Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Wind Power market.
Trusted Business Insights presents an updated and Latest Study on Wind Power Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Wind Power market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Wind Power Market
The global wind power market demand was 47.8 GW in 2019 and looks set to grow at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2027. Growing need to replace conventional source of energy with renewable source of energy is projected to drive the market over the upcoming years. Solar and wind power generation, which were considered expensive two decades ago are now considered more cost-competitive than new-built coal or gas plant today. Moreover, in coming years it is expected to become more cost-efficient to build new wind and solar power plants than to run existing coal or gas plants.
The urge for dependable, clean, and cheap power is expected to drive the market in future. Favorable policies structure and regulatory framework by governments across various countries to promote renewable power generation is further expected to propel market growth, globally. However, the industry is not an exception to the impact of COVID-19 pandemic outbreak across the regions including Asia Pacific, Europe, North America, and the Middle East. The damage has been done to the projects execution and the flow of supply chain, wherein it is expected that there will be delay in ongoing and future wind power installation projects.
China remains the regions largest onshore and offshore market for wind power, accounting for more than 84.40% of new installed capacity in 2019. In 2019, China and U.S. witnessed worlds largest onshore installation, together accounting for more than 60.0 percent of new onshore additions. Majority of OEM and EPC players are located in China, which is another factor driving the market in China.
The wind energy producing companies are also shifting towards offshore wind farms to produce energy. The offshore wind power projects are projected to create a possibility for relishing projects in the deep-water sites where the high speed creates a much favorable situation for operations and thus driving the market for offshore locations. Governments across the region have been very supportive of using renewable sources of energy, such as wind, solar, biomass, and other renewable sources of energy.
Regulatory authorities across the region are focusing to reduce dependence on conventional sources of energy so as to curb carbon footprint which is encouraging the generation of power by using renewable source of energy such as wind and solar. It is anticipated that the wind power and solar energy would lead in the direction for the transformation of the world electricity industry.
The onshore segment accounted for the largest volume share of 94.8% in 2019. The onshore wind power has emerged as most appreciated renewable sources of energy, across the regions owed to its low cost over offshore wind power. Easy installation process and reduction in Greenhouse Gases (GHG) are additional factors driving segment growth. However, the offshore wind power generation is gradually gaining importance in driving worlds wind energy installations, with installing capacity of 4,680.0 MW in 2019.
The cumulative onshore installed capacity witnessed an addition of 10.0% in 2019 as compared to 2018. Globally, the cost of installation of the onshore and offshore wind power projects has declined and is projected to decline in the upcoming years which is further expected to drive market growth. The Levelized Cost of Electricity (LCOE) for installed onshore wind projects is already modest as compared to the fossil fuel source of generation and is further set to decrease the installed cost and will help to improve the performance of the wind power plants in future.
China will continue to dominate the onshore wind power industry, followed by North America. Brazil, India, Vietnam, and Australia are expected to be potential market for offshore wind power installation however varying political support in these countries is expected to propel the growth of the wind power market.
Application Insights: Wind Power Market
Utility sector dominates the industry, accounting for more than 85.0 % of total market volume in 2019. Non-utility sector includes both commercial and residential wind power installations. Non-utility applications counted for lower market share as compared to utility on account of the infeasibility of applying wind turbine due to land constraint. Another major factor affecting the application of wind turbine in non-utility projects is high cost associated with them.
Wind turbines for utility scale application are typically installed in large, multi-turbine wind farms which are connected to the nations transmission system. Large scale utility- wind power projects involve multiple land, construction, and other permits, as well as careful management of relationships with different stakeholders involved in the process. Easing of barriers for installation of utility scale projects is expected to drive the growth of the utility scale segment in the market.
Regional Insights: Wind Power Market
In Asia Pacific, the market accounted for the largest volume share of more than 44.0 % in the industry in 2019 and is expected to continue its dominance over the forecast period 2021-2027. China accounted for the highest installed capacity in the region due to ongoing initiatives and investments undertaken by the government to augment industry growth. Chinas onshore wind power industry is projected to rise steadily in the coming years as the government is encouraging the expansion of renewable infrastructure, in order to reduce the stake of thermal power and reduce pollution in the countrys power generation. This is likely to determine the progress of wind power projects in the country, which, in turn, is projected to drive the market in the region during the forecast period.
North America and Europe are recognized as competitive and mature regions in the market. In 2017, IKEA Systems B.V. had amplified its direct ownership of wind power energy assets for self-generation purposes in North America to almost 0.4 GW. The Levelized Cost of Electricity (LCOE) of an offshore wind power plant is already viable in Europe. For instance, Netherlands and Germany have zero-subsidy wind power projects, and with lower auction prices. Thus, offshore wind farms would be competitive in other markets across the region in upcoming years, dropping in the short range of costs for fossil fuels such as gas and coal.
Key Companies & Market Share Insights: Wind Power Market
The key players that lead the global market in 2019 include GE Renewable; Siemens Gamesa; and ENERCON GmbH. Companies are emphasizing on Research and Development (R&D) to develop advanced products to gain a competitive edge. For instance, in March 2020, Siemens Gamesa has taken action to continue a high level of activity across the business segment for manufacturing, installing, and service providing for wind turbines. An erudite supply chain that supports the wind power energy industry and the company is working firmly to maintain continuity and as well as to mitigate risk.
Also, companies installation and service providing teams are managing the complex international logistics and are also monitoring all borders and maintaining travel limitations to guarantee safe travel. Some of the prominent players in the wind power market include:
Key companies Profiled: Wind Power Market Report
- Geronimo Energy
- Tradewind Energy, Inc.
- EDF Renewable Energy
- ReGen Powertech
- Vensys Energy
- EDP Renewables
- Envision Energy
- MHI Vestas
- Invenergy LLC; Vestas
- Vattenfall AB
- ABB Limited
- General Electric
- Senvion S.A.
- Doosan Heavy Industries & Construction
- Siemens Gamesa Renewable Energy
- Nordex SE
- Suzlon Energy Limited
- ABO Wind
- NextEra Energy Inc.
- Northland Power Inc.
- DONG Energy
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global wind power market report on the basis of application, location, and region:
Location Outlook (Volume, MW; Revenue, USD Million, 2016 – 2027)
Application Outlook (Volume, MW; Revenue, USD Million, 2016 – 2027)
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