Wind Energy Market to Reach ~US$ 287 Billion by 2027 Globally |CAGR: 24.4%| UnivDatos Market Insights
NOIDA, India, April 7, 2022 /PRNewswire/ -- A comprehensive overview of the global wind energy market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the wind energy market in the global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global wind energy market at the regional & country levels. The global Wind Energy Market is likely to showcase a significant growth rate of around 24.4% during the forecast period (2021-2027).
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Market Overview
With surging demand for electricity from renewable power, sources led to year-over-year (YoY) growth of 53% in the global wind industry. Amidst the Covid19 pandemic installation of more than 93 GW of wind power was a challenging job with disruption to both the global supply chain and project construction has demonstrated the incredible resilience of the wind industry. Additionally, the 93 GW of new installations in FY 2020-21 brought global cumulative wind power capacity up to 743 GW.
In terms of cumulative installations, the top five markets as of the end of 2020 were China, U.S., Germany, India, and Spain, which together accounted for 73% of the world's total wind power installations. China and U.S. remained the world's largest markets for new onshore additions, and the world's two major economies together increased their market share by 15% to 76%.
COVID-19 Impact
Travel bans, supply chain pressure, and deferred maintenance of wind energy are among the key challenges faced by wind farm owners during the ongoing COVID-19 pandemic. The lack of manpower to fix the breakdown of wind farms is another challenge that companies in the wind energy market need to tackle. Moreover, factory shutdowns worldwide have affected the uptake of renewable energy. This led to difficulties in adhering to deadlines for building new projects.
However, as per IEA, the impact of Covid-19 on offshore deployment in 2020 and 2021 remains limited as offshore projects have longer construction periods than do onshore projects. Most projects in their period for 2020 and 2021 are either partially commissioned or at an advanced stage of development.
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The global wind energy market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily categorized into:
- Turbine
- Support Structure
- Electrical Infrastructure
- Others
More than 80% of total wind turbine mass is made up of recyclable materials, such as steel, iron, copper, and aluminum, according to National Renewable Energy Laboratory (NREL). But anywhere from 11-16% is composed of carbon fiber or fiberglass composites, plastics, and resin, primarily for rotor blades which have a life expectancy of up to 25 years and are currently difficult to recycle commercially.
By Application, the market is primarily studied into:
- Onshore
- Offshore
The onshore wind became one of the cheapest new sources of electricity in 2020, while offshore wind has delivered an incredible global levelized cost of electricity (LCOE) reduction of more than 67% over the last 8 years. Costs will decline by another third by 2030. In 2020, 86.9 GW of onshore & 6 GW of offshore wind capacity was added globally, wind capacity beyond the 700 GW milestone.
Global Wind Energy Market Region Segmentation Includes:
- North America
- Europe
- Asia Pacific
- Rest of World
Based on the estimation, Asia Pacific dominated the market in 2020 and is expected to maintain its dominance during the forecast period (2021-2027) owing to increasing development in regional economies like China, India, and Japan.
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The major players targeting the market includes:
- Nordex SE
- Suzlon Energy Ltd.
- Ørsted A/S
- GE Renewable Energy
- ABB Ltd.
- Vestas Wind Systems A/S
- Siemens Gamesa Renewable Energy SA
- Xinjiang Goldwind Science & Technology Co., Ltd.
- Envision Energy Limited
- Enercon GmbH
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Wind Energy Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the global wind energy market?
- Which factors are influencing the global wind energy market over the forecast period?
- What are the global challenges, threats, and risks in the global wind energy market?
- Which factors are propelling and restraining the global wind energy market?
- What are the demanding global regions of the wind energy market?
- What will be the market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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