Significant surge in demand for renewable power sources is expected to drive the wind energy market growth.
According to TechSci Research report, “Global Wind Energy Market – By Region, Competition, Forecast & Opportunities, 2028”, The Global Wind Energy Market is expected to register CAGR of 10.67%. Most of the equipment and components, such as roller bearings that connect to gearboxes and eventually allow the wind turbines to keep spinning, were falling short in market demand as the shipping industry was disrupted during the COVID-19 outbreak. This, in turn, has led to the restrained growth of the market due to project delays and lack of investments during the pandemic. However, factors such as favorable government policies, the increasing investment in upcoming wind power projects, and the reduced cost of wind energy, which has led to increased adoption of wind energy, are expected to drive the market during the forecast period. The increasing adoption of alternative energy sources such as gas-based power and solar power is likely to hinder the market growth.
As of 2020, onshore wind power emerged as one of the most valued renewable energy sources worldwide. However, the offshore wind sector has been gaining momentum in the wind power market, and it is expected to witness significant growth in the near future.
The emerging markets in Africa and Most of the equipment and components, such as roller bearings that connect to gearboxes and eventually allow the wind turbines to keep spinning, were falling short in market demand as the shipping industry was disrupted during the COVID-19 outbreak. This, in turn, has led to the restrained growth of the market due to project delays and lack of investments during the pandemic. However, factors such as favorable government policies, the increasing investment in upcoming wind power projects, and the reduced cost of wind energy, which has led to increased adoption of wind energy, are expected to drive the market during the forecast period. The increasing adoption of alternative energy sources such as gas-based power and solar power is likely to hinder the market growth.
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On basis of region Asia pacific is dominations, as Other leading countries in the region include India, which, by the end of 2020, had an installed wind capacity of around 38.62 GW, and it added around 1.11 GW in the same year. The Indian government has set a target of 60 GW by 2022. To achieve the target, the number of projects during the next two years is expected to increase drastically, thus driving the demand for wind power in the country. Therefore, large-scale wind power installations and upcoming projects and plans to expand the offshore wind power segment are expected to help Asia-Pacific dominate the market during the forecast period.
As a result, offshore wind power is expected to grow at a faster pace in the coming years. In 2020, the United States Bureau of Ocean Energy Management (BOEM) was in the planning stages for leasing areas off the coast of New York, South Carolina, California, and Hawaii, and it expects to hold lease auctions for new California and New York Bight lease areas. Countries like the United States have plans to build seven major offshore wind projects, which are likely to power 10 million homes by 2030. Further, India has a target to achieve 30 GW of offshore wind power by 2030.
Hence, with such a scenario, the offshore wind power market is expected to witness significant growth during the forecast period.
Key market players in the Global Wind Energy Market include:
- Siemens Energy
- Vestas Wind Systems
- Siemens Gamesa Renewable Energy
- General Electric (GE) Renewable Energy
- Goldwind
- Envision Energy
- Nordex SE
- Suzlon Energy
- Orsted
- NextEra Energy Resources
- China Guodian Corporation (China Energy)
- Hitachi Hi-Rel Power Electronics Private Limited
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“As of 2020, onshore wind power emerged as one of the most valued renewable energy sources worldwide. However, the offshore wind sector has been gaining momentum in the wind power market, and it is expected to witness significant growth in the near future.
The emerging markets in Africa and South America offer a robust business opportunity for the wind power project operators and equipment suppliers as countries, including Brazil, South Africa, Chile, etc., are on the cusp of development. There is also an increased demand for electricity, which is expected to provide market opportunities for wind power development in the near future. The massive wind power potential and a decline in the cost of the same are likely to provide widespread business opportunities to the market in the coming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“ Wind Energy Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Offshore and Onshore), By End-User (Industrial, Commercial, and Residential), By Region, Competition 2018-2028 “ has evaluated the future growth potential of Global Wind Energy Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Wind Energy Market.
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