Overview
The Global Wind Power Market is projected to gain steady growth in the upcoming five years. Acknowledging the environmental red alerts in almost every continent, the demand for renewable energy resources is rising everywhere. Wind pumps, wind electricity generators, and wind battery chargers define the visible market of wind power. In the past decades, wind power was way too expensive to become a market-viable alternative for non-renewable resources. But based on wind power market trends, installing a wind power generator is almost cost-competitive to setting up a new coal or gas plant.
Globally the demand for wind power energy was 58.9 GW in 2019. In the 2019 - 2026 forecast period, the wind power market share was supposed to reach USD 184.67 billion by the end of 2026 with a 10.37% CAGR. The projections also said the global demand for wind power could cross 100GW by the end of the forecast period. Expert reports stated 9% of worldwide electricity production came from wind power generation in 2019. All those projections claimed a steady rise in the wind power market in upcoming years.
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There are multiple parameters where we can expect optimistic results in the overall market stats of wind power energy. However, the emergence of the COVID-19 pandemic has impacted the progress of this industry. Multiple lockdowns in almost every nation have slowed down ongoing installations of wind power generators. The striking shortage of skilled working staff, interrupted supply chain, unavailability of raw materials are glaring reasons why the industry is suffering. At this point, many are expecting a lowered growth rate for the 2020-2027 period in the global wind power industry.
Global Wind Power Market - Segments
The report is segmented into four dynamics.
By Application : Residential, Commercial, and Industrial.
By Installation : Onshore and Offshore.
By Turbine Capacity: 3 MW.
By Regions : North America, Europe, APAC and Rest-of-the-World (RoW).
Regional Overview
The wind power market trends show a diverse picture of regional participation in the industry. Globally the biggest chunk of wind power market share is held by the North American countries of Canada, the US, and Mexico. Fast developing countries like China, India, Brazil are setting firm feet on global trends also. China shares the largest market in the Asia-Pacific market. China’s prediction shows the potential of the country to become a major competitor to the North American countries by 2027.
The wind power market size is rising upon the shoulders of major key players from several countries. Companies such as Vestas (Denmark), Wind World Limited (India), Senvion SA (Germany), Goldwind (China), General Electric (US) are the top players who assure wind power market growth.
Global Wind Power Market - Competitive Landscape
Highly competitive, the wind power market appears fragmented due to the presence of several industry players. Mergers & acquisition, collaboration, expansion, and product/ technology launch are key strategic initiatives these players incorporate to gain a larger competitive advantage. They focus on product development and geographical expansion. The market is projected to witness various innovations and new product launches that would result in intensifying the competition.
Major Players:
Players leading the global wind power market include General Electric (US), Vestas (Denmark), Senvion SA (Germany), Orient Green Power Company Limited (India), Wind World Limited (India), Indowind (India), Siemens Gamesa Renewable Energy SA (Spain), DNV GL (Norway), Goldwind (China), and Bergey Wind Power (US), among others.
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Industry/ Innovation/ Related News
September 01, 2020 ---- Flender GmbH (Germany), a mechanical drive systems maker fully owned by Siemens AG, announced that it had absorbed the wind energy generation (WG) unit of its parent in preparation for its planned listing next year. Siemens Wind Energy Generation (WG) has merged into Flender, forming a global technology leader with a competitive cost base and an attractive service business. The combination would give Flender access to WG's electro-technical expertise in generators for the wind industry
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