Asia-Pacific (APAC) is expected to lead the wind turbine market with an annual installation capacity of 33.14 gigawatt (GW) by 2023, largely driven by onshore deployment; followed by EMEA and Americas with capacities of 19.9GW and 11.7GW, respectively, according to GlobalData, a leading data and analytics company.

The company's latest report 'Wind Turbine, Update 2019 - Global Market Size, Competitive Landscape and Key Country Analysis to 2023' reveals that the buoyancy in the market is largely due to the global investment trends in renewable energy to address power sector challenges. 

Bhavana Sri Pullagura, Power Analyst for GlobalData, comments: "The need to address electricity demand, supportive government policies, feed-in tariffs (FiTs) and other financial incentives, growing wind turbine sizes, and declining operations and maintenance costs are primarily driving the market for wind turbines. Furthermore, the market opportunities are attracting a plethora of potential investors and stakeholders driving down equipment costs, promoting technology development, and thereby creating a feasible market for wind equipments such as turbines."

GlobalData | www.globaldata.com