Wind Power Market Analysis
Wind Power Market size is projected to reach USD 221.56 Billion by 2028, with a CAGR of 12% from 2021 to 2028.
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.
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2019 & 2020
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Application, Installation, Turbine Capacity
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Factors Studied For Market Forecast
- Rise in pollution level in an environment and health issues
- Depletion of fossil fuel reserves
- Increasing awareness of renewable energy sources
- High cost installation of wind farms
- weather conditions unpredictable
- wind turbines also create a lot of noise and aesthetic pollution
Key Companies Profiled
- 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)
- Bergey Wind Power (US)
Horisont Energi and St1 Nordic have signed into an agreement for using output from Norwegian farms for producing green ammonia.
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.