Published Date: Sep 2020 | Report ID: GMI2387 | Authors: Ankit Gupta, Aditya Singh Bais



Report Format: PDF | Pages: 1040 | Base Year: 2019

Industry Trends

Global wind energy market size was valued at over USD 93 billion in 2019, growing at a CAGR of 8.4% from 2020 to 2026 and its annual installation is anticipated to exceed 101 GW by 2026. Increasing investment across the renewable sector along with stringent emission norms will propel market demand of clean energy sources including wind energy.



Respective governments across the globe have implemented stringent regulations & policies to curb the growing carbon footprint which in turn is relatively enhancing the market growth of wind energy. In addition, rapid urbanization and industrialization across developing nations have stimulated further energy requirement. Declining component cost on account of technological advancements across wind energy sector will complement the wind energy market statistics over the forecast period.



Get more details on this report - Request Free Sample PDF



However, since early 2020, the global economy has been majorly hit by the outbreak of COVID-19 pandemic. The declining availability of human resource along with a halt in wind farm development projects have moderately subdued the wind energy market growth during the initial quarters of 2020. Despite the economic downturn, the market growth is anticipated register positive trend in the final quarters of 2020, as the GDP growth of countries bounce back to normal and the wind development projects recommences.



The study features a detailed analysis of industry trends across the globe segmented on a regional & state basis across rating, installation, component and application. Moreover, the wind energy market forecasts & estimates are in line with the data represented by authorities including the United States Department of Energy (DOE), Energy Information Administration (EIA), International Energy Agency (IEA), International Renewable Energy Agency (IRENA), Global Wind Energy Council (GWEC), government regulatory bodies, and company press releases.



Increasing investment across industrial infrastructure will boost market demand for >2≤ 5 MW capacity wind energy technologies

Get more details on this report - Request Free Sample PDF



Increasing energy demand from industrial applications coupled with growing penetration of medium scale manufacturing bases will drive the wind energy market share for >2≤ 5 MW capacity farms. The respective governments are introducing several schemes and reforms to support the deployment of the captive wind energy technology instead of the conventional energy sources, which in turn will augment the market statistics. In addition, growing industrialization across the developing nations will stimulate the demand for clean energy technology.



Availability of steady wind flow with uniform speed across offshore farms will escalate the technology demand

Get more details on this report - Request Free Sample PDF



Offshore wind farms are receiving widespread recognition pertaining to their higher efficiency and uniform wind flows over the oceans. Ongoing efforts toward augmenting the product life cycle along with rising industry expertise across the offshore wind system installation will significantly proliferate the wind energy market outlook over the forecast timeline.



In addition, rising concerns towards the availability of land for setting up of onshore wind farms across will complement the deployment of technology across the oceans. The offshore installation of wind energy farms is anticipated to register a growth of over 14% from 2020 to 2026.



Ongoing innovations and development in electrical infrastructure components will proliferate the industry growth

The electrical infrastructure accounted for over 10% share in 2019. Growing focus on innovations across the transmission and distribution channels to increase the efficiency of wind energy technology and provide a steady electricity flow will escalate the wind energy market outlook.



In addition, easy availability of the electric components, low raw material prices and decreasing maintenance and operational cost are few of the prominent factors which will augment the market demand. Growing R&D activities by the wires & cables manufacturers have significantly improved the energy transmission from the wind farms.



Growing energy demand from residential application will boost the market outlook for wind energy technology

Favorable government policies towards the deployment of renewables along with the adoption of clean energy directives in Europe will enhance the market demand across residential sector. Growing consumer awareness toward the adoption of renewable technologies along with rising disposable income will create a favorable scenario for the industry.



Increasing number of residential buildings coupled with efforts to curb the deployment of conventional fuel technologies for electricity generation will further stimulate the wind energy market trends over the forecast period.



Strict governmental policies to replace conventional power stations with clean energy systems will enhance the market statistics of Europe wind energy technology

Get more details on this report - Request Free Sample PDF



Europe wind energy market is anticipated to register a steady growth with a CAGR of over 7% during 2020 & 2026. The rapid developments in wind industry are also anticipated from leading European markets including Turkey and Russia as the regulatory bodies are constantly focusing towards the execution of auctions and tenders.



Germany dominated the European market with around 30,000 onshore wind turbines from its inception and 1,078 newly installed offshore wind turbines in 2019. Furthermore, stringent carbon emission regulations aimed towards curbing the GHG emissions and improving the climatic conditions across Europe will complement the wind energy market growth for renewable technologies over the forecast period.



Robust R&D activities and business collaborations acting as the pivotal point for market players

The eminent players in wind energy market is investing in R&D activities for the development of new products with innovative features to enhance their market share in the industry. In addition, strategic collaborations are among the prominent strategies adopted by these key participants to gain a competitive edge in the global industry. Moreover, industry giants are focusing on backward and forward integration through manufacturing of wind turbines and other related components to achieve economies of scale and increase their market share.



The prominent market players profiled in the wind energy industry report includes Goldwind, General Electric, Senvion Gmbh, Vestas, Hitachi, Ltd., Doosan Heavy Industries & Constructions, EOLINK amongst other players.



Wind energy market report includes in-depth coverage of the industry with estimates & forecast in terms of “MW”, and “USD” from 2015 to 2026 , for the following segments:



By Rating

≤ 2 MW

>2≤ 5 MW

>5≤ 8 MW

>8≤10 MW

>10≤ 12 MW

>12 MW

By Installation

Onshore Rating ≤ 2 MW >2≤ 5 MW >5≤ 8 MW >8≤10 MW >10≤ 12 MW >12 MW Component Turbine Tower Rotor Blades Others Support Structure Substructure steel Foundation Others Electrical Infrastructure Wires & Cables Substation Others Others

Offshore Rating ≤ 2 MW >2≤ 5 MW >5≤ 8 MW >8≤10 MW >10≤ 12 MW >12 MW Component Turbine Tower Rotor Blades Others Support Structure Substructure steel Foundation Others Electrical Infrastructure Wires & Cables Substation Others Others



By Component

Turbine

Support Structure

Electrical Infrastructure

Others

By Application

Utility

Commercial

Industrial

Residential

The above information has been provided for the following regions and countries:

By Region

North America U.S. Canada Mexico

Europe Germany Spain UK France Italy Sweden Poland Portugal Denmark Turkey Netherlands Ireland Austria Belgium

Asia Pacific China India Japan South Korea Taiwan Pakistan Thailand Australia

Middle East & Africa South Africa Morocco Egypt Ethiopia Jordan

Latin America Brazil Chile Uruguay Argentina Costa Rica





Frequently Asked Questions (FAQ) :