Wind Power Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Wind Power Market Information, by Application, by Installation, by Turbine Capacity and by Region - Forecast till 2028” the market size is projected to reach USD 214.65 Billion by 2028, with a CAGR of 11.37% from 2021 to 2028 with the annual installation expected to cross 120 GW during the forecast period.
Eminent players profiled in the global wind power industry report include –
General Electric (US)
Senvion SA (Germany)
Wind World Limited (India)
Orient Green Power Company Limited (India)
DNV GL (Norway)
Siemens Gamesa Renewable Energy SA (Spain)
Bergey Wind Power (US)
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The global wind power market is fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, and more.
Horisont Energi and St1 Nordic have signed into an agreement for using output from Norwegian farms for producing green ammonia.
The global economy faced an unprecedented crisis during the wake of the COVID-19 pandemic, the global wind power market revenues too have suffered. The global shutdown had created a massive shortage of skilled manpower needed for the wind farms to function. This together with the lack of raw materials has delayed most wind farm projects that have moderately slowed down the wind power market growth. Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term immediate effect of the COVID-19 pandemic possessed a negative effect on the density meter market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
Browse In-depth Market Research Report (185 pages) on Wind Power
Increasing Demand for Clean Energy to Boost Market Growth
The ever-increasing demand for clean energy will boost market growth over the forecast period. The increasing emphasis to reduce the carbon footprint of humankind is adding market growth. Thus people are investing into technologies that can efficiently and effectively harness the massive wind power potential and reduce and nullify the dependence on non-renewable energy sources.
Government Regulations Emphasizing on Tax Rebates to offer Robust Opportunities
Government regulations and policies emphasizing on tax rebates and other such encouraging policies may offer robust opportunities for the wind farms market in the forecast period.
High Installation Cost to act as Market Restraint
The high cost of installing wind farms may impact the global wind power market growth over the forecast period.
Unpredictable Weather Conditions to act as Market Challenge
Unpredictable weather conditions may act as market challenge over the forecast period. Besides, the wind turbines create a lot of noise and aesthetic pollution that may also impede the global wind power market value over the forecast period.
The global wind power market is segmented based on type and application.
By type, the onshore segment will lead the market over the forecast period. The onshore wind power has emerged as a highly appreciated renewable energy source across regions for its low cost over offshore wind power. Reduction in greenhouse gases and easy installation process are also adding to the segmental growth. The offshore wind power generation is also gradually gaining significance in boosting the wind energy installations in the world.
By applications, the industrial segment will dominate the market over the forecast period for increase in demand for renewable energy sources. Wind power has growing need in isolated and rural areas where grid power is not available. The demand and price of wind energy is highly volatile for its high dependency on government incentive schemes.
North America to Precede Wind Power Market
North America will precede the market over the forecast period. Rapid technological advances in the region, growing need for sustainable energy technologies, governments introducing strict regulations to curb the carbon footprint, increasing domestic system production, declining component prices, falling component costs, growing expenditure, and strict emission standards are adding to the global wind power market share in the region.
APAC to have Admirable Growth in Wind Power Market
The APAC region will have admirable growth over the forecast period and at a healthy CAGR. Ongoing initiatives investments undertaken via the government of China, steady increase in the onshore wind power industry especially in China, and the government encouraging the expansion of renewable infrastructure for reducing the stake of thermal power and reduce pollution are adding to the global wind power market growth in the region.
Segmentation of Market covered in the research:
Wind Power Market Research Report: Information, by Application (Residential, Commercial and Industrial), by Installation (Onshore and Offshore), by Turbine Capacity (100 KW,100 KW to 500 KW,500 KW to 1 MW,1MW to 3 MW and 3 MW) and by Region (North America, Europe, Asia-Pacific, the Middle East Africa and South America) - Forecast till 2028
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