BANGALORE, India | 17th November 2020: A new Wind Energy Market Research Report published on Valuates Reports in Energy & Utilities Category. The report contains segmentation Based on Type (Turbine Blade, Electricity Generator, Tower, Control Equipment, Other), Based on Application (Power Plants, Street Lamp, Other). It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2026.
The global Wind Energy market size is projected to reach USD 9168.4 Million by 2026, from USD 6948.6 Million in 2020, at a CAGR of 4.7% during 2021-2026.
North America is considered to be a mature market and held a significant wind energy market share. This is attributed to the increasing domestic system production, and decreasing component costs maintain the region’s business landscape.
Major factors driving the growth of wind energy market size are the growing expenditure and strict emission standards, across the renewable sector.
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COVID-19 IMPACT ON WIND ENERGY MARKET
The outbreak of the COVID-19 pandemic has struck the global economy heavily since the beginning of 2020. During the initial quarters of 2020, the decreasing availability of human capital along with a halt in wind farm construction projects moderately subdued the growth of the wind energy sector.
Despite the economic downturn, market growth is expected to show a positive pattern in 2021, with countries’ GDP growth bouncing back to normal and wind development projects starting again.
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TRENDS INFLUENCING THE WIND ENERGY MARKET SIZE
Regulatory authorities are focused on reducing reliance on traditional energy sources in order to minimize the carbon footprint. This, in turn, is promoting the use of renewable energy, such as wind, to produce electricity. The increasing reliance on renewable energy sources due to strict government regulation is expected to drive the growth of the wind energy market size.
The wind energy market size is expected to grow due to the ongoing technological developments, coupled with R&D activities for turbine technologies. In addition, declining operating and maintenance costs due to lower prices of raw materials and components would positively impact the wind energy market.
Increasing investments in offshore infrastructure coupled with growing energy demand in the coastal areas are projected to increase wind energy market size in offshore locations. Furthermore, steady wind supply and high capacity utilization factor (CUF)near are some of the key factors that are fueling the wind energy market size in offshore locations.
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WIND ENERGY MARKET SHARE ANALYSIS
Asia Pacific region is expected to hold the largest wind energy market share. Due to the government’s ongoing initiatives and investments to increase wind energy production, China accounted for the highest installed capacity in the region. In the coming years, China’s onshore wind power industry is projected to increase steadily as the government promotes the expansion of renewable infrastructure to reduce the share of thermal power and reduce pollution in electricity generation in the country.
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WIND ENERGY MARKET SEGMENTATION & COVERAGE
Segment by Type, the Wind Energy market is segmented into
- Turbine Blade
- Electricity Generator
- Control Equipment
Segment by Application, the Wind Energy market is segmented into
- Power Plants
- Street Lamp
The major vendors covered:
- Aegis Wind
- Ainscough Wind Energy Services
- Areva Wind
- Aris Wind
- Berkshire Hathaway Energy
- Broadwind Energy
- China Ming Yang Wind Power Group
- Clipper Windpower
- Envision Energy
- Ge Wind Energy
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