Wind electric power generation market is anticipated to see lucrative growth in the forecasted period due to its unique properties and several benefits, for instance, no greenhouse gas emission, power supply diversification, and short lead time for planning & construction of wind power projects. These factors are anticipated to bolster the wind electric power generation market. Moreover, government initiatives to support the production and usage of renewable energy in order to save the planet earth by using non-polluting renewable energy production methods is further expected to boost the market in the forecasted period.
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Research and development in this sector for the development of more reliable and efficient wind turbines makes wind power more cost-effective and due to all these several reasons, wind electric power generation is driven by public support for it.
Wind electric power generation market is anticipated to see substantial growth opportunity in the future due to technological development and this may decrease the cost of electricity generation using wind energy. However, huge investment for the installation and production of wind turbines restraints the growth of the market.
The global wind electric power generation market is studied across major four regional markets including North America, Europe, Asia-Pacific, and LAMEA. North America is expected to be the largest market over the coming years in response to the diminishing cost of components. In addition to this, rising domestic turbine manufacture coupled with determined schemes toward capacity addition from sustainable development is further expected to complement the growth of this region. Besides this, Europe is expected to register significant growth due to favorable regulations, decarbonization reforms and energy security initiatives.
Major players analyzed include US-based Berkshire Hathaway Energy, Invenergy, NextEra Energy, Pattern Energy, EDP Renováveis, IBERDROLA Renewables, EDF, EON Climate & Renewables, Sinovel and Goldwind, and Siemens.
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COVID-19 impact
- The global market for wind electric power generation is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the market, which negatively impact the market growth.
- Moreover, wind electric power generation requires huge amount of investments. However, decline in disposable income due to the pandemic hampers the wind electric power generation market.
- However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
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