According to the report published by Allied Market Research, the global wind energy market garnered $62.1 billion in 2019, and is projected to reach $127.2 billion by 2027, manifesting a CAGR of 9.3% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
Rise in renewable power sources demand, better efficiency in comparison to fossil energy sources, eco-friendly nature, and lowered carbon emissions fuel the growth of the global wind energy market. However, high costs of installation and maintenance of offshore wind plants restrain the market growth. Contrarily, advancements in wind turbine structure present new opportunities in the next few years.
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The report offers detailed segmentation of the global wind energy market based on type, end user, and region.
By type, the onshore segment accounted for the highest share in 2019, contributing to nearly 94% of the total market share, and is expected to maintain its leadership status during the forecast period. However, the offshore segment is projected to register the highest CAGR of 13.9% from 2020 to 2027.
By end user, the industrial segment accounted for the largest market share in 2019, holding more than half of the global wind energy market, and will maintain its lead position during the forecast period. Moreover, this segment is expected to witness the largest CAGR of 10.1% from 2020 to 2027. The report offers a detailed analysis of segments such as residential and commercial.
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By region, Europe accounted for the highest market growth during 2020-2027. This is attributed to rise in investments in countries such as France, the UK, and Norway. Moreover, presence of major manufacturers in countries such as France, Germany, and Norway will further propel the growth of the wind energy market in projected timeframe.
Major players have adopted acquisition, agreements, and partnership to sustain the intense market competition. Some of the key players profiled in the wind energy market report include Siemens General Electric, Enercon GmbH, Vestas Wind Systems A/S, Exelon Corporation (EXC), NextEra Energy, Inc., American Electric Power Company, Inc., Xcel Energy Inc., Avangrid, Inc., and Ameren Corporation.
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Covid-19 Scenario:
- The lockdown in many countries resulted in close down of many wind energy plants and affected the market growth. Many investors postponed their investments plans for new projects. In addition, many orders for the installation were cancelled or postponed.
- Wind turbine production organizations from countries such as China and Germany restrained their manufacturing activities during the lockdown. Lack of availability of enough workforce and raw material shortage posed challenges for daily operations.
- The operations would resume during the post-lockdown and the demand is expected to rise steadily. The projects will also be launched.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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