The global wind energy market size was valued at $62.1 billion in 2019, and is projected to reach $127.2 billion by 2027, growing at a CAGR of 9.3% from 2020 to 2027. Wind energy is a renewable energy source that harnesses the power of wind to generate electricity. Wind turbines are used to convert the kinetic energy of wind into electrical energy. Wind energy is a clean and sustainable source of energy that does not emit greenhouse gases or other pollutants associated with traditional fossil fuels.
Wind energy is a rapidly growing source of electricity around the world, with increasing adoption by countries as a way to reduce their carbon footprint and meet their energy needs. The cost of wind energy has also decreased significantly in recent years, making it more competitive with traditional fossil fuels.
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Wind energy has the potential to play an important role in the transition to a more sustainable and low-carbon energy system, and its growth is expected to continue in the coming years.
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.
Wind turbines consist of a rotor with two or three blades that rotate when the wind blows. The rotor is connected to a shaft, which drives a generator that produces electricity. Wind turbines are typically installed in wind farms, which consist of multiple turbines connected to a power grid.
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.
The offshore wind energy is projected to grow at the highest CAGR of approximately 13.9%, in terms of revenue, during the forecast period.
By end-user, the industrial segment held more than 50% market share with a CAGR of 10.1%, in terms of revenue, during the forecast period.
The Asia-pacific region dominated the wind energy market share with around 62% revenue share in 2019.
Wind energy can be generated at offshore and onshore. Onshore wind energy is associated with onshore turbines that are located on land, whereas offshore wind turbines are found in ocean or sea.
Growing concern from government across the globe regarding renewable power source is anticipated to boost the wind energy market. However, the offshore wind turbine is more efficient than onshore turbines.
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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 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.
COVID-19 scenario analysis
Nation wise lockdown has severely impacted the wind turbine manufacturing in countries such as China and Germany. Large number of manufacturing plants across these countries were operating with limited production capacity for past few months, which negatively impacted the wind energy market growth.
Furthermore, disruption in supply chain led to various project delays and cancellation of orders, which further affected the key markets for both blade production and wind turbine installations.
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However, implementation of digitization may aid in remote monitoring for project execution; thus, limiting the labor force as much as possible.
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