According to a recent report from research firm, GlobalData, the APAC region is predicted to lead the global wind turbine market of which is expected to be valued at $47.83bn in 2022, an increase from $44.75bn in 2017 during the forecast period 2018–22.
The APAC market for onshore wind turbines is predicted to grow at a CAGR of 2.4% forecasted period, adding $17.24bn value to the sector in 2022. While the EMEA region is expected to increase at a CAGR of 4.6%, contributing $5.16bn to market value.
China is said to be key to APAC's predicted growth, as the country aims to strengthen its position as a global leader of wind tech development.
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According to GlobalData power analyst Nirushan Rajasekaram the use of renewable energy "is seen as a suitable mechanism to wean away from the widespread resilience on fossil fuels, which has contributed to a myriad of environmental and economic challenges".
“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,” noted Rajasekaram.