Wind Power Market Insights, Growth Analysis, Forecast to 2028
The global wind power market is growing continually. The market growth attributes to the rising demand for renewable energy and advances in renewables. Besides, the continuously rising demand for energy led by the rapid industrialization and economic growth worldwide drives the market demand. Growing population and urbanization across the globe prompt the demand for renewable, clean, and sustainable energy generation more than ever.
Moreover, the growing governmental pressure to increase renewable energy generation escalates market sales. According to Market Research Future (MRFR), the global wind power market is projected to grow at approximately 14.65% CAGR throughout the assessment period (2019 – 2025). With the rising technological advances, there have been significant improvements in sustainable energy generation equipment, including wind turbines and others.
Increasing levels for CO2 emissions and waste resulted out of traditional power generation methods using fossil fuels presage the need for renewable energy generation. Additionally, rising crude oil prices and environmental concerns foster the market demand promoting wind power as an excellent choice for the cost-effective and clean energy generation method. The rising demand for sustainable, clean, and alternative energy generation would shift the market into a vastly expanded space.
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On the other hand, inconsistent yielding of power output is a major factor expected to impede the growth of the market. Nevertheless, the cost-effectiveness of wind energy and emerging technology would support the development of the market throughout the assessment period, improving generation and storage technologies. Similarly, increasing consumer awareness of the advantages of renewable energy sources would increase market opportunities.
Global Wind Power Market - Segments
The report is segmented into four dynamics.
By Application : Residential, Commercial, and Industrial.
By Installation : Onshore and Offshore.
By Turbine Capacity: <100 KW, 100 KW to 500 KW, 500 KW to 1 MW, 1MW to 3 MW, and > 3 MW.
By Regions : North America, Europe, APAC and Rest-of-the-World (RoW).
Global Wind Power Market - Geographical Analysis
North America dominates the global wind power market. The largest market share attributes to technological upgrades and increasing wind onshore & offshore infrastructures in the region. Besides, increasing domestic system production and decreasing prices of components used in wind power drive the growth of the regional market. With its large numbers of wind power installations, the US accounts for the leading revenue share in the regional market.
Europe stands second in the global wind power market. Market growth is led by the presence of key players integrating robotics in wind power systems and components. Moreover, increasing demand for renewable technology widens the uptake of wind power in the oilfields. Additionally, the presence of well-developed renewable energy infrastructure and the increasing crude oil prices fuel the market in the region.
Most European countries have initiated various programs to increase the use of wind power, which, in turn, boosts the expansion of the wind power market in the region. Furthermore, increasing R & D investments and modifications are major tailwinds of the regional market growth.
The Asia Pacific wind power market is growing rapidly. Factors such as the rising demand for renewable technologies and increasing investments & activities in R&D substantiate market growth. Also, the government's rising pressure to increase renewable energy generation fosters the development of the regional market. Furthermore, the rising demand for energy due to the rapid economic growth and industrialization in the region substantiates the market growth.
Rapidly developing APAC countries, like India and China, hold significant shares in the regional market. The APAC wind power market is expected to witness considerable growth during the forecast period.
Global Wind Power Market - Competitive Landscape
Highly competitive, the wind power market appears fragmented due to the presence of several industry players. Mergers & acquisition, collaboration, expansion, and product/ technology launch are key strategic initiatives these players incorporate to gain a larger competitive advantage. They focus on product development and geographical expansion. The market is projected to witness various innovations and new product launches that would result in intensifying the competition.
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Players leading the global wind power market include General Electric (US), Vestas (Denmark), Senvion SA (Germany), Orient Green Power Company Limited (India), Wind World Limited (India), Indowind (India), Siemens Gamesa Renewable Energy SA (Spain), DNV GL (Norway), Goldwind (China), and Bergey Wind Power (US), among others.
Industry/ Innovation/ Related News
September 01, 2020 ---- Flender GmbH (Germany), a mechanical drive systems maker fully owned by Siemens AG, announced that it had absorbed the wind energy generation (WG) unit of its parent in preparation for its planned listing next year. Siemens Wind Energy Generation (WG) has merged into Flender, forming a global technology leader with a competitive cost base and an attractive service business. The combination would give Flender access to WG's electro-technical expertise in generators for the wind industry
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