Wind Energy Market Overview - Industry Growth | 2027

Wind energy is a renewable energy source that harnesses the power of wind to generate electricity. It is considered one of the cleanest and most environmentally friendly methods of electricity generation, as it produces no greenhouse gas emissions or air pollutants during operation.

The global wind energy market size was valued at $62.1 billion in 2019, and is projected to reach $127.2 billion by 2027, growing at a CAGR of 9.3% from 2020 to 2027.

Download Report Sample PDF: https://www.alliedmarketresearch.com/request-sample/10901

Renewable and Sustainable: Wind is an infinite resource and will not deplete with use, making wind energy a sustainable and long-term energy solution.

Environmentally Friendly: Wind energy is a clean and green energy source, producing no greenhouse gas emissions or air pollutants during operation.

Energy Independence: Utilizing wind energy reduces dependence on fossil fuels and promotes energy independence.

Low Operating Costs: Once installed, wind turbines have relatively low operating and maintenance costs compared to traditional fossil fuel power plants.

Rural Development: Wind energy projects can bring economic benefits to rural areas by creating jobs and generating revenue for local communities.

Wind energy has been utilized for centuries in various applications, but modern wind power technology, such as wind turbines, has significantly increased its efficiency and capacity for electricity production.

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.

Europe accounted for the highest market growth during 2020-2027. This is attributed to rise in investments in countries such as France, the UK, and Norway. Moreover, presence of major manufacturers in countries such as France, Germany, and Norway will further propel the growth of the wind energy market in projected timeframe.

The offshore wind energy is projected to grow at the highest CAGR of approximately 13.9%, in terms of revenue, during the forecast period.

By end-user, the industrial segment held more than 50% market share with a CAGR of 10.1%, in terms of revenue, during the forecast period.

The Asia-pacific region dominated the wind energy market share with around 62% revenue share in 2019.

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. However, the offshore wind turbine is more efficient than onshore turbines.

Buy This Report (249 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/3kijN0T

Wind Turbines: Wind energy is harvested using large structures called wind turbines. These turbines consist of three main components: the tower, the blades, and the nacelle.

Tower: The tower is the tall structure that supports the wind turbine and raises it to higher altitudes where wind speeds are typically stronger and more consistent.

Blades: The blades are long, aerodynamically designed structures attached to the rotor hub. They capture the kinetic energy from the moving air (wind) and convert it into rotational energy.

Nacelle: The nacelle is the housing located at the top of the tower and contains the generator, gearbox, and control systems. The rotational energy from the blades is transferred through the main shaft to the generator.

Electricity Generation: Inside the nacelle, the rotational energy drives a generator that converts mechanical energy into electrical energy. The electricity generated is then transmitted through cables down the tower and connected to the electrical grid for distribution.

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.

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.

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 wind energy market growth.

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.

Read More Information: https://www.alliedmarketresearch.com/wind-energy-market-A10536

However, implementation of digitization may aid in remote monitoring for project execution; thus, limiting the labor force as much as possible.

Similar Reports:-

Renewable Energy Market by Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy) and End Use (Residential, Commercial, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

https://www.alliedmarketresearch.com/renewable-energy-market

Wind Turbine Market by Axis Type (Horizontal and Vertical), by Installation (Onshore and Offshore), by Component (Rotator Blade, Gearbox, Generator, Nacelle, and Others), and by Application (Industrial, Commercial, Residential, and Utility): Global Opportunity Analysis and Industry Forecast 2021-2030

https://www.alliedmarketresearch.com/wind-turbine-market

Offshore Wind Turbine Market By Capacity (Small (Less Than 10MW), Medium (10-100MW), Large (Greater Than 100MW)), By Application (Industrial, Commercial, Residential): Global Opportunity Analysis And Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/offshore-wind-turbine-market-A16850

David Correa5933 NE Win Sivers Drive#205, Portland, OR 97220United StatesUSA/Canada (Toll Free):+1-800-792-5285, +1-503-894-6022UK: +44-845-528-1300Hong Kong: +852-301-84916India (Pune): +91-20-66346060Fax: +1(855)550-5975help@alliedmarketresearch.com

Web: www.alliedmarketresearch.com

Allied Market Research Blog:

https://blog.alliedmarketresearch.com

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.