Wind Turbines

There is an increase in demand for a clean energy source to eliminate greenhouse gases, reduce dependence on imported fuels, and diversify the energy supply. This is fueling government investments in the construction of wind farms globally. To achieve the target of Net Zero Emissions by 2050 set by many Nations and organizations, significant investments are being made globally for the new construction and expansion of wind farms. As the investment in wind farms is rising, the demand for various wind turbine components such as rotor blades, nacelle, gearbox, generator, tower, and pitch system is also increasing, thereby catalyzing the wind turbine component market growth.

In 2022 wind electricity generation increased by a record 265 TWh (up 14%), reaching more than 2 100 TWh. This was the second highest growth among all renewable power technologies, behind solar PV. However, to get on track with the Net Zero Emissions by 2050 Scenario, which envisages approximately 7 400 TWh of wind electricity generation in 2030, the average annual generation growth rate needs to increase to about 17%. Achieving this will require increasing annual capacity additions from about 75 GW in 2022 to 350 GW in 2030. Far greater policy and private-sector efforts are needed to achieve this level of capacity growth, with the most important areas for improvement being facilitating permitting for onshore wind and cost reductions for offshore wind.