(MENAFN- EIN Presswire) Wind energy market projected to hit USD 127.2 billion by 2027
WILMINGTON, DELAWARE, UNITED STATES, September 14, 2023/EINPresswire/ --
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.
Wind energy is a renewable and sustainable form of energy that is harnessed from the kinetic energy of the wind. It has been used for centuries for varipurposes, from grinding grain to pumping water, but in modern times, it is primarily utilized to generate electricity.
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The offshore wind energy is projected to grow at the highest CAGR of approximately 13.9%, in terms of revenue, during the forecast period.
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.
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.
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.
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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.
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 variproject delays and cancellation of orders, which further affected the key markets for both blade production and wind turbine installations.
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However, implementation of digitization may aid in remote monitoring for project execution; thus, limiting the labor force as much as possible.
Related Reports:-
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
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
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