Wind Power Market Research Report - Global Forecast till 2030

Impact of COVID-19 on the Wind Power Market

Wind power generation involves harnessing the wind to deliver mechanical power through wind turbines to turn electric generators. The COVID-19 pandemic has negatively impacted the wind power market. The lockdowns imposed by governments around the globe to contain the spread of the pandemic have delayed wind energy projects globally. The lockdowns have also delayed the installation of wind turbines as well as the construction of wind farms. Due to the COVID-19 pandemic, the suspension of wind projects which were scheduled for completion in 2020, the unavailability of labor, and supply chain disruptions are responsible for hampering the growth of the wind power market. China is the largest offshore and onshore market for wind power and consists of more than 80% of the new installed capacity in 2019. However, the spread of COVID-19 from China has disrupted the supply chains, and thus hampered the growth of the wind power market. The lockdowns imposed in various countries to contain the spread of the pandemic have halted the production of wind turbines and is expected to stall capacity growth in the sector. The reduction in the cost of renewable energy sources, which include solar PV and wind power, is expected to strengthen them as a critical component of economic stimulus packages, post the pandemic.

LEADING COUNTRIES IN WIND POWER CAPACITY IN 2019 (IN MEGAWATTS)

North America holds the largest market share. The growth of the wind power market in the region is attributed to the rising domestic system production and declining component prices, which maintain the business landscape. The spreading pandemic and the extended lockdowns are expected to have a severe effect on utility companies. The resumption in the installation of wind power capacity projects is expected to drive the growth of the market in the coming years.

Source: Secondary Sources

Source: Primary Experts, Secondary Sources and MRFR Analysis