Market Size of Asia-Pacific Wind Power Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 12.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Wind Power Equipment Market Analysis
During the time frame of the forecast, the Asia-Pacific wind power equipment market is expected to grow at a CAGR of more than 12%.
The market was mildly impacted by the COVID-19 pandemic but has since recovered and is expected to grow steadily during the forecast period.
- Over the long term, The rising investments in wind farms and the reducing cost of wind energy are likely to drive the Asia-Pacific wind power equipment market during the forecast period.
- On the other hand, the market is expected to slow down during the forecast period because more people are using renewable energy sources like solar.
- Still, the development and commercialization of floating offshore wind technology are expected to be a big chance for the market after the forecast period.
- China is expected to be the biggest market for wind power equipment in the region because more money is being put into the industry and it has the most wind power installed capacity in the region.
APAC Wind Power Equipment Industry Segmentation
The wind power equipment consists of a wind turbine, a tower, a concrete foundation for the tower, and cable connections from the turbine to the equipment room.
The Asia-Pacific wind power equipment market is split up by where the equipment is used, what kind of equipment it is, and where it is used. By location of deployment, the market is segmented into offshore and onshore. By equipment type, the market is segmented into rotor/blade, tower, generator, gearbox, and other equipment types. The report also covers the market size and forecasts for the wind power equipment market across major countries in the region. For each segment, market sizing and forecasts have been done based on revenue (USD billion).
| Location | |
| Onshore | |
| Offshore |
| Equipment Type | |
| Rotor/Blade | |
| Tower | |
| Generator | |
| Gearbox | |
| Other Equipment Types |
| Geography | |
| China | |
| India | |
| Japan | |
| Australia | |
| Rest of Asia-Pacific |
Asia-Pacific Wind Power Equipment Market Size Summary
The Asia-Pacific wind power equipment market is poised for significant growth, driven by increasing investments in wind farms and the decreasing cost of wind energy. The region's market is primarily dominated by onshore wind farms, which benefit from cost-effectiveness, ample land availability, and favorable wind conditions, particularly in areas like southern India. Technological advancements in turbine design and size have further enhanced the efficiency and reduced the costs of wind energy, contributing to market expansion. Government initiatives and ambitious renewable energy targets in countries like China and India are expected to provide substantial momentum to the market, despite potential slowdowns due to the rising adoption of other renewable energy sources such as solar power.
China stands out as the largest market for wind power equipment in the Asia-Pacific region, supported by substantial investments and the highest installed wind power capacity. The country's offshore wind industry is predominantly developed by local companies, with significant contributions from global players like General Electric and Siemens Gamesa. China's strategic plans, including the establishment of "clean energy bases" in sparsely populated areas, aim to harness vast renewable energy potential to meet the energy demands of its densely populated coastal regions. This focus on large-scale renewable energy projects is expected to drive the growth of the wind power equipment market in China and the broader Asia-Pacific region over the forecast period. The market remains fragmented, with key players such as Envision Group, Xinjiang Goldwind Science & Technology Co., Ltd., and Sany Heavy Industry Co., Ltd. actively participating in the region's development.
Asia-Pacific Wind Power Equipment Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2028
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1.3 Wind Energy Installed Capacity and Forecast, in GW, till 2028
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1.4 Asia-Pacific Renewable Energy Mix, 2022
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1.5 Recent Trends and Developments
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1.6 Government Policies and Regulations
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.2 Restraints
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1.8 Supply Chain Analysis
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1.9 Porter's Five Forces Analysis
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1.9.1 Bargaining Power of Suppliers
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1.9.2 Bargaining Power of Consumers
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1.9.3 Threat of New Entrants
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1.9.4 Threat of Substitutes Products and Services
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1.9.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Location
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Equipment Type
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2.2.1 Rotor/Blade
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2.2.2 Tower
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2.2.3 Generator
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2.2.4 Gearbox
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2.2.5 Other Equipment Types
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2.3 Geography
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2.3.1 China
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2.3.2 India
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2.3.3 Japan
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2.3.4 Australia
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2.3.5 Rest of Asia-Pacific
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Asia-Pacific Wind Power Equipment Market Size FAQs
What is the current Asia-Pacific Wind Power Equipment Market size?
The Asia-Pacific Wind Power Equipment Market is projected to register a CAGR of greater than 12% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Wind Power Equipment Market?
Envision Group, Xinjiang Goldwind Science & Technology Co., Ltd.,, Sany Heavy Industry Co., Ltd., Siemens Gamesa Renewable Energy S.A. and General Electric Company are the major companies operating in the Asia-Pacific Wind Power Equipment Market.
