Technology innovation, declining solution and project costs, and growth in demand for renewable power purchase agreements (PPAs) are likely to drive the market in future, says the firm. A sustained decline in the overall costs of wind turbines, as well as ambitious national- and regional-level renewable energy targets is seen as having driven new onshore wind installation capacity to touch 54.2 GW in 2019 - an increase of 17% compared to 2018.
The firm forecasts the global market to add an average onshore wind capacity of 54.28 GW annually through 2025, with cumulative installations expected to reach 954.47 GW in 2025.
"Emerging technologies such as 5G, edge computing, augmented and virtual reality (AR, VR), and advanced lightweight composite materials, are creating additional revenue opportunities for wind industry participants," says Swagath Navin Manohar, Research Manager, Energy & Environment at Frost & Sullivan. "Innovations like LiDAR, digital twin, additive manufacturing, radar, and drones are expected to phase out manual inspections of wind turbines and ultimately help participants deliver greater process and cost efficiencies to utilities, independent power producers (IPPs) and wind farm owners."
The report presents the key drivers and restraints influencing the global and regional wind markets, and analyzes the competitive landscape and identifies the geographical hotspots for the next five to 10 years. It covers the regions of North America, Europe, Asia-Pacific, Latin America, India, China, and the Middle East and Africa.
"The repowering of wind farms by replacing old wind turbines with new and technologically superior models, especially in the US and Europe, is expected to bolster the global market," says Manohar. "Meanwhile, the shift in financing mechanisms from subsidies to competitive auctions across regions like Europe, Asia, and Latin America is expected to make the market sustainable and subsidy-free."
Wind turbine manufacturers, says the firm, are expected to find new growth opportunities by:
- Developing IoT-enabled smart wind turbines to ensure product differentiation.
- Implementing AI and analytics solutions to