Allied Market Research published a new report, titled, Wind Energy Market generated $62.1 billion in 2019, and is expected to generate $127.2 billion by 2027, witnessing a CAGR of 9.3% from 2020 to 2027.
Increase in demand for renewable power sources, higher efficiency than fossil energy sources, and environment-friendly nature, and reduced carbon emission drive the global wind energy market. However, high installation and maintenance costs of offshore wind plants hinder the market growth. On the other hand, advancements in wind turbine structure present new opportunities in the coming years.
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Growing concern from government across the globe regarding renewable power source is anticipated to boost the wind energy market growth. However, the offshore wind turbine is more efficient than onshore turbines. As the offshore floating structure can harness wind resources even at deep water level, it is more effective in narrow continental shelf region with sea water depth more than 200 meter. In addition, such wind turbine can decrease the cost of energy production more than that of conventional energy sources in case of long-term business. For instance, the present levelized cost of energy (LCOE) for wind turbine in Europe is around $220-$245, which is expected to reach $50-$73 by 2030.
The research offers a detailed segmentation of the global Wind Energy market. Key segments analyzed in the research include Type and End Userand geography. Extensive analysis of sales, revenue, growth rate, and market share of each segment, and geography for the historic period and the forecast period is offered with the help of tables.
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Based on region, Europe, followed by North America, is expected to register the largest CAGR of 10.4% during the forecast period, owing to rise in investments in countries such as France, the U.K., and Norway. However, Asia-Pacific held the largest share in terms of revenue in 2019, contributing to more than three-fifths of the global wind energy market, and will maintain its dominance by 2027. This is attributed to rise in concerns from governments across emerging nations, such as China, India, and South Korea regarding zero-emission norms.
The market player positioning segment provides an understanding of the current position of the market players active in the Wind Energy industry.
The research offers an extensive analysis of key players active in the global Wind Energy industry. Detailed analysis on operating business segments, product portfolio, business performance, and key strategic developments is offered in the research. Leading market players analyzed in the 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. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.
Get detailed COVID-19 impact analysis on the Wind Energy Market Request Here
Covid-19 Scenario
- Nationwide lockdown led to the shutdown of many wind energy plants and impacted the growth. Many investors and market players reduced or locked investments for new projects. Many orders for the installation of wind turbines and plants are cancelled or postponed.
- Wind turbine manufacturing companies from countries such as Germany and China hindered their manufacturing activities due to lockdown. Limited availability of workforce and raw material supply restricted daily operations too.
- The operations would get back on track during the post-lockdown and the demand would rise steadily. The projects will be launched as the economy gains stability.
Key offerings of the report:
- Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
- Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
- Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
- Regional Analysis: Thorough analysis of each region help market players devise expansion strategies and take a leap.
- Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.
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