TechSci Research's comprehensive report, titled "Global Wind Energy Market - By Region, Competition, Forecast & Opportunities, 2028," delves into the intricate dynamics of the wind energy sector, projecting an impressive 10.67% Compound Annual Growth Rate (CAGR) for the market. This growth trajectory, however, has not been without challenges, as disruptions in the shipping industry during the COVID-19 outbreak caused shortages of critical equipment such as roller bearings, impacting market demand. Consequently, the wind energy market experienced restrained growth, characterized by project delays and diminished investments during the pandemic.
Techsci Report: https://www.techsciresearch.com/report/wind-energy-market/16340.html
Despite these challenges, the report highlights several factors poised to propel the wind energy market forward during the forecast period. Favorable government policies, a surge in investments in upcoming wind power projects, and the decreasing cost of wind energy have contributed to an increased adoption of wind energy solutions. However, the rising popularity of alternative energy sources like gas-based and solar power presents a potential hindrance to the market's growth.
The year 2020 witnessed onshore wind power emerge as a highly valued renewable energy source globally. Simultaneously, the offshore wind sector gained considerable momentum within the wind power market, with projections indicating substantial growth in the near future. The report underscores the emerging markets in Africa and South America as significant business opportunities for wind power project operators and equipment suppliers. Countries such as Brazil, South Africa, and Chile, on the verge of development, exhibit heightened demand for electricity, offering fertile ground for wind power development.
Segmental Analysis
Type Insights
The offshore wind energy sector exhibited remarkable growth from 2020 to 2027, primarily attributed to its higher capacity factor compared to onshore wind turbines. Offshore wind turbines benefit from a consistently strong wind flow at the seashore, resulting in a high-capacity factor ranging between 0.5-0.7. In contrast, onshore wind turbines typically have a lower capacity factor of around 0.25-0.3. In 2020, offshore wind power generated an impressive 25 TWh, marking a 29% increase, with capacity additions reaching 6.1 GW.
China played a pivotal role in this surge, installing half of the world's new offshore wind capacity in 2020. The United Kingdom, Germany, and China emerged as key players in the offshore wind power market. The UK boasts the world's largest floating wind farms, with 30 MW operational capacity in Scotland and an additional 150 MW in the pipeline in Scotland and Wales. The UK government's ambitious target of reaching 40 GW by 2030 is poised to further bolster the offshore wind power market in the country.
China continued its global leadership, securing over 3 GW of new offshore wind capacity in 2020, with a cumulative installed capacity of 9.9 GW, ranking as the second-largest in the world. However, nations like China, Germany, and the United States are facing the challenge of exploiting promising wind farm sites within 6 miles of the shore, prompting exploration of offshore areas to meet their 2030 renewable targets.
End-User Insight
In 2022, the industrial end-user segment claimed a significant revenue share, driven by the escalating demand for renewable energy sources. Wind power's substantial demand in rural and isolated areas where grid power is unavailable contributed to this growth. However, the volatile nature of wind energy prices and demand, heavily reliant on government incentive schemes, poses challenges in this sector.
Regional Analysis
The Asia-Pacific region emerged as the forerunner in the Global Wind Energy Market in 2022, securing a substantial revenue share. With major wind power markets such as China, India, and Australia, Asia-Pacific stands as the world's largest wind power market. China, in particular, dominated with new onshore installations reaching 48.94 GW in 2020, accumulating a total onshore wind capacity of 278.32 GW. The Chinese wind power market is predominantly driven by domestic manufacturers, with international players holding a minimal share.
Recent Developments
In February 2021, Continuum Wind Energy Ltd announced plans to issue its maiden green bond, ranging between USD 500-600 million, to be listed on the SGX. The funds will be utilized to refinance project debt and establish wind projects in India, contributing to market growth.
Also in February 2021, the Ministry of Infrastructure and Energy re-evaluated projects in collaboration with the European Bank for Reconstruction and Development, impacting wind energy growth in Albania.
A significant development in 2021 involved a USD 43 billion deal signed by the South Korean government, aiming to create the world's largest offshore wind power complex. This ambitious project aligns with the country's target to achieve carbon neutrality by 2050 and involves collaboration between various entities, including regional governments, KEPCO, and major private firms.
Key market players in the Global Wind Energy Market include:
- Siemens Energy
- Vestas Wind Systems
- Siemens Gamesa Renewable Energy
- General Electric (GE) Renewable Energy
- Goldwind
- Envision Energy
- Nordex SE
- Suzlon Energy
- Orsted
- NextEra Energy Resources
- China Guodian Corporation (China Energy)
- Hitachi Hi-Rel Power Electronics Private Limited
Download Free Sample Report: https://www.techsciresearch.com/sample-report.aspx?cid=16340
Customers can also request 10% free customization on this report.
Asia-Pacific takes center stage in the wind energy market, with dominance attributed to India's ambitious wind power capacity targets. By the end of 2020, India boasted an installed wind capacity of approximately 38.62 GW, with plans to add an additional 1.11 GW in the same year. The Indian government has set a lofty target of 60 GW by 2022, driving a surge in projects and, subsequently, an increased demand for wind power. Consequently, the region is anticipated to lead in large-scale wind power installations and the expansion of offshore wind power.
Meanwhile, the United States has strategic plans to construct seven major offshore wind projects, aiming to power 10 million homes by 2030. Additionally, India is set on achieving 30 GW of offshore wind power by 2030, further contributing to the anticipated substantial growth in the offshore wind power market.
In conclusion, the report emphasizes the critical role wind energy plays in the global energy landscape, projecting not only market growth but also addressing challenges and opportunities that will shape the industry in the coming years. TechSci Research's report aims to provide a comprehensive understanding of the future growth potential, market structure, size, share, and emerging trends in the Global Wind Energy Market, serving as a valuable resource for decision-makers seeking informed investment strategies.
Get Your Request Free Sample Report
About Us
TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research's core values are value, integrity, and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high-value market research and advisory services that help them identify new market opportunities, growth engines, and innovative ways to capture the market share. As a result, TechSci's client leads rather than follow market trends.
Contact Us
TechSci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
M: +13322586602
Email: sales@techsciresearch.com
Website: www.techsciresearch.com