North America Wind Power Market Size Increasing Demand With ...| MENAFN.COM

Friday, 03 February 2023 04:29 GMT

North America Wind Power Market Size Increasing Demand With Industry Professionals 2023-2033

(MENAFN- America News Hour)

The North America wind power market is expected to register a CAGR of approximately 7.34% during the forecast period. Major factors attributing to the growth include the favorable government policies, the increasing investment in wind power projects, and the reduced cost of wind energy, which led to increased adoption of wind energy, thereby positively contributing to the demand for wind energy. Moreover, as countries are becoming increasingly concerned about climate change and the role of renewable energy in curtailing it, wind power is expected to increase its share in the North American market. The increasing adoption of alternate energy sources, such as gas-based power and solar power, is likely to hinder the market growth in the region.
– The onshore segment is expected to be the largest market during the forecast period in North America, owing to increased onshore wind capacity additions, supported by reducing the cost of electricity generation from onshore wind projects.
– The technological advancements in efficiency and decrease in the production cost of offshore wind turbines are expected to create ample opportunity for the market players in North America. Several projects, such as the 84-turbine, 800-megawatt Vineyard Wind project, which is the first large utility-scale offshore wind project scheduled for development in the United States, are expected to present an opportunity for major companies in the region.
– In 2019, the United States had the highest installed capacity in the region and is expected to be the largest market during the forecast period bolstered by constant growth in onshore wind power additions and upcoming offshore wind power projects.

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Key Market Trends
Onshore Segment to Dominate the Market

– Onshore wind energy power generation technology evolved over the last five years to maximize electricity produced per megawatt capacity installed, to cover more sites with lower wind speeds in North America.
– According to Global Wind Energy Council (GWEC), North America witnessed an increase of over 15% of new onshore capacity installations in 2019 from the previous year, with the United States installing about 9 GW of onshore wind capacity, reaching a total of 105 GW onshore installed capacity in 2019.
– As of 2019, Canada ranked eighth in the world, in terms of total onshore installed capacity. There were 301 wind farms and 6,771 wind turbines operating across the country, as of 2019. Adding to this, the country witnessed around 70% dip in the wind energy costs during 2009-2019.
– With the increasing need for affordable, reliable, clean, and diverse electricity supply, the government and utilities across the nation are increasingly considering wind power as a solution. Moreover, with the country's unparalleled wind resources, there are ample opportunities to maximize the economic and environmental benefits associated with the development of wind energy.
– In 2018, positive development came from Mexico, which increased new capacity by 500 MW, reaching 0.9 GW. Furthermore, the Mexican government allocated 79% of the energy investment for the renewable energy sector, of which, 23% is allocated to the wind power sub-sector. Therefore, the onshore segment is expected to be driven in the country during the forecast period.
– Furthermore, the decreasing cost of power generation and growing investments, particularly in the United States, is expected to drive the onshore wind turbine installation, which, in turn, is expected to drive the wind power market in the North American region during the forecast period.
United States to Dominate the Market
– The United States wind power sector is receiving immense support from the government, due to the America First policy, which aims to boost the domestic energy production. The offshore wind power sector is considered as a major area of development, as the country has a large coastal area, available for leasing.
– In 2019, the country added around 9.14 GW of new wind power capacity and there are approximately 60,000 wind turbines with a combined capacity of 105.81 GW as of 2019.
– According to the American Wind Energy Association, the wind power market witnessed a significant growth in the total installed wind power capacity and this increase in capacity was primarily driven by the ongoing and dramatic onshore wind boom in Texas. More than a quarter of the total wind capacity of the United States is in Texas.
– However, the United States wind market may face several major challenges in the future, including the expiration of its longstanding bedrock subsidy, the Production Tax Credit, fierce competition from natural gas and solar, and severe transmission congestion in key development regions.
– As of 2018, there was only one offshore wind power plant operating in the country, with only 30 MW of installed capacity. However, the falling cost of turbine, as well as the overall project cost, is projected to boost the growth of the offshore wind power segment.
– According to the Department of Energy (DOE), offshore wind has the potential to generate more than 2,000 GW of capacity per year, which was approximately double the country's electricity use in 2018. Adding to this, the officials of the American Wind Energy Association have stated that around USD 70 billion of offshore wind power projects are in pipeline and are expected to be completed by 2030.
– As a result, the favorable government policies fostering large number of upcoming wind power projects, along with various operational wind turbine project, are expected to increase the wind power market in the region.

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Competitive Landscape
Some of the key players in the North American wind power market includes Acciona Energia SA, Orsted AS, Duke Energy Corportation, General Electric Company, and Siemens Gamesa Renewable Energy, NextEra Energy Inc., Trident Winds Inc., EnBW Energie Baden-Wurttemberg AG, Envision Energy, and Vestas Wind Systems AS.

1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
4.1 Introduction
4.2 Installed Capacity and Forecast in GW,
4.3 North America Renewable Energy Mix,
4.4 Number of Wind Turbines Installed,
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.2 Restraints
4.8 Supply Chain Analysis
4.9 Porter's Five Forces Analysis
4.9.1 Bargaining Power of Suppliers
4.9.2 Bargaining Power of Consumers
4.9.3 Threat of New Entrants
4.9.4 Threat of Substitutes Products and Services
4.9.5 Intensity of Competitive Rivalry

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