Global Wind Power Market, By Rating (≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, >12 MW), Location (Onshore, Offshore), Component (Turbine, Support Structure, Electrical Infrastructure, Others), Application (Utility, Commercial, Industrial, Residential), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
The wind power market is expected to gain market growth in the forecast period of 2021 to 2028. Data bridge market research analyses that the market is growing with the CAGR of 5.30% in the forecast period of 2021 to 2028 and is expected to reach USD 90.88 billion by 2028. The rise in the need for conventional energy is escalating the growth of wind power market.
Wind power or wind energy refers to the process where wind is utilized to generate mechanical power or electricity. The kinetic energy is converted by wind turbines in the wind into mechanical power. This mechanical power could be utilized for certain tasks including pumping water or grinding grain or could be converted into electricity by a generator.
The increase in need for dependable, clean and cheap power and the presence of favorable regulatory framework and policies structure by governments across the globe act as the major factors driving the wind power market. The expansion of onshore and offshore sector for wind power, rise in number of onshore installation and increasing rate of OEM and EPC players especially in the developing nations accelerate the wind power market growth. The inclination of wind energy producing companies towards offshore wind farms in order to produce energy, relishing projects in the deep-water sites and the growing popularity of the offshore locations influence the wind power market. The high emphasis on reducing dependence on conventional sources of energy with the purpose of reducing carbon footprint, focus on renewable source of energy such as wind and solar and the initiatives taken by the government encouraging renewable sources of energy including wind, solar, biomass and other renewable sources of energy also propel the wind power market growth. Furthermore, transformation of the electricity industry extends profitable opportunities to the wind power market players in the forecast period of 2021 to 2028.
On the other hand, the declining availability of human resource is expected to obstruct the wind power market growth. The negative impact of COVID-19 pandemic outbreak across numerous regions worldwide disrupting the supply chain is projected to challenge the wind power market in the forecast period of 2021-2028.
This wind power market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on wind power market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Wind Power Market Scope and Market Size
The wind power market is segmented on the basis of rating, location, component and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of rating, the wind power market is segmented into ≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW and >12 MW.
- On the basis of location, the wind power market is segmented into onshore and offshore.
- On the basis of component, the wind power market is segmented into turbine, support structure, electrical infrastructure and others.
- On the basis of application, the wind power market is segmented into utility, commercial, industrial and residential.
Global Wind Power Market Country Level Analysis
The wind power market is analyzed and market size, volume information is provided by country, rating, location, component and application as referenced above.
The countries covered in the globally wind power market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the wind power market due to the high installing capacity, surge in initiatives and investments by the government and expansion of renewable infrastructure in the region. North America and Europe are expected to witness the highest CAGR in the forecast period of 2021 to 2028 because of the rising direct ownership of wind power energy and increase in number of offshore wind power plant in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Wind Power Market Share Analysis
The wind power market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to wind power market.
The major players covered in the wind power market report are ACCIONA, NORDEX SE, General Electric, Envision, goldwind, Siemens, Gamesa Renewable Energy, S.A., Suzlon Energy Limited, Vestas, Sinovel Wind Group Co., Ltd., DEC, ENERCON GmbH, Mingyang Smart Energy Group Co., Ltd., juwi AG, Inoxwind, AEROVIDE GmbH among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.