The global wind power market size will touch USD 184.65 billion at a 10.37% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Key Players
Eminent players profiled in the global wind power industry report include Orient Green Power Limited, WS Truepower, Aban Loyd Chiles Offshore Ltd, Enercon India Pvt limited and GE Wind Energy Limited.
The global wind power market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
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Industry Updates
Horisont Energi and St1 Nordic have signed into an agreement for using output from Norwegian farms for producing green ammonia.
Drivers
Increasing Demand for Clean Energy to Boost Market Growth
The ever-increasing demand for clean energy will boost market growth over the forecast period. The increasing emphasis to reduce the carbon footprint of humankind is adding market growth. Thus people are investing into technologies that can efficiently and effectively harness the massive wind power potential and reduce and nullify the dependence on non-renewable energy sources.
Opportunities
Government Regulations Emphasizing on Tax Rebates to offer Robust Opportunities
Government regulations and policies emphasizing on tax rebates and other such encouraging policies may offer robust opportunities for the wind farms market in the forecast period.
Restraints
High Installation Cost to act as Market Restraint
The high cost of installing wind farms may impact the global wind power market growth over the forecast period.
Challenges
Unpredictable Weather Conditions to act as Market Challenge
Unpredictable weather conditions may act as market challenge over the forecast period. Besides, the wind turbines create a lot of noise and aesthetic pollution that may also impede the global wind power market value over the forecast period.
Market Segmentation
The global wind power market is segmented based on type and application.
By type, the onshore segment will lead the market over the forecast period. The onshore wind power has emerged as a highly appreciated renewable energy source across regions for its low cost over offshore wind power. Reduction in greenhouse gases and easy installation process are also adding to the segmental growth. The offshore wind power generation is also gradually gaining significance in boosting the wind energy installations in the world.
By applications, the industrial segment will dominate the market over the forecast period for increase in demand for renewable energy sources. Wind power has growing need in isolated and rural areas where grid power is not available. The demand and price of wind energy is highly volatile for its high dependency on government incentive schemes.
COVID-19 Analysis
The global economy faced an unprecedented crisis during the wake of the COVID-19 pandemic, the global wind power market revenues too have suffered. The global shutdown had created a massive shortage of skilled manpower needed for the wind farms to function. This together with the lack of raw materials has delayed most wind farm projects that have moderately slowed down the wind power market growth. Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the density meter market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
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Regional Analysis
North America to Precede Wind Power Market
North America will precede the market over the forecast period. Rapid technological advances in the region, growing need for sustainable energy technologies, governments introducing strict regulations to curb the carbon footprint, increasing domestic system production, declining component prices, falling component costs, growing expenditure, and strict emission standards are adding to the global wind power market share in the region.
APAC to have Admirable Growth in Wind Power Market
The APAC region will have admirable growth over the forecast period and at a healthy CAGR. Ongoing initiatives & investments undertaken via the government of China, steady increase in the onshore wind power industry especially in China, and the government encouraging the expansion of renewable infrastructure for reducing the stake of thermal power and reduce pollution are adding to the global wind power market growth in the region.
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