Wind Energy Market size to exceed $180bn by 2027

Wind Energy Market size is expected to surpass USD 180 Billion by 2027, as reported in the latest study by Global Market Insights Inc.
 

Wind energy industry is anticipated to witness a substantial growth in the coming years on account of ongoing efforts to minimize carbon emissions across the energy sector. The policy makers across the globe have introduced several favorable incentives and tax reforms in order to increase the share of renewable energy in energy mix of their respective countries. Moreover, soaring energy demand from developing nations on account of increasing population will fuel a requirement for clean energy systems, boosting the technology adoption in the forecast period.
 

Rapid industrialization across developing nations will boost the >5≤ 8 MW capacity wind farms

>5≤ 8 MW wind farms are traditionally deployed across mid-scale industries, large commercial centers and utilities Rapid industrialization across developing economies has increased the investments across development of new manufacturing centers and expansion of existing industrial infrastructure. This will proliferate the market share of >5≤ 8 MW wind farms over the forecast timeline. Moreover, the demand for reliable and sustainable source of electricity to effectively run the manufacturing operations has fueled the market opportunities for these systems for captive use.
 

Browse key industry insights spread across 1160 pages with 1887 market data tables & 81 figures & charts from the report, “Wind Energy Market Statistics By Rating (≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, > 12 MW), Component (Turbine, Support Structure, Electrical Infrastructure, Others), Installation (Onshore {By Rating [≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, > 12 MW], Component [Turbine (Tower, Rotor Blades, Others), Support Structure (Substructure Steel, Foundation, Others), Electrical Infrastructure (Wires & Cables, Substation, Others), Others]}, Offshore {By Rating [≤ 2 MW, >2≤ 5 MW, >5≤ 8 MW, >8≤10 MW, >10≤ 12 MW, > 12 MW], Component [Turbine (Tower, Rotor Blades, Others), Support Structure (Substructure Steel, Foundation, Others), Electrical Infrastructure (Wires & Cables, Substation, Others), Others]}), Application (Utility, Industrial, Commercial, Residential), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021– 2027” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/wind-energy-market
 

Favorable wind conditions and high-power generation capability will stimulate offshore wind energy market outlook

The offshore wind energy technologies are gaining significant traction owing to its high-power generation capability when compared to available alternatives. High and steady wind flows, vast availability of areas for wind farms and surging energy requirements at the coastal areas are few of the key factors that will enhance the market share for offshore wind energy technology over the forecast timeframe.
 

Refurbishment of existing grid networks will propel the market share of electrical infrastructure components for wind farms

The electrical infrastructure accounted for over 10% of the global wind energy market share in 2020. Electrical infrastructure primarily includes wires, cables, and substations amongst other electrical components. The expansion of microgrid networks has led to the influx of high investments by the global cable manufacturers across the industry. The wind energy subject to high electricity demand coupled with stringent regulations has gained an appreciable penetration in the utility-based installations, which has further stimulated a demand for electrical infrastructure components.
 

Growing investments across industrial sector will augment the market size for wind energy technology

In the last few years, industrial sector has witnessed a significant growth on account of soaring population coupled with growing preference for consumer goods. Increasing industrial buildings have propelled the energy demand from various operations, which in turn favors the wing energy market penetration. Wind energy technology find its application across industries including chemical, food & beverage, and manufacturing amongst others for fulfilling their energy demands.
 

Increasing population will boost the deployment of wind energy technology across Asia Pacific region

Asia pacific accounted for the largest market share of over 50% in 2020, on account of rapid industrialization across developing countries and soaring population growth throughout the region. China wind energy market holds the majority of the shares in the region on account of its extensive development plan, primarily focusing on the effective utilization of sustainable energy to achieve its set targets. India, South Korea, Australia, and Japan have set specific wind power generation targets for the upcoming years, which makes the region a potential market for wind turbines and other associated components & services.
 

Key manufacturers and players operating in wind energy market includes Hitachi Ltd., Vestas, Suzlon, MHI Vestas, GE, and Siemens amongst others. The major players are engaged in forward and backward integration with the raw material and component suppliers to gain a competitive advantage over other players in the coming years.