The wind power market size is projected to reach USD 221.56 Billion by 2028, with a CAGR of 12% from 2021 to 2028 with the annual installation expected to cross 120 GW during the forecast period.
According to a statistical report published in 2019, renewable power generation contributed to 9% of the total world’s electricity – a trend expected to continue on upwards growth in the years to come.
This wind power market analysis report will provide a detailed look at the wind power market size, revenue and overall wind power industry trends expected during the forecast period. It takes into account the various market dynamics like market driving forces, growth opportunities, challenges and market restraints. Also, covered is a detailed regional analysis of the wind power market trends long with a study of how COVID-19 conditions impacted and changed the wind power market outlook.
Wind power electricity generated by harnessing the power of wind – one of the more commonly harnessed renewable energy source. A global rise in pollution and the rise in the environment awareness of the general public as well as state governments globally, have led to a greater demand for power from renewable energy sources. This is a prime factor driving the wind power market growth which is primarily used in wind pumps, wind battery chargers, wind electricity generators, etc.
A major factor that has been and will be affecting the wind power market is the swift depletion of carbon-based non-renewable energy sources. The pollution emanating from the use of such sources as global focus shifts towards reducing the carbon footprint, is boosting the demand for clean and green energy and with it, the demand for energy from renewable energy sources is also escalating.
However, with the global economy faced with an unprecedented crisis in the wake of the COVID-19 pandemic, the wind power market revenues have also suffered. The global shutdown has created a massive shortage of skilled manpower required in the functioning of wind farms. This factor, coupled with the lack of raw materials, has delayed many wind farm projects which has moderately slowed down growth in the wind power market. Despite initial setback, the wind power industry is expected to bounce back during the forecast period and continue growing much beyond also.
The global market for wind energy is a highly competitive one with many large players vying for higher market share and working towards it in various ways. These major players are always on the lookout for new and innovative technologies so as to assert their dominance in the industry and thereby expand their wind power market share on a global level. Over and above the incremental expenditure being made in R&D, prominent market players are also entering into strategic partnerships to gain a distinctive competitive edge in this dynamic and high potential industry. These industry goliaths are also focusing on both backward integration and getting into the manufacturing of turbines also to increase their wind power market share by attaining economies of scale.
The major factors driving wind power market share are an ever-increasing demand for clean energy is the wake of high levels of pollution globally and the subsequent health concerns among the general public. The increasing emphasis on reducing the carbon footprint of humankind is further driving major players to invest into technologies that can effectively and efficiently harness the massive wind power potential and reduce, and eventually nullify, our dependence on non-renewable energy sources.
Government policies and regulations emphasising on tax rebates and other such encouraging policies are also proving to be major incentives for companies operating in the global wind power market.
The sheer enormity of wind power potential and the consistently decreasing costs involved in installation will prove to be major growth opportunities boosting wind power market revenue in the forecast period. The upward trend in floating wind technology developers would also boost such growth opportunities across the global wind power industry and contribute significantly towards forecasting weather conditions and tidal information etc.
The constantly increasing power demand across the fast industrializing countries such as India, China, U.K., and Brazil, will also act as a powerful growth opportunity and drive the wind power market trend upwards.
However, this promising industry is not without certain inherent restraints that could potentially hamper and delay the wind power market growth. The cost of installation of wind farms is still quite high and weather conditions unpredictable – 2 factors that significantly impact the wind power industry. The wind turbines also create a lot of noise and aesthetic pollution – another growth hindering factor for this market.
The installation costs, which were consistently reducing owing to technological developments, are in a reduction stage at the moment. However, due to the impact of COVID 19, this industry is facing an additional set of challenges in the form of delayed projects which is leading to increase in costing overall. Also, challenging the global wind power industry is the unavailability of skilled manpower, partly due to the novelty of the technologies involved and partly due to the numerous global COVID 19 lockdowns.
Wind generated energy can be seen widely used in both commercial and residential sector. The onshore turbines have specifically emerged as the most valuable source of wind power globally. While the offshore turbine sector is fast gaining pace in the industry, the onshore turbine power capacity is estimated to up itself by 10% during the forecast period.
The global wind power industry is slated to register substantial growth during the forecast period largely due to the consistently increasing demand for utility aided renewable establishments, privately-owned wind farm projects, and advanced power generating stations designed specifically to curb GHG emissions.
The pledge by the European Union to turn Europe into a carbon-free continent by the year 2050 has also led to significant technology upgrades in the wind power market globally.
Some of the key points observed in the regional analysis of wind power industry are as:
The global wind power market report provides a focused and in-depth analysis of all the factors impacting the wind power ecosystem. It provides a detailed analysis of the global wind power market with a comprehensive understanding of various market driving forces, growth opportunities, restraints and challenges that this industry is subjected to.
The report also focuses and analyses the impact of COVID-19 on this industry and seeks to estimate the extent to which the industry can recover from it during the forecast period. The report also provides a detailed regional analysis of the global wind power industry and seeks to define the competitive landscape by laying down the major market players and the strategies they have adopted to stay in their dominant positions.
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Installation, Turbine Capacity|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Vestas (Denmark), General Electric (US), Senvion SA (Germany), Wind World Limited (India), Orient Green Power Company Limited (India), Indowind (India), DNV GL (Norway), Siemens Gamesa Renewable Energy SA (Spain), Goldwind (China), and Bergey Wind Power (US)|
|Key Market Opportunities||Increasing awareness of renewable energy sources|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Global wind power market is predicted to grow at a 11.37% CAGR between 2021- 2028.
The wind power market is predicted to reach USD 221.56 Billion by 2028
North America will lead the global wind power market.
Growing awareness of renewable sources of energy is driving the global wind power market growth.
Key contenders profiled in the global wind power market include Vestas (Denmark), General Electric (US), Senvion SA (Germany), Wind World Limited (India), Orient Green Power Company Limited (India), Indowind (India), DNV GL (Norway), Siemens Gamesa Renewable Energy SA (Spain), Goldwind (China), and Bergey Wind Power (US).
Advantages of Wind Power are- Wind power is cost-effective, Wind creates jobs, Wind enables U.S. industry growth and U.S. competitiveness, It's a clean fuel source, Wind is a domestic source of energy, It's sustainable, Wind turbines can be built on existing farms or ranches.