Increase in demand for renewable power sources, higher efficiency than fossil energy sources, and environment-friendly nature, and reduced carbon emission drive the global wind energy market
PORTLAND, Ore., May 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Wind Energy Market by Type (Offshore and Onshore) and End-User (Industrial, Commercial, and Residential): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global wind energy industry generated $62.1 billion in 2019, and is expected to generate $127.2 billion by 2027, witnessing a CAGR of 9.3% from 2020 to 2027.
Prime determinants of growth
Increase in demand for renewable power sources, higher efficiency than fossil energy sources, and environment-friendly nature, and reduced carbon emission drive the global wind energy market. However, high installation and maintenance costs of offshore wind plants hinder the market growth. On the other hand, advancements in wind turbine structure present new opportunities in the coming years.
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Covid-19 Scenario
- Nationwide lockdown led to the shutdown of many wind energy plants and impacted the growth. Many investors and market players reduced or locked investments for new projects. Many orders for the installation of wind turbines and plants are canceled or postponed.
- Wind turbine manufacturing companies from countries such as Germany and China hindered their manufacturing activities due to lockdown. Limited availability of workforce and raw material supply restricted daily operations too.
- The operations would get back on track during the post-lockdown and the demand would rise steadily. The projects will be launched as the economy gains stability.
The onshore segment to maintain its lead position during the forecast period
Based on type, the onshore segment contributed to the highest market share in 2019, accounting for nearly 94% of the global wind energy market, and is projected to maintain its lead position during the forecast period. This is due to ease in installation and lower maintenance cost of onshore wind turbines as compared to onshore plants. However, the offshore segment is estimated to grow at the fastest CAGR of 13.9% from 2020 to 2027, owing to a higher capacity factor than that of onshore wind turbines as there is a consistent flow of wind at the seashore.
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The industrial segment to continue its leadership status throughout the forecast period
Based on end user, the industrial segment held the highest market share in 2019, contributing to more than half of the global wind energy market, and will continue its leadership status throughout the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 10.1% from 2020 to 2027. This is attributed to surge in demand for renewable energy sources and the demand from rural and isolated areas where grid power is unavailable. The report provides a detailed analysis of segments including commercial and residential.
Europe, followed by North America, to register the largest CAGR
Based on region, Europe, followed by North America, is expected to register the largest CAGR of 10.4% during the forecast period, owing to rise in investments in countries such as France, the U.K., and Norway. However, Asia-Pacific held the largest share in terms of revenue in 2019, contributing to more than three-fifths of the global wind energy market, and will maintain its dominance by 2027. This is attributed to rise in concerns from governments across emerging nations, such as China, India, and South Korea regarding zero-emission norms.
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Leading market players
- Siemens General Electric
- Enercon GmbH
- Vestas Wind Systems A/S
- Exelon Corporation (EXC)
- NextEra Energy, Inc.
- American Electric Power Company, Inc.
- Xcel Energy Inc.
- Avangrid, Inc.
- Ameren Corporation
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