Global wind energy market is projected to reach $127.2 billion by 2027, growing at a CAGR of 9.3% from 2020 to 2027. Wind energy, a type of renewable energy, is used to generate electric energy from kinetic energy. Wind turbine converts the wind energy into mechanical energy and this mechanical energy is further converted into electrical energy through generator. 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. However, due to consistent wind flow, offshore wind turbine is more efficient than onshore wind turbines.
| Report Coverage | Details |
| Forecast Period | 2020–2027 |
| Base Year | 2019 |
| Market Size in 2019 | $62.1 Billion |
| Market Size in 2027 | $127.2 Billion |
| CAGR | 9.3% |
| No. of Pages in Report | 249 |
| Segments Covered | Type, and End-use. |
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.
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There are two forms of wind turbines: the horizontal-axis wind turbines (HAWTs) and vertical-axis wind turbines (VAWTs). HAWTs are the most common kind of turbine, which typically have 2 or 3 long, skinny blades that seem like associate propellor. The blades are positioned in order that they face directly into the wind. VAWTs have shorter, wider incurvate blades that gibe the beaters employed in an electrical mixer. In 2019, wind provided 1430 TWh of electricity, which was 5.3% of worldwide electrical generation, with the worldwide put in wind generation capability reaching quite 651 GW, a rise of 100% over 2018.
Trends in the market
Proliferating demand for renewable power source and growing concern from government regarding decarbonization are anticipated to drive the demand for wind energy. Power generation through floating wind turbine can significantly reduce carbon emission unlike conventional power sources. Furthermore, offshore wind turbine removes the water depth constraint while choosing site for wind power plant. Moreover, average wind speed is higher and more consistent at shore, which further improves capacity factor of wind turbine. Furthermore, wind turbines create more opportunities in the value chain, such as maintenance, repair, and installation, which can further improve economic activities, supporting job growth in ports.
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The efficiency of wind energy is higher than that of conventional fossil energy sources (coal, natural, and oil). The maximum efficiency of wind turbine can be up to 59%, whereas for fossil fuel it is 35-45%. Additionally, land-based onshore turbines are more cost-effective that fossil fuel. With robust investment in the wind energy sector and growing interest from industry players, the wind energy sector is expected to witness further reduction in energy price.
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 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 market growth.
- Additionally, reduced manpower for planned maintenance became a major issue for wind energy industry players. As social distancing norms were imposed during the pandemic, it largely reduced active manpower in manufacturing sites
- 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.
- 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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