Market Research Report
Wind Energy Market 2020-2026
|Wind Energy Market 2020-2026|
Published: March 31, 2021
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Global Wind Energy Market Size, Share & Trends Analysis Report by Equipment (Turbine, Electricity Generator, Wind Mill Tower, Control Equipment and Other), By Project Type (Offshore Project, Onshore Project), and Forecast Period 2020-2027
The global wind energy market is growing at a CAGR of 8.9% during the forecast period. The major factors that are augmenting the growth of the wind energy market include environmental concerns, unstable crude prices, and the need for alternative energy sources. Increased carbon emission due to fossil fuel is a key factor behind the growth of the renewable energy market. Due to this, the governments of various nations are offering subsidies and encouragement to wind energy projects.
However, certain factors are affecting the growth of the market. The high cost of materials used for the production of rotor blades, logistic technical hitches, wind structures, and wind turbines are some of the major restraining factors for the market growth. However, modern utility-scale rotor blades and wind turbines are grown in size to reduce the Levelized cost of electricity (LCOE) and increase energy capture. As per the International Renewable Energy Agency (IRENA), between the period of 2010 and 2019, the cost of onshore wind has decreased by 23% and 10% for offshore wind.
The wind energy market is segmented on the basis of equipment type and project type. By equipment, the market is segmented into turbines, electricity generators, windmill towers, control equipment, and others. Further, based on the project, the market is segmented into offshore projects and onshore projects.
Global Wind Energy Market Share by Equipment Market, 2020 (%)
Source: OMR Global
Witnessing the historical trends, the onshore segment is expected to hold a major market share all across the globe during the forecast period. As per the REN21 (a think tank) report, in 2019 a growth of around 19.0% was recorded in wind energy with an installation of 60 GW globally. Out of this, around 54 GW was onshore, and the rest 6 GW was offshore. 2019 registered the second-largest growth in wind energy installation in 2019.
The global wind energy market is analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. On the basis of geography, the market is divided into North America, Europe, Asia Pacific, and the Rest of the World. In North America, the US is expected to hold a major market share. Massachusetts, a state of the US alone has a target of installing 1.6 GW offshore wind power by 2027. Europe is also expected to hold a major market share. European country's individual target will contribute significantly to the region's market share. For instance, Germany has a target to install a wind capacity of 67 to 71 GW by 2030 with a tender of 2.9 GW per year after 2019. UK has a target of establishing 39 GW by 2030.
Global Wind Energy Market Growth, by Region 2020-2026
Source: OMR Global
Asia-Pacific is expected to witness significant growth with a considerable market share during the forecast period. As per the Global Wind Energy Council, China is expected to be the largest wind energy market with 1,789 GW of wind power installation by 2050. It is due to the Chinese government's investment in renewable energy primarily as it allows the country to handle problems of water and air pollution.
Market Players Outlook
Key players of the wind energy market include Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy, S.A., Xinjiang Goldwind Science & Technology Co., Ltd., GE Wind Energy, Envision Energy Co. Ltd. among others. To survive in the market, these players adopt different marketing strategies such as a merger, acquisitions, product launch, and geographical expansion. For instance, in March 2021, Enel Green Power North America signed a 100 MW virtual power purchase agreement (VPPA) with Kellogg Company.
The Report Covers
Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global wind energy market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.