Nirushan Rajasekaram, analyst at GlobalData, in the firm’s press release.
 
“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.”
 
Rajasekaram continued, saying the increased efforts globally to move away from reliance on fossil fuels and dramatically cut emissions will drive this growth.
 
“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 said.

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