The global wind energy market is expected to grow at a considerable CAGR of 8.9% during the forecast period (2021-2027). Government projects for the installation of windmills are the major factor for the growth of the market during the forecast period. Moreover, technological advancement in the field of wind energy is also augmenting the market growth. Technology innovation such as Turbine technology, resulting in decreased LCOE has increased the adoption of wind energy as an alternative source of power.
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Moreover, floating foundations are potentially “game-changing” technology to efficiently abundant wind potential in deeper waters and thus could lead the way for rapid future growth in the offshore wind power market. As an estimate based on the step of developments across various regions, by 2030 around 5?GW to 30?GW of floating offshore capacity could be installed globally. By this, floating wind farms have the potential to cover around 5.0% to 15.0% of the global offshore wind installed capacity (almost 1,000?GW) by 2050.
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Besides, the impact of COVID-19 has been seen less on the wind energy project in 2020. According to the Global Wind Energy Council (GWEC), offshore wind has been less affected by the global pandemic than other sectors of the energy market.
Global Wind Energy Market Report Segment
By Equipment Market
• Turbine
• Electricity Generator
• Wind Mill Tower
• Control Equipment
By Project
• Offshore Project
• Onshore Project
Global Wind Energy Market Report Segment by Region
North America
• US
• Canada
Europe
• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Rest of Asia-Pacific
Rest of the World
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