Wind Energy Market: Current Analysis and Forecast (2021-2027)

Report Description

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Global Wind Energy Market is likely to showcase significant growth rate of around 7% during the forecast period (2021-2027). With increasing electricity demand, wind energy is growing at an influential rate owing to its high efficiency and declining cost component. In addition to this as compared to other renewable power sources it has low maintenance cost. Further, reaching net zero will require bold actions by a large number of sectors, wind power is placed to be one of the cornerstones of green recovery to play an important role in accelerating the global green energy transition.

Green Wind Energy Council (GWEC) expects that over 469 GW of new onshore and offshore wind capacity will be added in the next five years that is until 2025. Explosive growth of wind turbine installations in China, Asia Pacific continues to take the lead in global wind power development with its share of the global market increasing by 8.5% in 2020.

Other factor driving the growth of the wind energy market globally is high focus of the companies worldwide to make much more technologically enabled & cost-efficient turbines.

Nordex SE, Suzlon Energy Ltd, Ørsted A/S, GE Renewable Energy, ABB Ltd etc. are some of the prominent players operating in the Global Wind Energy Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Wind Energy applications.

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Insights Presented in the Report

“Amongst component, support structure category held considerable market share”

On basis of component, wind energy market is divided into turbine, support structure, electrical infrastructure, and others. Support structure is the backbone of wind turbine. The blades and nacelle are mounted on top of a tower. These figures may be adjusted as turbine designs adapted, hub heights increase, blades become longer and lighter and components become more resilient or are replaced by more easily recyclable materials.

“Amongst application, offshore category is likely to showcase significant growth during the forecast period”

Based on application, the market is bifurcated into onshore and offshore wind energy. Offshore wind turbines are much larger in size (in the range of 5 to 10 MW per turbine) as against 2-3 MW of an onshore wind turbine. While the cost per MW for offshore turbines is higher because of stronger structures and foundations needed in marine environment, the desirable tariffs can be achieved on account of higher efficiencies of these turbines after development of the eco system.

“Asia Pacific represents as the largest market in the Global Wind Energy Market.”

For a better understanding of the market adoption of wind energy, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Currently, Asia Pacific held lucrative market share owing to rapid installation of wind energy in China.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional & country-level analysis of the industry

Customization Options:

The global wind energy market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of global wind energy were the three major steps undertaken to create and analyze the adoption of wind energy across various segments in North America, Europe, Asia Pacific, & Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the wind energy sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the wind energy through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the wind energy market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are as component and application. Further regional & country-level analyses were conducted to evaluate the overall adoption of wind energy in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of wind energy. Further, we conducted factor analysis using dependent and independent variables like burgeoning global warming rates and global need for clean energy sources like wind energy. Historical trends and their year-on-year impact on the market size and share in the recent past were analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global wind energy market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of wind energy across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the wind energy market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global wind energy market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of water depth, installation, and turbine capacity verticals.

The main objective of the Wind Energy Market Study

The current & future market trends of wind energy were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of wind energy in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of component and application.
• Defined analysis of the regulatory framework for the global wind energy industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Wind Energy for the major regions & countries
• Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
• Company profiles of the wind energy market players and the growth strategies adopted by them to sustain in the fast-growing market
• Deep dive regional & country level analysis of the industry

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