Wind Energy Market Size to Reach USD 9168.4 Million by 2026 | CAGR of 4.7% - Valuates Reports
BANGALORE, India, Nov. 13, 2020 /PRNewswire/ -- A new Wind Energy Market Research Report published on Valuates Reports in Energy & Utilities Category. The report contains segmentation Based on Type (Turbine Blade, Electricity Generator, Tower, Control Equipment, Other), Based on Application (Power Plants, Street Lamp, Other). It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2026.
The global Wind Energy market size is projected to reach USD 9168.4 Million by 2026, from USD 6948.6 Million in 2020, at a CAGR of 4.7% during 2021-2026.
North America is considered to be a mature market and held a significant wind energy market share. This is attributed to the increasing domestic system production, and decreasing component costs maintain the region's business landscape.
Major factors driving the growth of wind energy market size are the growing expenditure and strict emission standards, across the renewable sector.
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COVID-19 IMPACT ON WIND ENERGY MARKET
The outbreak of the COVID-19 pandemic has struck the global economy heavily since the beginning of 2020. During the initial quarters of 2020, the decreasing availability of human capital along with a halt in wind farm construction projects moderately subdued the growth of the wind energy sector.
Despite the economic downturn, market growth is expected to show a positive pattern in 2021, with countries' GDP growth bouncing back to normal and wind development projects starting again.
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TRENDS INFLUENCING THE WIND ENERGY MARKET SIZE
Regulatory authorities are focused on reducing reliance on traditional energy sources in order to minimize the carbon footprint. This, in turn, is promoting the use of renewable energy, such as wind, to produce electricity. The increasing reliance on renewable energy sources due to strict government regulation is expected to drive the growth of the wind energy market size.
The wind energy market size is expected to grow due to the ongoing technological developments, coupled with R&D activities for turbine technologies. In addition, declining operating and maintenance costs due to lower prices of raw materials and components would positively impact the wind energy market.
Increasing investments in offshore infrastructure coupled with growing energy demand in the coastal areas are projected to increase wind energy market size in offshore locations. Furthermore, steady wind supply and high capacity utilization factor (CUF)near are some of the key factors that are fueling the wind energy market size in offshore locations.
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WIND ENERGY MARKET SHARE ANALYSIS
Asia Pacific region is expected to hold the largest wind energy market share. Due to the government's ongoing initiatives and investments to increase wind energy production, China accounted for the highest installed capacity in the region. In the coming years, China's onshore wind power industry is projected to increase steadily as the government promotes the expansion of renewable infrastructure to reduce the share of thermal power and reduce pollution in electricity generation in the country.
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WIND ENERGY MARKET SEGMENTATION & COVERAGE
Segment by Type, the Wind Energy market is segmented into
- Turbine Blade
- Electricity Generator
- Tower
- Control Equipment
- Other
Segment by Application, the Wind Energy market is segmented into
- Power Plants
- Street Lamp
- Other
The major vendors covered:
- Aegis Wind
- Ainscough Wind Energy Services
- Areva Wind
- Aris Wind
- Berkshire Hathaway Energy
- Broadwind Energy
- China Ming Yang Wind Power Group
- Clipper Windpower
- Dewind
- Enercon
- Envision Energy
- Siemens(Gamesa)
- Ge Wind Energy
- Mapna
- Vestas
- Others
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SIMILAR REPORTS :
● Offshore Wind Power Market size will grow from USD 29018.56 Million in 2018 to USD 68172.67 Million by 2025, at a Compound Annual Growth Rate (CAGR) of 12.97%. The report provides extensive qualitative & quantitative analysis of the current trends and future estimations of the global offshore wind energy market from 2016 to 2023 to determine the prevailing opportunities.
● Small Wind Turbine market size is projected to reach USD 528.4 Million by 2026, from USD 193.8 Million in 2020, at a CAGR of 18.2% during 2021-2026. Major factors driving the growth of small wind turbine market size are, increase in investments by government agencies, an increase in awareness among consumers about the use of renewable energy sources and rapid industrialization. This report focuses on Small Wind Turbine volume and value at the global, regional, and company levels. This report represents the overall Small Wind Turbine market size by analyzing historical data and future prospects from a global perspective. Regionally, this report focuses on several key regions: North America, Europe, Japan, China, Southeast Asia, India, etc.
● Wind Power market size is projected to reach USD 208260 Million by 2026, from USD 198990 Million in 2020. The report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by Type and application segment in terms of production capacity, price, and revenue for 2015-2026.
● Wind Turbine Market was valued at USD 81,147 Million in 2016 to reach USD 134,600 Million by 2023, and is anticipated to grow at a CAGR of 7.2% from 2017 to 2023. The major factors driving the growth of wind turbine market size are no greenhouse gas emissions, diversification of electricity supply, and short lead time for designing and constructing wind energy projects. In terms of both value and volume, Asia-Pacific dominates the wind turbine market. On the other hand, the European region is expected to witness rapid growth during 2017-2023.
● offshore wind energy market was valued at USD 2,727 Million in 2016, and is expected to reach USD 11,334 Million by 2023, registering a CAGR of 19.4% from 2017 to 2023. The Offshore Wind Energy Market size is witnessing significant growth due to rising energy demand coupled with an increasing share of renewables in the power generation mix, energy efficiency mandates demanding carbon emission reduction, and government incentives supporting renewable energy deployment.
● Wind Energy Composite market size is projected to reach USD 1255 Million by 2026, from USD 922.6 Million in 2020, at a CAGR of 5.3% during 2021-2026. The Asia-Pacific wind turbine composite market is witnessing significant growth both in terms of value and volume. The increasing demand for lightweight and high strength materials is driving the growth of the wind turbine composite market in this region.
● Wind Energy Equipment Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type ( Self-Supporting (Free-Standing) Tower, Guyed Tower), by Application (Industrial Use, Residential Use, Other) and Regional Opportunity Analysis and Industry Forecast.
● Wind Energy Cables Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type ( Standard Cable, Premium Cable, Megaflex Cables, Servo Cable, VFD Cable), by Application (Offshore, Onshore) and Regional Opportunity Analysis and Industry Forecast.
● Offshore Wind Energy Infrastructure Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type ( Monopole Foundation Offshore Wind Energy Infrastructure, Floating Foundation Offshore Wind Energy Infrastructure, Others), by Application (Deep Waters, Shallow Waters) and Regional Opportunity Analysis and Industry Forecast
To see the full list of related reports on the Renewable Energy Industry Reports
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