Wind Energy Market In-depth Analysis, Growing Demand and Business Opportunities 2020-2027

Global wind energy market 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.

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.

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The report offers detailed segmentation of the global wind energy market based on type, end user, and region.
By type, the onshore segment accounted for the highest share in 2019, contributing to nearly 94% of the total market share, and is expected to maintain its leadership status during the forecast period. However, the offshore segment is projected to register the highest CAGR of 13.9% from 2020 to 2027.

By end user, the industrial segment accounted for the largest market share in 2019, holding more than half of the global wind energy market, and will maintain its lead position during the forecast period. Moreover, this segment is expected to witness the largest CAGR of 10.1% from 2020 to 2027. The report offers a detailed analysis of segments such as residential and commercial.

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By region, Europe, followed by North America, is projected to portray the largest CAGR of 10.4% during the forecast period. However, Asia-Pacific contributed to the highest share in terms of revenue in 2019, accounting for more than three-fifths of the total market share, and will maintain its dominant share by 2027.

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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COVID-19 scenario analysis
• Nation wise lockdown has severely impacted the wind turbine manufacturing in countries such as China and Germany. Large number of manufacturing plants across these countries were operating with limited production capacity for past few months, which negatively impacted the market growth.
• Additionally, reduced manpower for planned maintenance became a major issue for wind energy industry players. As social distancing norms were imposed during the pandemic, it largely reduced active manpower in manufacturing sites
• Furthermore, disruption in supply chain led to various project delays and cancellation of orders, which further affected the key markets for both blade production and wind turbine installations.
• However, implementation of digitization may aid in remote monitoring for project execution; thus, limiting the labor force as much as possible.

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