Growing concern from government across the globe regarding renewable power source is anticipated to boost the wind energy market growth. However, the offshore wind turbine is more efficient than onshore turbines. As the offshore floating structure can harness wind resources even at deep water level, it is more effective in narrow continental shelf region with sea water depth more than 200 meter. In addition, such wind turbine can decrease the cost of energy production more than that of conventional energy sources in case of long-term business. For instance, the present levelized cost of energy (LCOE) for wind turbine in Europe is around $220-$245, which is expected to reach $50-$73 by 2030.
Rising government incentives to promote renewable technology adoption comprising net metering and feed in tariff in line with low installation cost will positively influence the grid connected wind turbines business outlook. Continuous expansion of utility based electrical infrastructure to suffice rising energy consumption across industrial and residential segments will further complement the industry dynamics. Exponential surge in the demand for the reliable and sustainable power across remote location will drive the stand-alone wind turbine industry growth.
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Global wind energy market size was valued at $62.1 billion in 2019, and is projected to reach $127.2 billion by 2027, growing at a CAGR of 9.3% from 2020 to 2027. Wind energy, a type of renewable energy, is used to generate electric energy from kinetic energy source. Wind turbine converts the wind energy into mechanical energy, which is further converted into electrical energy through generator. Wind energy can be generated at offshore and onshore. Onshore wind energy is associated with onshore turbines that are located on land, whereas offshore wind turbines are found in ocean or sea.
Based on type, offshore wind energy emerged as the market leader. This is attributed to higher capacity factor than that of onshore wind turbines. Offshore wind turbine has high-capacity factor, due to consistent wind flow at sea shore.
Based on end-user, the industrial segment garnered highest revenue share, owing to increase in demand for renewable power sources. Growing prominence of renewable and sustainable power sources across the globe will positively impact the market growth. Moreover, wind energy has significant demand in rural and isolated areas where grid power is not available.
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Renewable power generation can help nations meet their sustainable development goals and targets through the provision of access to clean, reliable, secure, and affordable energy. Growing focus on environmental sustainability across the globe is the major driver of global wind turbine market. Governments of different nations as well as global organizations are continuously trying to achieve their set targets of reducing carbon footprints/greenhouse gas emissions.
Europe accounted for the highest market growth during 2020-2027. This is attributed to rise in investments in countries such as France, the UK, and Norway. Moreover, presence of major manufacturers in countries such as France, Germany, and Norway will further propel the growth of the wind energy market in projected timeframe.
Major players have adopted acquisition, agreements, and partnership to sustain the intense market competition. Some of the key players profiled in the wind energy market report include 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., and Ameren Corporation.
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