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, a type of renewable energy, is used to generate electric energy from kinetic energy source. Wind turbine converts the wind energy into mechanical energy, which 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.
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.
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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.
A big driver for offshore wind is the important price reductions the technology has achieved in recent years and innovations in next generation technology. The recent announcement from Siemens-Gamesa concerning the discharge of their new 14 MW offshore rotary engine epitome may be a sensible illustration of the quick technology development during this space. GE Renewable Energy and SB Energy hail signed one of the largest wind power projects in India. It is regarding installation and commission of 121 sets of its 2.7-132 wind turbines.
ETO tend to forecast that half-hour of all world electricity production can come back from wind energy by 2050, with 12-tone system from offshore wind and 18 from onshore wind. Offshore wind’s contribution can reach concerning 400 of total wind production by mid-century. Technological advancements in wind turbine structure, such as “Twisted Jacket” type with fewer nodes and components may be permanent solution against heavy storm. The inward battered guide structure provides robust and secure structure, and also reduces installation cost. Such new development will create further opportunities in the industry.
Will COVID-19 have any major impact on the wind industry?
The worldwide wind industry is dependent on imports of wind gear from a wide exhibit of nations with the degree of reliance changing by segment. China and Europe hold over 60% of worldwide crude wind material and part imports. The U.S. is dependent on imports of wind hardware from various nations. China holds over 30% and Europe holds over 25% of the U.S. crude wind material and segment imports.
The Middle East and Asia-Pacific are additionally vigorously subject to sun-powered modules and wind parts from China and other Southeast Asian nations and the interruptions in the store network have brought about enormous limit plans for inexhaustible activities on hold. Significant wind gear providers, for example, GE, Siemens, Xinjiang Goldwin, and others have confronted their manufacturing closures, bringing about gigantic build-up and delay in satisfying requests.
Exchange duties, protectionist strategy, and a crumbling climate for cross-line ventures combined with supply disturbances because of COVID-19 are expected to restrain growth of the global wind industry.
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.