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Wind Energy Market

Global Wind Energy Market to grow at an influential rate owing to increasing power demand.

Global Wind Energy Market is likely to showcase significant growth rate of around 7% during the forecast period (2021-2027). Wind turbines generate electricity from wind that passes through the turbine’s blades. The wind’s kinetic energy is then captured by the blades through rotation and is converted into mechanical power. 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 a marine environment, the desirable tariffs can be achieved on account of higher efficiencies of these turbines after the development of the ecosystem. Also, constant advancements in wind energy have been made in turbine technology for augmenting the turbine capacity and generating more energy, with an emphasis on achieving significant cost reductions.

The unprecedented rise of the global health emergency caused by COVID-19 pandemic has negatively affected the financial conditions of different sectors and countries. Various countries across the globe have observed investment deficits owing to the halt in revenue-generating industrial operations. Additionally, several small and medium organizations have also been significantly impacted by the pandemic resulting in various problems such as no cash flows and unavailability of skilled professionals.

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  • Based on Component, wind energy market is divided into turbine, support structure, electrical infrstructure, and others. More than 80% of total wind turbine mass is made up of recyclable materials, such as steel, iron, copper and aluminum, according to National Renewable Energy Laboratory (NREL). But anywhere from 11-16% is composed of carbon fiber or fiberglass composites, plastics and resin, primarily for rotor blades which have a life expectancy of up to 25 years and are currently difficult to recycle commercially.
  • Based on Application, wind energy market is bifurcated into onshore and offshore. In 2020, 86.9 GW of onshore & 6 GW of offshore wind capacity was added globally,. This outstanding increase in 2020 was driven primarily by explosive growth in the world’s two largest wind power markets, China and the United States.

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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.

Additionally, the report provides detailed initiatives that are being taken in the field of wind energy market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific held prominent market share of the global wind energy market, favorable government policies in countries, such as China, India, Japan, and Australia which are driving clean energy usage.

Global Wind Energy Market Segmentation

Market Insight, by Component

  • Turbine
  • Support Structure
  • Electrical Infrastructure
  • Others

Market Insight, by Application

  • Onshore
  • Offshore

Market Insight, by Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World

Top Company Profiles

  • Nordex SE
  • Suzlon Energy Ltd.
  • Ørsted A/S
  • GE Renewable Energy
  • ABB Ltd.
  • Vestas Wind Systems A/S
  • Siemens Gamesa Renewable Energy SA
  • Xinjiang Goldwind Science & Technology Co., Ltd.
  • Envision Energy Limited
  • Enercon GmbH

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